American Casino & Entertainment Properties Revenue
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LAS VEGAS--(BUSINESS WIRE)--Golden Entertainment Inc. (NASDAQ:GDEN) (“Golden” or the “Company”), announced today that it completed its previously announced acquisition of American Casino & Entertainment Properties LLC (“American”), for $850 million from Whitehall Street Real Estate Partners 2007 in a cash and stock transaction.
The acquisition of American Casino & Entertainment Properties LLC brings to Golden Entertainment three properties in Las Vegas including the Stratosphere Casino, Hotel & Tower, Arizona Charlie’s Decatur and Arizona Charlie’s Boulder, as well as the Aquarius Casino Resort in Laughlin. These properties expand and strengthen Golden’s presence in Nevada and the Las Vegas Locals market, while providing the Company with an iconic Las Vegas destination property. Golden now operates 16,000 slot machines, 114 table games and 5,162 hotel rooms across eight casino properties and almost 1,000 distributed gaming locations including the largest branded tavern portfolio in Nevada.
The purchase consideration consisted of $781 million cash and approximately four million shares of Golden Entertainment common stock. Golden financed the cash portion of the transaction and refinanced its existing credit facilities with a new $800 million 1st Lien Term Loan and a $200 million 2nd Lien Term Loan, as well as obtained a new $100 million senior secured revolving credit facility to support the Company’s future organic and strategic growth initiatives.
Blake L. Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “This acquisition of four leading Southern Nevada properties significantly increases our operational scale and perfectly complements our existing operations. Our new properties and existing businesses are well positioned to grow as they benefit from Nevada’s continued economic strength, particularly in the Las Vegas market. In addition, we have the ability to develop approximately 15 acres of excess real estate surrounding the Stratosphere, which we believe has enormous long-term potential. We look forward to quickly integrating the American operations and welcoming their guests and team members to the Golden family.”
Charles Protell, Chief Financial Officer of Golden, added, “The addition of the American properties to our portfolio firmly establishes Golden as a leading Nevada-focused regional gaming company with expected 2017 pro forma net revenues and adjusted EBITDA of $847 million and $180 million, respectively, which includes $18 million of estimated run-rate synergies. We believe that our expanded asset base, strong operating discipline and ability to quickly realize synergies will result in increased free cash flow, allowing us to reduce leverage as well as reinvest in our existing businesses and new growth opportunities.”
About Golden Entertainment, Inc.
Golden Entertainment, Inc. owns and operates gaming properties across two divisions – resort and casino operations and distributed gaming. The Company operates approximately 16,000 gaming devices, 114 table games, 5,162 hotel rooms, and provides jobs for more than 7,200 team members. Golden Entertainment owns eight casino resorts – seven in Southern Nevada and one in Maryland. Through its distributed gaming business in Nevada and Montana, Golden Entertainment operates video gaming devices at nearly 1,000 locations and owns nearly 60 traditional taverns in Nevada. The Company is licensed in Illinois to operate video gaming terminals. Golden Entertainment is focused on maximizing the value of its portfolio by leveraging its scale, leadership position and proven management capabilities across its two divisions. For more information, visit www.goldenent.com.
Non-GAAP Measures
Adjusted EBITDA is a non-GAAP financial measure. The Company defines “Adjusted EBITDA” as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening expenses, acquisition and merger expenses, class action litigation expense, share-based compensation expenses, executive severance and sign-on bonuses, impairments and other gains and losses. This information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. In addition, other companies in the gaming industry may calculate Adjusted EBITDA differently than the Company does.
