J&J Ventures Gaming Acquires Montana Gaming Operations from Golden Entertainment

One of the leading players in the gaming and hospitality industry, has successfully wrapped up the sale of its Montana Distributed Gaming Operations to J&J Ventures Gaming, LLC.

The deal valued at approximately $109 million in cash, with additional purchased cash of around $5 million. The completion of this transaction signifies a pivotal moment in Golden Entertainment’s strategic plan to optimize its gaming and hospitality assets.

Sale in Line with Broader Strategy

Under the of the purchase agreement, Golden Entertainment transferred its Montana Distributed Gaming Operations to J&J Gaming, including various gaming assets and properties across the state.

This significant move is part of Golden Entertainment’s ongoing effort to streamline its operations in Montana and focus on core markets while enhancing shareholder value.

Moreover, the company’s commitment to delivering unparalleled gaming and hospitality experiences remains unwavering, with a diverse portfolio that spans over 12,000 slots, more than 100 table games, and a remarkable 6,000 hotel rooms.

In addition to its casino offerings, Golden Entertainment owns eight casinos in Southern Nevada and operates 65 gaming taverns across the territory.

The sale of its Nevada distributed gaming operations to J&J Gaming is currently pending the fulfillment of customary closing conditions and gaming regulatory approvals. Once approved, the transaction will underscore Golden Entertainment’s commitment to shaping the future of gaming and entertainment in Nevada.

Latham & Watkins Provided Legal Counsel

Legal counsel for this transaction was provided by Latham & Watkins LLP, who played a pivotal role in facilitating the smooth completion of the sale.

As stated, Golden Entertainment, Inc. will also continue to solidify its position as a leading player in the gaming and hospitality sector, with a steadfast focus on delivering exceptional experiences to patrons across its diverse portfolio of assets.

In July 2023, Golden’s Board of Directors announced a special cash dividend of $2.00 per share for its outstanding common stock. This one-time cash dividend was distributed to stockholders on August 25, 2023, provided they were recorded as stockholders as of August 11, 2023.

Additionally, the Board has even approved an increase in the company’s share repurchase authorization, now totaling $100 million.

Source:

“Golden Entertainment Completes Sale of Montana Distributed Gaming Operations”, goldenent.com, September 13^th, 2023.