Golden Leisure Agrees To Deal With J&J Gaming
Golden Leisure, Inc. has agreed to promote its gaming operations in Nevada and Montana to an Illinois-based firm.
The deal is for combination money consideration of $322.5 million plus $39 million of estimated bought money at closing.
J&J Ventures Gaming, LLC will purchase Golden’s distributed gaming operations in Nevada for $213.5 million plus an estimated $34 million of bought money and Golden’s distributed gaming operations in Montana for $109 million plus an estimated $5 million of bought money.
As well as, Golden will enter right into a five-year settlement with J&J Gaming underneath which J&J Gaming will assist the gaming operations of Golden’s branded tavern areas in Nevada “at monetary phrases in keeping with the corporate’s previous follow.”
“Our main distributed gaming operations in Nevada and Montana had been constructed during the last 20 years via the laborious work and dedication of our workforce members who present distinctive service and assist to our valued route companions,” mentioned Blake Sartini, Chairman and Chief Govt Officer of Golden.
“We consider this transaction will present additional success for our route companions via sharing of finest practices and new expertise. We anticipate our Distributed Gaming workforce members will proceed to serve our route companions with the identical dedication underneath J&J Gaming’s possession. Our confidence in J&J Gaming’s future success is highlighted by our new long-term settlement with J&J Gaming to service Golden’s wholly-owned tavern portfolio. For Golden, these transactions will enable us to focus our administration workforce and capital on our portfolio of wholly owned casinos and taverns in Nevada and create extra worth for our shareholders.”
The privately held J&J Gaming is without doubt one of the largest terminal operators in Illinois and Pennsylvania. J&J Amusements is a number one operator of non-gaming units like dart machines, pool tables, jukeboxes, ATMs, and different amusement units.
The transactions are anticipated to shut earlier than year-end, topic to customary regulatory approvals and shutting situations.