Forward-Looking Statements
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates. Forward-looking statements in this press release include, without limitation, statements regarding: the benefits of the transaction; estimated future financial and operating results, including the pro forma combined companies’ 2017 net revenues, 2017 adjusted EBITDA and estimated run-rate synergies, and increases in free cash flow; the Company’s ability to quickly realize synergies from the transaction; and the Company’s plans, objectives, expectations and intentions. It is important to note that the Company’s goals and expectations are not predictions of actual performance. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include, among other things: the effects of disruption caused by the transaction making it more difficult for the Company to execute its operating plan effectively or to maintain relationships with employees, vendors and other business partners; delays in realizing or failure to realize the anticipated cost savings, synergies and other benefits of the transaction; the Company’s ability to successfully integrate American’s businesses, and other acquired businesses; changes in national, regional and local economic, political and market conditions; legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations); increases in gaming taxes and fees in the jurisdictions in which the Company operates; litigation; increased competition; the Company’s ability to renew its distributed gaming contracts; reliance on key personnel (including our Chief Executive Officer, Chief Operating Officer and Chief Strategy and Financial Officer); the level of the Company’s indebtedness and the Company’s ability to comply with covenants in its debt facilities; terrorist incidents; natural disasters; severe weather conditions; the effects of environmental and structural building conditions; the effects of disruptions to the Company’s information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company’s filings with the SEC, including the “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2017. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
| Public | |
| Traded as | NASDAQ: GDEN Russell 2000 Component |
|---|---|
| Industry | Gaming |
| Predecessor |
|
| Founded | August 3, 2015; 4 years ago |
| Headquarters | Enterprise, Nevada, U.S. |
| Blake Sartini(CEO) | |
| Brands | PT's |
| Owner |
|
| 7,200 (2015)[3] | |
| Website | goldenent.com |
Golden Entertainment is an Americangaming company based in Enterprise, Nevada that operates casinos, taverns and slot routes. It was formed in 2015 by the merger of Golden Gaming (founded in 2001 by Blake Sartini) and Lakes Entertainment. It is the largest tavern operator and largest slot route operator in Nevada.[4][5] In October 2017, the company completed an $850 million acquisition of American Casino & Entertainment Properties. The company now has 10 casino resorts, nine in Southern Nevada and one in Maryland. The acquisition of the Colorado Belle and Edgewater gives the company dominance in the market with three of 11 Laughlin properties, including the Aquarius.[6]
- 2Divisions
History[edit]
Golden Gaming was formed in October 2001 as a result of Blake L. Sartini's acquisition of Southwest Gaming Services, a company he founded before selling to Station Casinos.[7]
In 2002, the Golden Tavern Group subsidiary was formed, and it acquired the PT's chain of taverns.[8]
In 2004, the company acquired three casinos in Black Hawk, Colorado: the Golden Gates, Golden Gulch, and Golden Mardi Gras.[9]
In 2006, Golden Gaming acquired the Pahrump Nugget Hotel & Gambling Hall from Generation 2000.[10]
In February 2007, Golden began a two-year deal to operate the casino at the Hard Rock Hotel while its new owner, Morgans Hotel Group, applied for a gaming license.[11] Golden paid $20.7 million a year to lease the casino, and received a $3.3 million monthly management fee, plus a portion of revenue.[11] Golden pulled out of the deal early when Morgans received its gaming license in January 2008, citing a desire to focus on its other operations.[11][12]
Joe Hassen
Golden Gaming agreed in November 2007 to buy the Saddle West casino in Pahrump from Anthony Marnell III and Sher Gaming, but canceled the deal the following June, deciding instead to focus on the Pahrump Nugget, where it began an $11 million expansion and remodeling.[13]
In 2010, Golden Gaming agreed to take over operation of four small casinos owned by The Siegel Group, previously operated by United Coin: the Gold Spike, Siegel Slots and Suites, the Resort on Mount Charleston, and Rumor.[14]
Great American Casino
In March 2012, Golden bought from Affinity Gaming the Terrible's Town Casino and Terrible's Lakeside Casino & RV Park in Pahrump and Affinity's slot route operation (except for Terrible Herbst locations).[15][16] The deal made Golden the largest employer and largest gaming operator in Nye County, and the largest slot route operator in Nevada, with about 8,500 machines in 650 locations, making up 45% of the market.[4][17] Affinity in turn bought Golden's three casinos in Black Hawk, which were valued at a total of $76–92 million.[4]
Golden Gaming agreed in January 2015 to merge with Lakes Entertainment. Sartini would own 35% of the company and serve as its chief executive officer.[18] The merger was completed on August 3, 2015, establishing Golden Entertainment.[1]
The company expanded into Montana in 2016, purchasing slot routes with 2,800 machines for a total of $45 million.[19][20] In June 2017, Golden Entertainment was granted a license for slot route operations in Illinois. This marked the fourth state Golden is licensed.[21]
In October 2017, Golden Entertainment acquired American Casino & Entertainment Properties for $850 million, which expanded the company's casino portfolio by four: the Stratosphere Las Vegas, Arizona Charlie's Boulder, Arizona Charlie's Decatur and the Aquarius Casino Resort.[22][23] The following year, the company announced a $140 million renovation of the Stratosphere.[24]
In January 2019, the company bought the Colorado Belle and Edgewater casinos in Laughlin, Nevada from Marnell Gaming (owner and operator of Nugget Casino Resort in Sparks) for $190 million.[25][26]
Divisions[edit]
Golden Casino Group[edit]
- Aquarius Casino Resort — Laughlin, Nevada
- Arizona Charlie's Boulder — Las Vegas, Nevada
- Arizona Charlie's Decatur — Las Vegas, Nevada
- Colorado Belle — Laughlin, Nevada
- Edgewater Hotel and Casino — Laughlin, Nevada
- Gold Town Casino — Pahrump, Nevada
- Lakeside Hotel & Casino — Pahrump, Nevada
- Pahrump Nugget Hotel & Gambling Hall — Pahrump, Nevada
- Rocky Gap Resort Casino — Flintstone, Maryland
- Stratosphere Las Vegas — Las Vegas, Nevada
Golden Route Operations[edit]
Slot route operator with over 9000 machines in Nevada and more than 2,800 games in Montana
PT's Entertainment Group[edit]
- PT's Gold
- Henderson (3 locations)
- Las Vegas (15 locations)
- PT's Ranch
- Las Vegas (2 locations)
- PT's Pub
- Henderson (5 locations)
- Las Vegas (17 locations)
- PT's Brewing Co
- Las Vegas
- Sean Patrick's
- Las Vegas (3 locations)
- North Las Vegas (1 location)
- Sierra Gold
- Henderson (1 location)
- Las Vegas (3 locations)
- North Las Vegas (1 location)
- Reno (1 location)
- SG Bar
- Las Vegas
Former[edit]
- Golden Gates Casino — Black Hawk, Colorado
- Golden Gulch Casino — Black Hawk, Colorado
- Golden Mardi Gras Casino — Black Hawk, Colorado
References[edit]
- ^ abHoward Stutz (August 3, 2015). 'Golden Entertainment finalizes $341 million gaming industry merger'. Las Vegas Review-Journal. Retrieved 2015-08-05.
