- Gary Vecchiarelli Named Senior Vice
President of Finance and Accounting
- Current CFO Matt Flandermeyer to
pursue family business opportunities
Golden Entertainment, Inc. (NASDAQ: GDEN), based in Las Vegas,
announced today that Charles Protell will be named Executive Vice
President, Chief Strategy Officer and Chief Financial Officer of
the Company.
Mr. Protell, 42, has had nearly a 20-year career in corporate
advisory and investment banking, most recently as a Managing
Director of Investment Banking for Macquarie Capital, covering the
gaming, lodging and leisure sectors. Prior to Macquarie Capital, he
held similar investment banking positions with REGAL Capital
Advisors, Credit Suisse, Deutsche Bank, and CIBC World Markets. Mr.
Protell has closed more than 70 capital raising and advisory
transactions with a total value of approximately $55 billion,
including acting as advisor to Golden Entertainment’s predecessor
companies in various capacities since 2010. He acted as advisor to
Lakes Entertainment in the merger transaction with Sartini Gaming,
which created Golden Entertainment in July 2015. In addition, Mr.
Protell previously acted as advisor to Sartini Gaming on various
initiatives, including its acquisition of distributed gaming
operations and casino assets from Affinity Gaming.
As Chief Strategy Officer and Chief Financial Officer, Mr.
Protell will oversee the Company’s strategic planning, business
development, financial reporting and treasury functions, including
SEC reporting as well as maintaining investor and lender
relationships.
“Charles offers Golden Entertainment a wealth of investment
banking experience and relationships that come with a track record
of successful transactions in the gaming industry,” said Blake L.
Sartini, Chairman, President and CEO of Golden Entertainment. “We
have known Charles for many years, and look forward to using his
skill set to accelerate and enhance our ability to evaluate and
pursue opportunities to increase shareholder value.”
“I am fortunate to have the opportunity to join Golden
Entertainment at a time when the Company is positioned for
meaningful organic growth and has the right capital structure to
actively pursue strategic acquisitions,” stated Mr. Protell. “I
believe the Company’s leadership in distributed gaming and regional
casinos provides Golden Entertainment unique access to
opportunities, and I look forward to helping Blake and his team
execute on those opportunities in the near future.”
In addition, Gary Vecchiarelli will be joining Golden
Entertainment as Senior Vice President of Finance and Accounting.
Mr. Vecchiarelli, 39, has over 15 years of professional experience
in various senior accounting and finance roles. Since 2012, Mr.
Vecchiarelli has acted as Chief Financial Officer of Galaxy Gaming,
a publicly traded company and the world’s largest independent
provider of casino table games and related equipment. Prior to
Galaxy Gaming, Mr. Vecchiarelli served in numerous public
accounting roles, including with firms such as BDO USA, LLP,
McGladrey & Pullen, LLP and Crawford, Pimentel & Co., Inc.
While at BDO, Mr. Vecchiarelli played a key role in helping to open
and establish BDO’s Las Vegas audit practice.
Golden Entertainment’s current Chief Financial Officer, Matthew
Flandermeyer, is leaving the Company on November 28, 2016, to
pursue family business opportunities. Mr. Flandermeyer has agreed
to provide consulting services to Golden Entertainment for up to
six months to facilitate an orderly transition of his
responsibilities. Mr. Protell will begin his employment with the
Company by December 1, 2016, and Mr. Vecchiarelli will begin his
employment with the Company by January 3, 2017.
“We want to welcome Charles and Gary to our team, as well as
express our gratitude to Matt for his contributions to Golden
Entertainment during our evolution as a public company,” Mr.
Sartini said. “We wish him the best in pursuing new opportunities
and thank him for ensuring that the transition of his role will be
managed appropriately.”
Forward-Looking Statements
This press release may be deemed to contain forward-looking
statements regarding future events and our future results that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934. Forward-looking
statements can generally be identified by the use of words such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“forecast,” “intend,” “plan,” “project,” “potential,” “seek,”
“should,” “think,” “will,” “would” and similar expressions. In
addition, forward-looking statements include statements regarding
the Company’s strategies, objectives, business opportunities and
plans for future expansion, developments or acquisitions,
anticipated future growth and trends in the Company’s business or
key markets, projections of future financial condition, operating
results, or other financial items, anticipated regulatory and
legislative changes, the Company’s ability to utilize the net
operating loss carryforwards (“NOLs”) to offset future taxable
income, as well as other statements that are not statements of
historical fact. Forward-looking statements are based on the
Company’s current expectations and assumptions regarding the
Company’s business, the economy and other future conditions. These
forward-looking statements are subject to assumptions, risks and
uncertainties that may change at any time, and readers are
therefore cautioned that actual results could differ materially
from those expressed in any forward-looking statements. Factors
that could cause actual results to differ include: the Company’s
ability to realize the anticipated cost savings, synergies and
other benefits of the Sartini Gaming merger and the acquisitions of
distributed gaming assets in Montana, and integration risks
relating to such transactions, changes in national, regional and
local economic and market conditions, legislative and regulatory
matters (including the cost of compliance or failure to comply with
applicable laws and regulations), increases in gaming taxes and
fees in the jurisdictions in which the Company operates,
litigation, increased competition, the Company’s ability to renew
its distributed gaming contracts, reliance on key personnel
(including our Chief Executive Officer, Chief Operating Officer and
Chief Financial Officer), the level of the Company’s indebtedness
and the Company’s ability to comply with covenants in its debt
instruments, terrorist incidents, natural disasters, severe weather
conditions, the effects of environmental and structural building
conditions, the effects of disruptions to the Company’s information
technology and other systems and infrastructure, the occurrence of
an “ownership change” as defined in Section 382 of the Internal
Revenue Code, and factors affecting the gaming, entertainment and
hospitality industries generally. In addition, please refer to the
risk factors contained in the Company’s SEC filings available at
www.sec.gov, including the Company’s most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date of this press release. The Company
undertakes no obligation to revise or update any forward-looking
statements for any reason.
About Golden Entertainment, Inc.
Golden Entertainment, Inc. owns and operates gaming properties
across two divisions – distributed gaming and casino operations.
Golden Entertainment operates more than 12,000 gaming devices and
nearly 30 table games in Nevada, Maryland and Montana. The Company
owns four casino properties, more than 50 taverns and operates
approximately 980 distributed gaming locations in multiple
jurisdictions. Golden Entertainment is focused on leveraging its
scale, market leadership and proven management capabilities to
maximize profitability of its operations and value for its
shareholders.
For more information, visit www.goldenent.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161117005223/en/
Golden EntertainmentInvestor Relations:Ryan Ripley,
702-891-4264Director of Financial Reportingir@goldenent.comorMedia
Relations:Howard Stutz, 702-495-4490Vice President of Corporate
Communicationshstutz@goldenent.com
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