J&J Ventures Gaming, LLC acquired distributed gaming operations in Montana of Golden Entertainment, Inc..
September 12, 2023
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J&J Ventures Gaming, LLC entered into definitive agreement to acquire distributed gaming operations in Montana of Golden Entertainment, Inc. (NasdaqGM:GDEN) for approximately $110 million on March 3, 2023. As reported, J&J Ventures Gaming, LLC will acquire Golden?s Distributed Gaming Operations in Montana for $109 million in cash plus an estimated $5.0 million of purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing). In a related transaction, J&J Ventures Gaming, LLC entered into definitive agreement to acquire distributed gaming operations in Nevada of Golden Entertainment, Inc. for $213.5 million in cash plus an estimated $34.0 million of purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing). In case of termination under certain circumstances, J&J Ventures will be obligated to pay Golden a termination fee of $10 million, subject to the terms and conditions set forth therein. The transactions are expected to close prior to year end, subject to customary regulatory approvals and closing conditions. As of May 10, 2023, the transaction is expected to close during the fourth quarter of 2023.
Steven Stokdyk and Brian Duff of Latham & Watkins LLP acted as legal advisors Golden Entertainment, Inc. Paul T. Jenson of Taft Stettinius & Hollister LLP and Hamed Meshki, Michele Cumpston, Michael Beinus, Vivek Ratnam, Dave Nemecek and Katrina Levy of Kirkland & Ellis LLP acted as legal advisors and Macquarie Capital served as financial advisor to J&J Ventures Gaming, LLC.
J&J Ventures Gaming, LLC acquired distributed gaming operations in Montana of Golden Entertainment, Inc. (NasdaqGM:GDEN) on September 13, 2023.
Golden Entertainment, Inc. owns and operates a diversified entertainment platform, consisting of a portfolio of gaming and hospitality assets that focuses on casino and branded tavern operations. The Company operates over 5,600 slots, over 100 table games, and over 6,000 hotel rooms. The Company owns approximately eight casinos and 69 gaming taverns in Nevada. The Companyâs segments include Nevada Casino Resorts, Nevada Locals Casinos, and Nevada Tavern. The Nevada Casino Resorts segment consists of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The Nevada Locals Casinos segment consists of casino properties that cater to local customers who generally live within a five-mile radius. The Nevada Taverns segment consists of branded tavern locations, where the Company controls the food and beverage operations as well as the slot machines located within the tavern.