- ^Schedule 13-D (Report). Golden Entertainment. July 31, 2015. Retrieved 2015-08-05 – via EDGAR.
- ^'Golden Entertainment expands tavern portfolio, announces new brewery concept' (Press release). Golden Entertainment. September 17, 2015. Retrieved 2015-10-09 – via Reuters.
- ^ abcStutz, Howard (4 March 2012). 'Golden Gaming now Nevada's large slot-route operator'. Las Vegas Review-Journal. Retrieved 5 March 2012.
- ^[1]Archived 2006-08-21 at the Wayback Machine PT's brand grows locally.
- ^Velotta, Richard. 'Golden Entertainment closes $190M deal for 2 Laughlin resorts'. Review Journal. Retrieved April 23, 2019.
- ^http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
- ^http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
- ^http://www.bizjournals.com/denver/stories/2005/01/17/daily53.html
- ^Associated press on October 20, 2006 by Brendan Riley
- ^ abc'Golden Gaming to end deal to manage casino'. Casino City Times. 7 January 2008. Retrieved 19 October 2011.
- ^Knightly, Arnold (25 January 2008). 'Hard Rock owners given license'. Casino City Times. Retrieved 19 October 2011.
- ^Knightly, Arnold (26 June 2008). 'Pahrump Nugget will be expanded'. Las Vegas Review-Journal. Retrieved 22 March 2012.
- ^Stutz, Howard (September 9, 2010). 'Golden Gaming division OKs deal to manage four smaller casinos'. Las Vegas Review-Journal. Retrieved 2012-08-24.
- ^Stutz, Howard (22 September 2011). 'Las Vegas-based Affinity Gaming shuffles holdings'. Las Vegas Review-Journal. Retrieved 26 September 2011.
- ^Stutz, Howard (1 March 2012). 'Las Vegas gaming companies complete transactions involving casinos, slot machine routes'. Las Vegas Review-Journal. Retrieved 1 March 2012.
- ^Stutz, Howard (16 October 2011). 'Focused on success, committed to Nevada'. Las Vegas Review-Journal. Retrieved 19 October 2011.
- ^Stutz, Howard (January 26, 2015). 'Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino'. Las Vegas Review-Journal. Retrieved 2015-01-26.
- ^J.D. Morris (February 1, 2016). 'Golden Entertainment heads into Montana with completion of $20M transaction'. Vegas Inc. Retrieved 2016-02-02.
- ^Erik Olson (May 14, 2016). 'Golden Entertainment buys Montana gaming-machine vendor for $25 million'. Vegas Inc. Retrieved 2016-05-14.
- ^Velotta, Rick. 'Golden Entertainment subsidiary licensed to operate video gaming terminals in Illinois'. Las Vegas Review-Journal. Retrieved 7 July 2017.
- ^https://www.reviewjournal.com/business/casinos-gaming/golden-closes-on-850m-deal-for-stratosphere-3-other-casinos/
- ^Richard N. Velotta (June 12, 2017). 'Owner of PT's Pubs to buy Stratosphere, 3 other Nevada casinos'. Las Vegas Review-Journal. Retrieved 2017-06-12.
- ^https://www.reviewjournal.com/business/casinos-gaming/golden-entertainment-to-invest-140m-in-stratosphere/
- ^Richard N. Velotta (December 5, 2018). 'Golden Entertainment closer to operating 2 Laughlin casinos'. Las Vegas Review-Journal. Retrieved 2019-01-14.
- ^'Golden Entertainment completes acquisition of two Laughlin, Nevada casino resorts' (Press release). Golden Entertainment. January 14, 2019. Retrieved 2019-01-14 – via BusinessWire.