Operator News
US – J&J Ventures Gaming to buy slot machine business from Golden Entertainment
By Phil - 8 March 2023
Golden Entertainment is selling its distributed gaming operations in Nevada and Montana for $322.5m, to J&J Ventures Gaming, plus $39m of estimated purchased cash at closing.
J&J Ventures will acquire Golden’s Distributed Gaming Operations in Nevada for $213.5m plus an estimated $34m of purchased cash and Golden’s Distributed Gaming Operations in Montana for $109m plus an estimated $5m of purchased cash, subject to customary working capital adjustments.
In addition, Golden will enter into a five-year agreement with J&J Gaming under which J&J Gaming will support the gaming operations of Golden’s branded tavern locations in Nevada at financial terms consistent with the company’s past practice.
Blake Sartini, Chairman and Chief Executive Officer of Golden, said: “Our leading Distributed Gaming Operations in Nevada and Montana were built over the last 20 years through the hard work and dedication of our team members who provide exceptional service and support to our valued route partners. We believe this transaction will provide further success for our route partners through sharing of best practices and new technology. We anticipate our Distributed Gaming team members will continue to serve our route partners with the same dedication under J&J Gaming’s ownership. Our confidence in J&J Gaming’s future success is highlighted by our new long-term agreement with J&J Gaming to service Golden’s wholly owned tavern portfolio. For Golden, these transactions will allow us to focus our management team and capital on our portfolio of wholly owned casinos and taverns in Nevada and create additional value for our shareholders.”
Established almost 100 years ago, J&J Gaming is a privately held business and the leading distributed gaming operator in Illinois, with related operations in several other states.
The transactions are expected to close prior to yearend, subject to customary regulatory approvals and closing conditions. Latham & Watkins LLP is acting as legal counsel to Golden in connection with the transactions.
