Las Vegas-based gaming distributor and casino conglomerate Golden Entertainment is increasing its holdings, the company announced on Monday. Stratosphere owner American Casino and Entertainment is being snapped up by Golden for an $850 million price, which includes $781 million on the table in money, plus four million stocks of the owner that is new shares back to the vendor.
The Stratosphere has an owner that is new after Golden Entertainment bought the home along with three other resorts for $850 million in money and stock.
After the deal is completed, Golden Entertainment will own eight casino resorts in total, with the best-known coming into the sale through the Stratosphere, which stands 1,149 legs high during the far north end of the vegas Strip.
Created in Taverns and Supermarkets
The company’s other gaming properties come in Pahrump, Nevada and Flintstone, Maryland. Also in Golden’s pre-existing portfolio are PT’s Entertainment Group and its more than 50 Nevada-based taverns with gaming, as well as the profitable lock on one of the largest gaming device distribution companies in the usa, which brings slot devices to nearly 1,000 supermarkets in Nevada and Montana.
Upon completion of the deal, Golden Entertainment will operate 15,800 slots, 114 table games, and over 5,100 hotel rooms in Nevada. Traded on NASDAQ, shares of Golden Entertainment wen (more…)