Golden Entertainment Enters Into Definitive Agreements to Sell Rocky Gap Casino Resort for $260 Million
25 Agosto 2022 - 7:30AM
Business Wire
Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden” or the
“Company”) announced today that it entered into definitive
agreements to sell Rocky Gap Casino Resort (“Rocky Gap”) for
aggregate cash consideration of $260 million. Pursuant to the terms
of the agreements, Century Casinos, Inc. (NASDAQ: CNTY) will
acquire the operations of Rocky Gap for $56.1 million, subject to
customary working capital adjustments, and VICI Properties Inc.
(NYSE: VICI) will acquire an interest in the land and buildings
associated with Rocky Gap for $203.9 million.
The aggregate cash consideration represents a multiple of
approximately 10x Adjusted Property EBITDA for the trailing
twelve-month period ended June 30, 2022. The transaction is
expected to close in mid-2023, subject to customary regulatory
approvals and closing conditions.
Blake Sartini, Chairman and Chief Executive Officer of Golden
Entertainment, commented, “Rocky Gap is a truly unique destination
resort and I want to thank all of our team members who work hard to
consistently deliver a premier gaming and entertainment experience
to our guests. Since Golden began operating Rocky Gap seven years
ago, we have invested our resources to enhance the property’s
amenities and our contributions to the State of Maryland. We are
confident that Century Casinos will be a terrific operator of Rocky
Gap and strong partner to the community going forward.
Strategically, this transaction will enable Golden to focus on the
continued success of our operations in core markets. The sale price
represents an attractive, premium multiple relative to our current
valuation and will provide additional financial flexibility for us
to create shareholder value.”
Macquarie Capital is acting as exclusive financial advisor and
Latham & Watkins is acting as legal counsel to Golden in
connection with the transaction.
About Golden
Golden Entertainment owns and operates a diversified
entertainment platform, consisting of a portfolio of gaming and
hospitality assets that focus on casino and distributed gaming
operations (including gaming in the Company’s branded taverns).
Golden Entertainment operates over 17,000 slots, 100 table games,
and 6,200 hotel rooms. Golden Entertainment owns ten casinos – nine
in Southern Nevada and one in Maryland. Through its distributed
gaming business in Nevada and Montana, Golden Entertainment
operates video gaming devices at approximately 1,100 locations and
owns more than 60 traditional taverns in Nevada. Golden
Entertainment is also licensed in Illinois and Pennsylvania to
operate video gaming terminals. For more information, visit
www.goldenent.com.
Forward-Looking
Statements
This press release contains forward-looking statements regarding
future events and the Company’s 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. In addition, forward-looking statements in this press
release include, without limitation: statements regarding: the
Rocky Gap transactions, including the anticipated timing of closing
of the transaction and satisfaction of regulatory and other
conditions; the Company’s strategies, objectives and business
opportunities; anticipated future growth and trends in the
Company’s business or key markets; and other characterizations of
future events or circumstances as well as other statements that are
not statements of historical fact. Forward-looking statements are
based on the Company’s current expectations and assumptions
regarding its business, the economy and other future conditions.
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 the actual results to differ materially include:
risks and uncertainties related to the Rocky Gap transactions,
including the failure to obtain, or delays in obtaining, required
regulatory approvals or clearances; the failure to satisfy any of
the closing conditions to the Rocky Gap transactions on a timely
basis or at all; changes in national, regional and local economic
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, President and Chief
Financial Officer, and Chief Operating Officer); the level of the
Company’s indebtedness and its ability to comply with covenants in
its debt instruments; terrorist incidents; natural disasters;
severe weather conditions (including weather or road conditions
that limit access to the Company’s properties); 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 most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220825005200/en/
Golden Entertainment, Inc. Charles H. Protell President and
Chief Financial Officer (702) 893-7777
Investor Relations Richard Land JCIR (212) 835-8500 or
gden@jcir.com
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