Golden Entertainment Incorporated utilized an official Monday press launch to reveal that the last purchase price for the adjoining places in the southern Nevada city of Laughlin has been set at eight times their joint annual earnings before interest, tax, depreciation and amortization to November and encompasses a $168 million minimum alongside a $190 million ceiling.
Las Vegas-based Golden Entertainment Incorporated detailed that the agreed transaction is anticipated to close during the first quarter of next year subject to the receipt of required regulatory approvals and consists of a $155 million cash payment together with the issuance to Marnell Gaming of fresh restricted stocks comprising an individual price of $28.54.
The operator is currently accountable for Laughlin’s Aquarius Casino Resort and stated that the final deal will then see it command over 55 neighboring river-front acres at the little city using a trio of places that provide nearly 4,150 hotel rooms as well as some 70 gaming tables along with 2,600 slots.
Blake Sartini, Chairman and Chief Executive Officer for Golden Entertainment Incorporated, announced that the coming acquisition of the Clark County places would be to see his firm grow its southern Nevada portfolio to nine gaming venues and then solidify its position ‘within this growing and appealing gaming marketplace.
“The transaction is consistent with our strategy to cultivate our company in an accretive manner for shareholders and Golden [Entertainment Incorporated] is uniquely positioned to profit quickly from cost synergies linked to the acquisition of these properties,” see a statement from Sartini.
Further afield and it runs western Maryland’s Rocky Gap Casino Resort along with a distributive gaming slot course in Montana.
“The Marnell household has a very long background in the gaming industry such as designing, building and possessing a few of the most iconic resorts that currently specify the Las Vegas resort corridor,” read the statement from Sartini. “Within the past several decades, Marnell Gaming has taken its expertise and produced a significant resort, casino and entertainment existence in Laughlin and we are excited to build on these nicely positioned properties.
