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Land-BasedCasinoMergers & Acquisitions

Golden Entertainment to purchase two Nevada casino resorts

Golden Entertainment is to acquire two new casinos in Laughlin, Nevada from fellow operator Marnell Gaming.

Colorado Belle

Marnell Gaming will sell the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort for a value between $168m and $190m.

The purchase cost is dependent on the two properties' performances for the 12 months following November 2018.

Blake Sartini, Chairman and CEO of Golden, said: “The acquisitions provides us with an exciting opportunity to expand our portfolio to nine wholly-owned casino resorts in Southern Nevada, solidifying our presence in this growing and attractive gaming market."

The two properties combined offer over 1,400 slot machines, 40 table games and 2,150 hotel rooms, which has helped Golden to predict “the acquisition to be cash flow positive and immediately accretive to operating results."

As part of the deal, Anthony Marnell III, Director of Marnell Companies Steering, is now a shareholder of Golden Entertainment.

Sartini added: “The Marnell family has a long history in the gaming industry including, designing, building and owning some of the most iconic resorts that now define the Las Vegas resort corridor."

The transaction is expected to close in the first three months of 2019, subject to customary closing conditions and the receipt of all required regulatory approvals.


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