The plan from Golden Entertainment Incorporated to purchase casino holding firm American Casino and Entertainment Properties reportedly took a giant step forward on Wednesday after it received the unanimous approval of the Nevada Gaming Control Board.
According to a report from the Las Vegas Review-Journal newspaper, the two companies agreed an $850 million deal in June and its completion would see Golden Entertainment Incorporated take full control of the firm behind Las Vegas’ iconic 1,149 ft Stratosphere Casino Hotel and Tower as well as the Aquarius Casino Resort in the nearby town of Laughlin.
Golden Entertainment Incorporated is the firm behind Nevada’s PT’s Pub tavern chain and additionally operates the state’s Pahrump Nugget Hotel Casino, Lakeside Casino and RV Park and Gold Town Casino. Further afield and the Las Vegas-based company is responsible for western Maryland’s Rocky Gap Casino Resort while additionally running a distributive gaming slot route in Montana.
The newspaper reported that the successful completion of the proposed deal would see Golden Entertainment Incorporated handle more than 15,800 slots, 114 gaming tables and almost 1,000 distributed gaming locations while its rooms portfolio would stretch to more than 5,100.
The Las Vegas Review-Journal reported that the Nevada Gaming Control Board’s approval followed a two-hour interview of Blake Sartini, Chairman and Chief Executive Officer for Golden Entertainment Incorporated, in which some members had expressed reservations due to the fact that the purchase would triple the size of the company.
However, the 58-year-old businessman purportedly countered by declaring that he was intent on ‘growing the family with a successful organization’ and pointed out the benefits of cross-marketing American Casino and Entertainment Properties’ venues in Nevada with his own firm’s interests in Maryland and Montana.
Santini moreover reportedly told the Nevada Gaming Control Board that that there is already sufficient compliance safeguards in place before explaining that the acquired properties are due to be maintained under their current management.
“The [American Casino and Entertainment Properties] properties have had good leadership and we’re taking on good people within a good culture,” Santini reportedly told the Nevada Gaming Control Board. “Our challenge is to integrate these two companies into a common culture, which starts with me.”
The newspaper reported that the proposed deal is now set to go before the Nevada Gaming Commission on October 19 while a successful verdict could see Golden Entertainment Incorporated complete the planned acquisition as early as the ensuing day.