Golden Entertainment is fattening its Southern Nevada casino portfolio with the acquisition of two casinos in Laughlin.
Las Vegas-based Golden is reported to be paying between $168 million and $190 million to acquire the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort from Marnell Gaming.
Together, the Edgewater and Colorado Belle feature more than 1,400 slot machines, 40 table games, 2,150 hotel rooms, 11 restaurants and dedicated entertainment venues including the Laughlin Event Center, a 12,000-seat outdoor arena that hosts concerts and other events throughout the year.
Added to the company’s Aquarius Casino Resort (1,200 slot machines, 30 table games, 2,000 rooms) the purchase will make Golden the largest gaming operator in the Colorado River town 90 miles south of Las Vegas.
“The transaction is consistent with our strategy to grow our business in an accretive manner for shareholders,” said Chairman and CEO Blake Sartini.
“The Marnell family has a long history in the gaming industry. Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin, and we are excited to build on these well positioned properties.”
The deal, expected to close early next year, calls for a $155 million contribution in cash and the balance in restricted Golden stock at $28.54 per share.
In Las Vegas Golden owns the Stratosphere Casino, Hotel & Tower and two Arizona Charlie’s casinos; the Pahrump Hotel & Casino, Gold Town Casino and Lakeside Casino & RV Park in Pahrump, Nev.; and Rocky Gap Casino Resort in Flintstone, Md.
