Golden Entertainment completes sale of Montana gaming operations
Golden Entertainment is still yet to complete the sale of its Nevada operations.
Golden Entertainment has completed the previously disclosed sale of its distributed gaming operations in Montana to J&J Ventures Gaming.
J&J Gaming has acquired Golden Entertainment’s Montana distributed gaming operations for aggregate cash consideration of approximately $109m plus purchase cash of $5m.
Golden Entertainment stated, “The terms of the purchase agreement entered into among Golden Entertainment, J&J Gaming and the other parties are subject to customary working capital adjustments, plus purchased cash (comprising cash and cash equivalents related to such operations at the time of closing) of approximately $5m.”
The planned sale was announced in March with J&J Gaming set to purchase Golden Entertainment’s Nevada gaming operations as well.
Meanwhile, the previously disclosed sale of its Nevada distributed gaming operations to J&J Gaming remains pending and is subject to ‘satisfaction of customary closing conditions, including receipt of gaming regulatory approvals.’
The two companies previously agreed to the transaction of its Montana and Nevada operations for an aggregate cash consideration of $322.5m, along with another $39m of estimated purchased cash once the deal is completed.
Latham & Watkins LLP acted as legal counsel to Golden Entertainment in connection with this transaction.
Back in August, Golden Entertainment posted a decrease in Q2 revenue, income and EBITDA. Recently, the company has set aside $175m worth of cash proceeds from the sale of Rocky Gap Casino Resort to Century Casinos and an affiliate of Vici Properties to reduce its debts, as well as underwent $640m worth of debt refinancing in May.
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