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Golden Entertainment

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Golden Entertainment
Company typePublic
Nasdaq: GDEN
Russell 2000 Component
IndustryGaming
Predecessor
FoundedAugust 3, 2015; 9 years ago (2015-08-03)
HeadquartersEnterprise, Nevada, U.S.
Key people
Blake Sartini (CEO)
BrandsPT's
Owner
Number of employees
7,200 (2015)[3]
Websitegoldenent.com

Golden Entertainment is an American 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 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]

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.[7]

In 2004, the company acquired three casinos in Black Hawk, Colorado: the Golden Gates, Golden Gulch, and Golden Mardi Gras.[8]

In 2006, Golden Gaming acquired the Pahrump Nugget Hotel & Gambling Hall from Generation 2000.[9]

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.[10] 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.[10] 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.[10][11]

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.[12]

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.[13]

Gold Town Casino in Pahrump, Nevada, the former Terrible's Town Casino, seen in 2019, which Golden Gaming acquired in 2012.

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).[14][15] 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][16] 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.[17] 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.[18][19] In June 2017, Golden Entertainment was granted a license for slot route operations in Illinois. This marked the fourth state Golden is licensed.[20]

In October 2017, Golden Entertainment acquired American Casino & Entertainment Properties for $850 million, which expanded the company's casino portfolio by four: the Stratosphere, Arizona Charlie's Boulder, Arizona Charlie's Decatur and the Aquarius Casino Resort.[21][22] The following year, the company announced a $140 million renovation of the Stratosphere.[23]

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.[24][25]

Divisions

Golden Casino Group

The Stratosphere, seen in 2017, the company's largest property.

Golden Route Operations

Slot route operator with over 9000 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. ^ a b 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. ^ a b c Stutz, Howard (4 March 2012). "Golden Gaming now Nevada's large slot-route operator". Las Vegas Review-Journal. Retrieved 5 March 2012.
  5. ^ Benston, Liz (2006-08-21). "PT's brand grows locally". Las Vegas Sun. Archived from the original on 2006-08-21.
  6. ^ Velotta, Richard. "Golden Entertainment closes $190M deal for 2 Laughlin resorts". Review Journal. Retrieved April 23, 2019.
  7. ^ a b Strow, David (2002-02-27). "Former Station exec buying PT's Pubs chain - Las Vegas Sun Newspaper". lasvegassun.com. Retrieved 2020-02-12.
  8. ^ "Black Hawk casinos sold". www.bizjournals.com. 20 January 2005. Retrieved 2020-02-12.{{cite web}}: CS1 maint: url-status (link)
  9. ^ Associated press on October 20, 2006 by Brendan Riley
  10. ^ a b c "Golden Gaming to end deal to manage casino". Casino City Times. 7 January 2008. Retrieved 19 October 2011.
  11. ^ Knightly, Arnold (25 January 2008). "Hard Rock owners given license". Casino City Times. Retrieved 19 October 2011.
  12. ^ Knightly, Arnold (26 June 2008). "Pahrump Nugget will be expanded". Las Vegas Review-Journal. Retrieved 22 March 2012.
  13. ^ Stutz, Howard (September 9, 2010). "Golden Gaming division OKs deal to manage four smaller casinos". Las Vegas Review-Journal. Retrieved 2012-08-24.
  14. ^ Stutz, Howard (22 September 2011). "Las Vegas-based Affinity Gaming shuffles holdings". Las Vegas Review-Journal. Retrieved 26 September 2011.
  15. ^ Stutz, Howard (1 March 2012). "Las Vegas gaming companies complete transactions involving casinos, slot machine routes". Las Vegas Review-Journal. Retrieved 1 March 2012.
  16. ^ Stutz, Howard (16 October 2011). "Focused on success, committed to Nevada". Las Vegas Review-Journal. Retrieved 19 October 2011.
  17. ^ Stutz, Howard (January 26, 2015). "Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino". Las Vegas Review-Journal. Retrieved 2015-01-26.
  18. ^ J.D. Morris (February 1, 2016). "Golden Entertainment heads into Montana with completion of $20M transaction". Vegas Inc. Retrieved 2016-02-02.
  19. ^ Erik Olson (May 14, 2016). "Golden Entertainment buys Montana gaming-machine vendor for $25 million". Vegas Inc. Retrieved 2016-05-14.
  20. ^ Velotta, Rick. "Golden Entertainment subsidiary licensed to operate video gaming terminals in Illinois". Las Vegas Review-Journal. Retrieved 7 July 2017.
  21. ^ "Golden closes on $850M deal for Stratosphere, 3 other casinos". Las Vegas Review-Journal. 2017-10-23. Retrieved 2020-02-12.
  22. ^ 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.
  23. ^ "Golden Entertainment to invest $140M in Stratosphere". Las Vegas Review-Journal. 2018-03-15. Retrieved 2020-02-12.
  24. ^ Richard N. Velotta (December 5, 2018). "Golden Entertainment closer to operating 2 Laughlin casinos". Las Vegas Review-Journal. Retrieved 2019-01-14.
  25. ^ "Golden Entertainment completes acquisition of two Laughlin, Nevada casino resorts" (Press release). Golden Entertainment. January 14, 2019. Retrieved 2019-01-14 – via BusinessWire.
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