Golden Entertainment to sell gaming operations in Nevada and Montana
Golden Entertainment has entered into definitive agreements to divest its distributed gaming operations.
US.- Gambling operator Golden Entertainment has entered into a definitive agreement to divest its distributed gaming operations in Nevada and Montana. J&J Ventures Gaming will buy the operations in Nevada for $213.5m plus an estimated $34m of purchased cash and the Montana operations for $109m plus $5m.
Golden Entertainment will enter into a five-year agreement under which J&J Gaming will support the gaming operations of Golden’s branded tavern locations in Nevada. The transactions are expected to close before the end of 2023, subject to customary regulatory approvals and closing conditions.
Blake Sartini, chairman and chief executive officer of Golden Entertainment, said: “Our leading Distributed Gaming Operations in Nevada and Montana were built over the last 20 years through the hard work and dedication of our team members who provide exceptional service and support to our valued route partners. We believe this transaction will provide further success for our route partners through sharing of best practices and new technology.
“We anticipate our Distributed Gaming team members will continue to serve our route partners with the same dedication under J&J Gaming’s ownership. Our confidence in J&J Gaming’s future success is highlighted by our new long-term agreement with J&J Gaming to service Golden’s wholly-owned tavern portfolio. For Golden, these transactions will allow us to focus our management team and capital on our portfolio of wholly owned casinos and taverns in Nevada and create additional value for our shareholders.”
Golden Entertainment Q4 revenue declines 1%
Golden Entertainment reported financial results for the fourth quarter and full year ended December 31, 2022. Revenue of $279.7m for the fourth quarter of 2022, down 1 per cent from $282m for the fourth quarter of 2021.
Net income for Q4 of 2022 was $11.1m, or $0.35 per fully diluted share, compared to net income of $19.1m, or $0.59 per fully diluted share, for Q4 of 2021. Fourth quarter of 2022 Adjusted EBITDA was $63.7m, compared to Adjusted EBITDA of $67.8m for the fourth quarter of 2021.
