Golden Entertainment has received approval from regulators to sell their slot division to J&J.
The agreement made between Golden Entertainment and J&J Ventures Gaming centered on Montana and Nevada. The Nevada Gaming Commission, in alignment with the Nevada Gaming Control Board, approved the transaction to move forward.
Nevada approves highly anticipated deal between J&J and Golden Entertainment.
The Montana operations were bought for a total of $109 million, with an additional $5 million in cash, in September. This was in accordance with the originally stated time frame for the transaction.
J&J Ventures Gaming plans to invest $213.5 million for the purchase, in addition to $34 million in cash. The transaction is still pending and is expected to be finalized by January 2024.
Before the transaction can be completed, it is necessary to submit the usual regulatory documents. The sale in Nevada will result in a five-year contract between the two parties, with J&J Ventures Gaming assisting Golden Entertainment’s branded establishments in the state.
J&J is aiming to combine its larger operations with its recently acquired business in Nevada in the future, with the goal of increasing the overall value of the acquisition.
The agreement was partially arranged by Oaktree Capital Management, who holds the majority ownership at J&J Gaming. This was not surprising, as Golden Entertainment’s president and CFO Charles Protell and Oaktree’s managing director Matthew Wilson both attended the same college and have a history together.
Golden Entertainment’s confidence in the success of their Tavern Business has been affirmed.
Earlier this week, Protell personally sold 35,946 shares of Golden Entertainment, resulting in a profit of $1.46 million. Golden Entertainment is a company that owns and manages casinos, taverns, and distributed gaming solutions in the Southern Nevada region.
Golden Entertainment is not concerned about the change in leadership, as they are confident that the product they have developed through years of dedicated effort is beneficial for both companies and shareholders.
J&J has chosen to back the Golden Entertainment tavern portfolio, which demonstrates the level of expertise and success-driven approach that the latter company employs. Both companies have expressed confidence in their partnership and moving forward with this agreement.
