Golden Entertainment Receives Illinois Video Gaming Terminal Operator License
June 28 2017 - 2:30PM
Business Wire
Golden Entertainment, Inc. (NASDAQ:GDEN) (“Golden Entertainment”
or “the Company”), announced today that the Illinois Gaming Board
has approved the Company’s application for a video gaming terminal
(“VGT”) operator license. This action by the Illinois Gaming Board
allows a wholly owned subsidiary of Golden Entertainment to operate
VGTs in liquor licensed establishments, including bars,
restaurants, truck stops and certain fraternal and veterans
organizations. According to statistics provided by the Illinois
Gaming Board, as of May 2017 there were over 26,000 VGTs operating
in over 6,000 locations throughout the state.
Blake L. Sartini, Chairman and Chief Executive Officer of Golden
Entertainment, commented, “We thank the Illinois Gaming Board for
its consideration and approval of our license application and look
forward to participating in the state’s growing distributed gaming
market. Given our significant experience and success in distributed
gaming operations, including our position as the largest operator
in Nevada and the second largest in Montana, we believe we can help
current and new establishments that feature VGTs optimize their
patrons’ entertainment experience. Illinois is an important and
growing market for distributed gaming where we are considering both
organic and acquisition opportunities to establish our
presence.”
The approval in Illinois marks the fourth state where Golden
Entertainment is licensed. The Company is also licensed in Nevada,
Montana and Maryland. In Nevada, Golden Entertainment is the
state’s largest operator of distributed gaming with more than 7,500
devices in nearly 700 locations. The Company is also Nevada’s
largest traditional tavern operator with 56 locations and operates
three casinos in Pahrump. In Montana, Golden Entertainment has
distributed gaming operations that cover nearly 2,900 devices in
290 locations. In Maryland, Golden Entertainment operates the Rocky
Gap Casino Resort in Western Maryland.
On June 12, 2017 Golden Entertainment announced that it entered
into a definitive agreement to acquire American Casino &
Entertainment Properties LLC, which owns three properties in Las
Vegas including the Stratosphere Casino, Hotel & Tower, Arizona
Charlie’s Decatur and Arizona Charlie’s Boulder, as well as the
Aquarius Casino Resort in Laughlin, NV. The transaction is subject
to customary regulatory approvals and is expected to be completed
by the end of 2017.
About Golden Entertainment, Inc.
Golden Entertainment, Inc. owns and operates gaming properties
across two divisions – distributed gaming and resort and casino
operations. Golden Entertainment operates approximately 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 960 distributed gaming locations
in multiple jurisdictions. Golden Entertainment is focused on
maximizing the value of its portfolio by leveraging its scale,
leadership position and proven management capabilities across its
two divisions. For more information, visit www.goldenent.com.
Forward-Looking Statements
This press release contains 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,”
“may,” “plan,” “project,” “potential,” “seek,” “should,” “think,”
“will,” “would” and similar expressions, or they may use future
dates. Forward-looking statements in this press release include,
without limitation, statements regarding: our future participation
in the Illinois distributed gaming market; our consideration of
organic and acquisition opportunities in Illinois; our future
plans, objectives, expectations and intentions; and our ability to
consummate the pending acquisition of American Casino &
Entertainment Properties LLC (“ACEP”) and the expected timing of
completion of the transaction. It is important to note that the
Company’s goals and expectations are not predictions of actual
performance. 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, among other things: the Company’s ability to successfully
attract, negotiate, consummate and execute organic and acquisition
opportunities in the Illinois distributed gaming market; the
ability to obtain required regulatory approvals for the ACEP
transaction (including the approval of gaming and antitrust
authorities necessary to complete the transaction), the timing of
obtaining such approvals and the risk that such approvals may
result in the imposition of conditions that could materially
adversely affect the Company, American and the expected benefits of
the ACEP transaction; the risk that a condition to closing of the
ACEP transaction may not be satisfied on a timely basis or at all,
the failure of the transaction to close for any other reason and
the risk of liability to the Company in connection therewith;
access to available financing (including financing for the ACEP
acquisition) on a timely basis and on reasonable terms; the effects
of disruption caused by the ACEP transaction making it more
difficult for the Company to execute its operating plan effectively
or to maintain relationships with employees, vendors and other
business partners; failure to realize the anticipated cost savings,
synergies and other benefits of the ACEP transaction; stockholder
litigation in connection with the ACEP transaction; the Company’s
ability to successfully integrate ACEP’s businesses, and other
acquired businesses; changes in national, regional and local
economic, political 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 Strategy and Financial Officer); the level of the Company’s
indebtedness and the Company’s ability to comply with covenants in
its debt facilities; 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;
factors affecting the gaming, entertainment and hospitality
industries generally; and other risks and uncertainties discussed
in the Company’s filings with the SEC, including the “Risk Factors”
section of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2016. The Company undertakes no obligation to
update any forward-looking statements as a result of new
information, future developments or otherwise. All forward-looking
statements in this press release are qualified in their entirety by
this cautionary statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20170628006211/en/
Investors:JCIRJoseph Jaffoni, Richard Land, James
Leahy212/835-8500gden@jcir.comorMedia:Golden
EntertainmentHoward Stutz, 702/495-4490hstutz@goldenent.com
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