Golden Entertainment Buys American Casino and Entertainment, Adding Stratosphere in Las Vegas to Gaming Portfolio

Golden Entertainment Buys American Casino and Entertainment, Adding Stratosphere in Las Vegas to Gaming Portfolio

Las gaming that is vegas-based 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 tag, which includes $781 million on the table in cash, plus four million shares of the owner that is new shares back to the seller.

The Stratosphere has an owner that is new after Golden Entertainment bought the home along side three other resorts for $850 million in money and stock.

When the deal is completed, Golden Entertainment will own eight casino resorts as a whole, with the best-known coming within the sale from the Stratosphere, which stands 1,149 legs high during the far north end of the Las Vegas Strip.

Established in Taverns and Supermarkets

The company’s other gaming properties are 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 gaming device distribution companies that are largest in the US, which brings slot devices to almost 1,000 supermarkets in Nevada and Montana.

Upon completion of the transaction, Golden Entertainment will operate 15,800 slots, 114 dining table games, and over 5,100 hotel spaces in Nevada. Traded on NASDAQ, shares [Read more…]