This past Tuesday, Las Vegas-based Golden Entertainment acquired a small slot machine route operator for $20 million. The company purchased manages 1,000 slot machines in taverns, bars and convenience stores.
As stipulated in the purchase agreement, neither the company’s name nor location were made know by Golden. However, an investor relations representative for Golden did say that more details of the deal would be forthcoming upon finalization of the transaction. The agreement provides for the continued operations of the slot route by Golden, according to the Las Vegas Review-Journal.
According to Golden, the purchase that would “immediately” add to its earnings was funded with a combination of cash and through its line of credit. Additionally, per the agreement 50,000 shares of Golden’s stock will be received by the company that has yet to be named.
Formed by the merger of Blake Sartini’s Golden Gaming and Lakes Entertainment in January 2015, Golden Entertainment is the largest slot machine route and tavern operator in Nevada. The company manages more than 7,600 slot machines in 670 Nevada locations. It operates 46 taverns in the state through the PT’s, Sean Patrick and Sierra Gold.
The $341 million merger between Golden Entertainment and Lakes Entertainment was finalized on August 3, and made the Sartini family 35 percent owners and established Blake Sartini as its chief executive operator.