Golden Entertainment Divests Nevada And Montana Distributed Gaming Operations

Golden Entertainment, Inc. GDEN has agreed to divest its distributed gaming operations in Nevada and Montana to J&J Ventures Gaming, LLC, for cash consideration of $322.5 million, plus $39 million of estimated purchased cash at closing.
Additionally, Golden Entertainment will enter into a five-year agreement with J&J Gaming to support the gaming operations of its branded tavern locations in Nevada.
The aggregate cash consideration plus purchased cash represents a multiple of ~9.0x of the Adjusted EBITDA for Golden's Distributed Gaming segment for the year ended Dec. 31, 2022.
"For Golden, these transactions will allow us to focus our management team and capital on our portfolio of wholly owned casinos and taverns in Nevada and create additional value for our shareholders," commented Blake Sartini, Chairman and CEO of Golden.
Price Action: GDEN shares are trading higher by 7.67% at $43.65 on the last check Monday.
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