Nevada Gold & Casinos agrees deal with Maverick Casinos

After showing last month it was “exclusive discussions” to market the company, on Tuesday Las Vegas-based Nevada Gold & Casinos, Inc. (NYSE MKT: UWN) announced that it had signed an agreement with Maverick Casinos, LLC (“Maverick”-RRB- to the selling of each of the company’s outstanding shares of stock for a cash consideration of $2.50 per share, subject to minor alterations.

According to the official press launch …

As a result of the transaction, the privately-held company will get nine casinos at the state of Washington, using a small Henderson, Nevada casino to be marketed separately. 

Together with the Washington casinos, Nevada Gold also owns Club Fortune at Henderson, which is reportedly under contract to be marketed to Truckee Gaming.

The transaction is subject to approval of Nevada Gold shareholders, applicable gaming authorities, completion of the sale of the Company’s Club Fortune casino and other customary closing conditions. The transaction has already been given the green light by Nevada Gold’s board.

Eric Individual is the Manager of Maverick while an affiliate of the organization owns the Red Garter Hotel & Casino as well as the Wendover Nugget Hotel & Casino at Wendover, Nevada, in Addition to other resources.

According to the news release, the transaction will be financed mostly with debt financing from Nevada State Bank with equity financing from Maverick. A financing requirement isn’t a part of the deal.

Chairman of Nevada Gold, William Sherlock stated …

“Our aim was to obtain the highest value in a sale of the Company. We consider the transaction announced today achieves our objective and provides immediate cash consideration for our customers.

The companies expect the transaction to be finalized by the end of the year.