J&J Gaming in double Golden Entertainment Group acquisition

Golden Entertainment Group is divesting its gaming operations in Nevada and Montana, with J&J Ventures Gaming set to acquire both.

J&J Gaming will pay US$213.5m plus an estimated $34m of purchased cash for the Nevada operations, while the Montana operations will cost $109m plus an estimated $5m of purchased cash.

Golden will also enter into a five-year agreement with J&J Gaming to support Golden’s branded tavern locations in Nevada.

Blake Sartini, chairman and chief executive of Golden Entertainment Group, said: “We believe this transaction will provide further success for our route partners through sharing of best practices and new technology.”

He added that the transaction will allow Golden 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.”

The transactions are expected to close prior to year end, with Latham & Watkins acting as legal counsel to Golden.