Golden Entertainment Expands Tavern Portfolio, Announces New Brewery Concept
September 17 2015 - 9:00AM
Business Wire
PT’s Brewing Company introduced as new concept
for PT’s Entertainment Group
PT’s Entertainment Group (PTEG), a division of Golden
Entertainment, Inc. (NASDAQ:GDEN) and the largest traditional
tavern gaming operator in Nevada, plans to continue expanding in
2016, beginning by adding four Las Vegas locations, including the
opening of its first brewery in the first quarter of 2016.
With the expansion, Golden Entertainment expects to add
approximately 100 employees. The company currently employs more
than 2,500 team members in Nevada and Maryland and is one of the
largest employers in Southern Nevada.
PT’s Taverns
“The strength of our taverns continues to come from the
high-quality food and our ever-popular Golden Rewards gaming
program, together with an incredibly unique, neighborhood
atmosphere,” said Blake Sartini, CEO of Golden Entertainment. “We
plan to expand by building upon what has been a winning formula for
us and expect 2016 will be a notable year for our tavern business.
While we have grown steadily in the last 13 years, the upcoming
year represents our most aggressive growth strategy to date.”
Golden Entertainment’s Golden Gaming subsidiary acquired the
PT’s chain of taverns in 2002 and has added 30 locations over the
last 13 years. In addition to PT’s, the company has expanded its
tavern brands to include PT’s Gold, Sierra Gold, the country-themed
PT’s Ranch, and its Irish-themed Sean Patrick’s pubs.
The company’s new locations will include:
- PT’s Ranch, 6450 S. Durango Drive, Las
Vegas, NV 89113
- PT’s Brewing Company, 3101 N. Tenaya
Way, Las Vegas, NV 89128
- PT’s Gold (Whitney Ranch/Sunset)
- PT’s Gold (Location to be
announced)
PT’s Brewing Company
PTEG’s newest concept will be PT’s Brewing Company, set to open
in the first quarter of 2016 on the site of what was previously the
Tenaya Creek Brewery and restaurant.
The company will completely remodel the old Tenaya Creek Brewery
as its first location of this new concept. The brewery will have a
capacity of 3,000 barrels of handcrafted beer annually, including
seven of its own craft beers on tap, as well as other featured
local craft and domestic beers. PT’s Brewing Company will also have
the flexibility to produce seasonal craft beers for the company’s
PT’s, Sierra Gold and Sean Patrick’s branded taverns.
“With 46 tavern locations in Southern Nevada, we see the
addition of a brewery format as the next natural step in the
company’s evolution and expansion,” said Sartini. “Once opened,
PT’s Brewing Company will host a local home brew competition, with
the winning beer being produced and available on tap.”
About Golden Entertainment, Inc.
Golden Entertainment, Inc. owns and operates gaming properties
across three divisions – distributed gaming, resort and casino
operations, and tavern operations. Golden Entertainment operates
approximately 9,300 gaming devices, as well as approximately 30
table games across four casino properties, approximately 50 taverns
and approximately 670 distributed gaming locations in Nevada and
Maryland. Golden Entertainment is focused on maximizing the value
of its portfolio by leveraging its scale, leadership position, and
proven management capabilities across its three divisions. For more
information, visit https://goldenent.com.
This press release may be deemed to contain forward-looking
statements that are subject to the safe harbors created under
federal securities laws. Forward-looking statements can generally
be identified by the use of words such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “forecast,” “intend,”
“plan,” “project,” “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 (including the anticipated timing of construction
and completion of additional taverns and the expected size, scope,
designs and features thereof, such as brewing capacity and breadth
of product offerings), anticipated future growth or trends in the
Company’s business or key markets, projections of future financial
condition or operating results, as well as other statements that
are not statements of historical fact. 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: unanticipated design, permitting, construction
and regulatory risks and delays, customer acceptance of the
Company’s new product offerings, the Company’s ability to realize
the anticipated cost savings, synergies and other benefits from the
Golden Gaming merger and integration risks, changes in national,
regional and local economic and market conditions, legislative and
regulatory matters, exposure to increases in gaming taxes and fees,
litigation, increased competition, the Company’s ability to renew
its distributed gaming contracts, reliance on key personnel, 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, environmental and
structural building conditions, disruptions in the Company’s
information technology systems and other 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 update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150917005753/en/
Investor Relations:ICR
Inc.702-891-4264ir@goldenent.comorMedia:B&P Public
RelationsLenora Kaplan, 702-589-2791lkaplan@bpadlv.com
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