Nevada Gaming Commission Approves ACEP’s Sale of $850M

NevadaGolden Entertainment has signed an agreement in June to purchase the ACEP or American Casino & Entertainment Properties. It was purchased with an initial cost of $850 million from the parent company known as Whitehall Street Real Estate Partners. It is a real estate equity fund which is run and operated by Merchant Banking Division of Goldman Sachs.

The company Goldman Entertainment has agreed to sell shares worth $4 million and pay a cash amount of $781 million to sign the deal which was subject to the approval of the regulatory approval.

A group of 5 people comprising the Nevada Gaming Commission team spoke highly of the commitment made by Golden Entertainment to South Nevada and reputation of CEO Blake Sartini. They further said that it was kind enough for them to get the deal approved which would lead to the company getting hold of 4 properties that includes iconic Stratosphere. The other three casino properties are Aquarius Casino Resort situated in Laughlin and two other in Arizona Charlies.

Three casinos are owned by Golden Entertainment in Pahrump, Nevada and also run the notable PT’s Pub tavern chain. This casino company operates the vast slot route network in Montana and Nevada. It also owns a casino in Maryland. The strategic ACEP’s acquisition is likely to trip cash flow for the Golden Entertainment, and the revenues will be doubled. Golden Entertainment told Nevada Gaming Commission that they would hire Chief Financial Officer of ACEP named Edward Martin who would work as the Chief Administrative Officer at the company.

Blake Sartini made the following statement:

This is really a transformational transaction for our company. We’re not building four major casino resorts from the ground up, which obviously would be a much bigger undertaking in regards to growing the company. We’re really taking on what I think is a very experienced and credible team to bolster our existing family of team members and it’s a business I’ve been involved in since 1982.

The acquisition of ACEP is likely to get completed by the end of this month, and with this Golden Entertainment will own eight different casino properties with a total 5100 hotel rooms, 56 taverns, 15800 slot machines and 114 table games. For all its casino properties, the company is looking forward to employing 7200 employees.

Golden Entertainment has received financing to the tune of $1.1 billion for ACEP acquisition and refinanced from Credit Suisse, Macquarie Capital, Morgan Stanley & Co and JPMorgan Chase Bank. The financial transaction also involves a revolving credit facility with a total cost of $100 million. The money would allow the casino company to fund all of its future expansion and growth.

Nevada Gaming Commission Approves ACEP’s Sale of $M850
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Nevada Gaming Commission Approves ACEP’s Sale of $M850
Golden Entertainment has signed an agreement in the month of June this year to purchase the ACEP or American Casino & Entertainment Properties.
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