Golden Entertainment is taking a slower approach in regards to the running of the Rocky Gap, which includes a 200-room hotel, a casino and an 18-hole golf course.
Golden Entertainment Inc., Chairman Blake Sartini told media Monday that they are getting used to the market first so they can understand it, but food and beverage services will probably go through the first improvements.
It is not like Sartini to have such a slow attitude, as his family company is responsible for building the largest network of slot venues in Nevada over the last 15 years, which include 3 casinos, 670 route locations and 48 taverns.
On Monday the privately owned Sartini Company, Golden Gaming officially merged with Lakes Entertainment Inc., in a $341 million merger. This merger also led to the development of the public trading company, Golden Entertainment. Golden Entertainment now owns the Nevada taverns and slot routes, all four casinos as well as Big Sky Gaming.
Under the terms of the merger, Lakes Entertainment was valued at $9.57 per share. The Sartini family, who own Golden Gaming were given 7.8 million shares in stock of the new company, which represents a 35% ownership stake. The current shareholders in Lakes still have 65% of the company. The merger also meant that Golden Entertainment now owed Rocky Gap.
Rocky Gap is the smallest of the casinos in Maryland, with 577 slot machines, but it is the biggest conventional casino for Golden Entertainment.
The Rocky Gap made $28.1 million in net revenues for Lakes Entertainment during the first six months of 2015.