Golden Entertainment Receives Regulatory Approval for Slot Division Sale to J&J

Golden Entertainment's long-anticipated sale of its slot division to J&J Ventures Gaming has received the much-awaited regulatory approval from Nevada. The transaction, initially announced in March, gained clearance from Nevadan regulators on Thursday, signaling a major step forward in the gaming industry.

The deal, which encompasses operations in both Montana and Nevada, has seen J&J Ventures Gaming acquire the Montana assets for $109 million, along with an additional $5 million in cash, in line with the originally proposed transaction timeline. In total, J&J Ventures Gaming is investing $213.5 million for the acquisition, along with $34 million in cash. While the deal is yet to be finalized, it is expected to be completed by the end of January 2024.

Before the transaction can be finalized, customary regulatory filings are required. Once completed, the sale will result in a five-year agreement between the two parties, with J&J Ventures Gaming supporting Golden Entertainment branded establishments in Nevada. 

J&J Ventures Gaming aims to capitalize on its newly-acquired business in Nevada and synergize it with its broader operations, ultimately deriving greater value from the acquisition.

Charles Protell, President and CFO of Golden Entertainment, recently sold 35,946 shares in the company, gaining $1.46 million. Despite the change in leadership, Golden Entertainment remains confident that its product and years of hard work will continue to benefit both companies and shareholders.

The deal was facilitated in part by Oaktree Capital Management, the majority owner at J&J Gaming, and benefited from the close relationship between Charles Protell and Oaktree’s managing director, Matthew Wilson. The confidence exhibited by J&J Ventures Gaming in supporting Golden Entertainment's tavern portfolio highlights the professionalism and successful track record of both companies, ensuring a promising future for this partnership in the gaming industry.