Nevada Gold & Casinos, Inc. announced today that it has completed the purchase of Club Fortune Casino in Henderson, Nevada. The deal was announced in May of this year. The purchase involved a cash tender of $14.1 million along with 1.2 million common shares and an adjustment in working capital. A revolving credit agreement with Mutual of Omaha Bank financed the cash portion of the acquisition.
“The addition of Club Fortune to our portfolio is consistent with our strategy to enhance shareholder value by pursuing strategically attractive acquisitions,” said Michael P. Shaunnessy, President and CEO of Nevada Gold. “We are very excited to welcome the Club Fortune employees to the Nevada Gold & Casinos family and to establish an operating presence in the Nevada market. The transaction is immediately accretive to our free cash flow and strengthens and diversifies our portfolio.”
“As one of the largest shareholders of Nevada Gold & Casinos, I look forward to the successful integration of Club Fortune as well as the continued growth and success of the combined Company,” said Carl Guidici, founder and majority shareholder of Club Fortune.
Club Fortune Casino has about 25,000 square feet of gaming space located in a 35,000 square foot building that sits on 8 acres of land. The casino has 541 slot machines, 7 table games, a poker room, and a sports book. The property also offers a restaurant, two bars, an entertainment venue, snack bar, and gift shop.
Nevada Gold & Casinos, Inc. has headquarters in Las Vegas, Nevada. The company develops, owns, and operates casinos with 9 locations in Washington, a slots route operation in Deadwood, South Dakota, and the Club Fortune locals casino in Henderson, Nevada. For contact, stock, and other information please see Nevada Gold & Casinos Inc.