J&J Ventures Completes Purchase of Golden Entertainment’s Nevada Operations
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Golden Entertainment has sold its Nevada distributed gaming operations to an affiliate of J&J Ventures Gaming.
The transaction worth $213.5 million, initially announced in March 2023, is a component of a larger agreement that includes gaming operations in Montana as well. Golden Entertainment concluded the sale of the Montana operations in September for $114 million, which included video lottery terminals.
The agreement includes a collaborative operational arrangement. Over the next five years, J&J Ventures will support gaming operations at Golden Entertainment-branded tavern locations in Nevada.
Golden Entertainment Increases M&A Activity
This latest deal is part of a broader trend of mergers and acquisitions (M&A) activity at Golden Entertainment. The company has been actively reshaping its portfolio, as seen in its dealings over the past year.
In August 2022, Golden Entertainment struck a deal with Vici Properties for the sale of the Rocky Gap Casino Resort’s land and buildings in Maryland, totaling $203.9 million, and the deal was completed in July last year.
Furthermore, the casino’s operating assets were sold to Century Casinos for $56.1 million, bringing the total value of the transaction to $260 million. This sale significantly boosted Golden Entertainment’s net profit in the third quarter, with a reported profit of $241.2 million, a stark contrast to the $14.0 million in the previous year.
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Sales Bring Down Golden Entertainment Revenue
However, these sales also impacted revenue negatively. The company experienced a 7.6% decrease in revenue during the third quarter, totaling $257.7 million. Additionally, after the sale of the Montana assets, distributed gaming business revenue dropped by 10.2%.
The quarter’s adjusted EBITDA also saw a decline of 12.6%, settling at $53.2 million. In a year-to-date comparison, revenue was down 2.3% at $822.5 million, while net profit soared by 271.8% to $265.1 million, but adjusted EBITDA fell by 14.6% to $173.8 million.
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