Golden Entertainment

Golden Entertainment
Public
Traded as NASDAQ: GDEN
Russell 2000 Component
Industry Gaming
Predecessor
Founded 2015
Headquarters Enterprise, Nevada
Key people
 Blake Sartini (CEO)
Brands PT's
Owner
Number of employees
 7,200 (2015)[3]
Website goldenent.com

Golden Entertainment is a gaming 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 operates eight casinos - seven in Nevada and one in Maryland.[6]

History

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 its three casinos in Black Hawk, Colorado: the Golden Gates, Golden Gulch, and Golden Mardi Gras.[9]

On July 5, 2006 Golden Gaming announced plans to acquire the Pahrump Nugget Hotel & Gambling Hall from Generation 2000. The sale received approve from the Gaming Commission on October 19, 2006.[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]

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]

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]

In March 2018, Golden Entertainment announced a $140 million renovation of the Stratosphere Las Vegas [24] In July 2018, the company agreed to buy the Colorado Belle and Edgewater casinos in Laughlin, Nevada from Marnell Gaming for a total price between $168 and $190 million.[25]

Divisions

Golden Casino Group

Golden Route Operations

Slot route operator with over 7,500 machines in Nevada and more than 2,800 games in Montana

PT's Entertainment Group

  • 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

References

  1. 1 2 Howard Stutz (August 3, 2015). "Golden Entertainment finalizes $341 million gaming industry merger". Las Vegas Review-Journal. Retrieved 2015-08-05.
  2. ↑ Schedule 13-D (Report). Golden Entertainment. July 31, 2015. Retrieved 2015-08-05 – via EDGAR.
  3. ↑ "Golden Entertainment expands tavern portfolio, announces new brewery concept" (Press release). Golden Entertainment. September 17, 2015. Retrieved 2015-10-09 – via Reuters.
  4. 1 2 3 Stutz, Howard (4 March 2012). "Golden Gaming now Nevada's large slot-route operator". Las Vegas Review-Journal. Retrieved 5 March 2012.
  5. ↑ PT's brand grows locally.
  6. ↑ https://finance.yahoo.com/news/golden-entertainment-completes-acquisition-american-110000328.html
  7. ↑ http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
  8. ↑ http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
  9. ↑ http://www.bizjournals.com/denver/stories/2005/01/17/daily53.html
  10. ↑ Associated press on October 20, 2006 by Brendan Riley
  11. 1 2 3 "Golden Gaming to end deal to manage casino". Casino City Times. 7 January 2008. Retrieved 19 October 2011.
  12. ↑ Knightly, Arnold (25 January 2008). "Hard Rock owners given license". Casino City Times. Retrieved 19 October 2011.
  13. ↑ Knightly, Arnold (26 June 2008). "Pahrump Nugget will be expanded". Las Vegas Review-Journal. Retrieved 22 March 2012.
  14. ↑ Stutz, Howard (September 9, 2010). "Golden Gaming division OKs deal to manage four smaller casinos". Las Vegas Review-Journal. Retrieved 2012-08-24.
  15. ↑ Stutz, Howard (22 September 2011). "Las Vegas-based Affinity Gaming shuffles holdings". Las Vegas Review-Journal. Retrieved 26 September 2011.
  16. ↑ Stutz, Howard (1 March 2012). "Las Vegas gaming companies complete transactions involving casinos, slot machine routes". Las Vegas Review-Journal. Retrieved 1 March 2012.
  17. ↑ Stutz, Howard (16 October 2011). "Focused on success, committed to Nevada". Las Vegas Review-Journal. Retrieved 19 October 2011.
  18. ↑ Stutz, Howard (January 26, 2015). "Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino". Las Vegas Review-Journal. Retrieved 2015-01-26.
  19. ↑ J.D. Morris (February 1, 2016). "Golden Entertainment heads into Montana with completion of $20M transaction". Vegas Inc. Retrieved 2016-02-02.
  20. ↑ Erik Olson (May 14, 2016). "Golden Entertainment buys Montana gaming-machine vendor for $25 million". Vegas Inc. Retrieved 2016-05-14.
  21. ↑ Velotta, Rick. "Golden Entertainment subsidiary licensed to operate video gaming terminals in Illinois". Las Vegas Review-Journal. Retrieved 7 July 2017.
  22. ↑ https://www.reviewjournal.com/business/casinos-gaming/golden-closes-on-850m-deal-for-stratosphere-3-other-casinos/
  23. ↑ 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.
  24. ↑ https://www.reviewjournal.com/business/casinos-gaming/golden-entertainment-to-invest-140m-in-stratosphere/
  25. ↑ Todd Prince (July 16, 2018). "Golden Entertainment buying 2 Laughlin properties for $190M". Las Vegas Review-Journal. Retrieved 2018-07-17.
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