Las Vegas-based Golden Entertainment announced last week that Charles Protell will be named executive vice president, chief strategy officer and chief financial officer of the company.
Protell has had nearly a 20-year career in corporate advisory and investment banking, most recently as a Managing Director of Investment Banking for Macquarie Capital covering the gaming, lodging and leisure sectors. Prior to Macquarie Capital, he held similar investment banking positions with REGAL Capital Advisors, Credit Suisse, Deutsche Bank, and CIBC World Markets. Protell has closed more than 70 capital raising and advisory transactions with a total value of approximately $55 billion, including acting as advisor to Golden Entertainment’s predecessor companies in various capacities since 2010. He acted as advisor to Lakes Entertainment in the merger transaction with Sartini Gaming, which created Golden Entertainment in July 2015. In addition, Protell previously acted as advisor to Sartini Gaming on various initiatives, including its acquisition of distributed gaming operations and casino assets from Affinity Gaming.
As chief strategy officer and chief financial officer, Protell will oversee the company’s strategic planning, business development, financial reporting and treasury functions, including SEC reporting as well as maintaining investor and lender relationships.
“Charles offers Golden Entertainment a wealth of investment banking experience and relationships that come with a track record of successful transactions in the gaming industry,” said Blake L. Sartini, chairman, president and CEO of Golden Entertainment. “We have known Charles for many years, and look forward to using his skill set to accelerate and enhance our ability to evaluate and pursue opportunities to increase shareholder value.”
“I am fortunate to have the opportunity to join Golden Entertainment at a time when the company is positioned for meaningful organic growth and has the right capital structure to actively pursue strategic acquisitions,” stated Protell. “I believe the company’s leadership in distributed gaming and regional casinos provides Golden Entertainment unique access to opportunities and I look forward to helping Blake and his team execute on those opportunities in the near future.”
In addition, Gary Vecchiarelli will be joining Golden Entertainment as senior vice president of finance and accounting. Vecchiarelli has over 15 years of professional experience in various senior accounting and finance roles. Since 2012, Vecchiarelli has acted as chief financial officer of Galaxy Gaming, a publicly traded company and the world’s largest independent provider of casino table games and related equipment. Prior to Galaxy Gaming, Vecchiarelli served in numerous public accounting roles, including with firms such as BDO USA, LLP, McGladrey & Pullen, LLP and Crawford, Pimentel & Co., Inc. While at BDO, Vecchiarelli played a key role in helping to open and establish BDO’s Las Vegas audit practice.
Golden Entertainment’s current chief financial officer, Matthew Flandermeyer, is leaving the company on November 28, 2016 to pursue family business opportunities. Flandermeyer has agreed to provide consulting services to Golden Entertainment for up to six months to facilitate an orderly transition of his responsibilities. Protell will begin his employment with the company by December 1, 2016, and Vecchiarelli will begin his employment with the Company by January 3, 2017.
“We want to welcome Charles and Gary to our team, as well as express our gratitude to Matt for his contributions to Golden Entertainment during our evolution as a public company,” Sartini said. “We wish him the best in pursuing new opportunities and thank him for ensuring that the transition of his role will be managed appropriately.”
Meanwhile, PT’s Entertainment Group, a division of Golden Entertainment, Inc. and the largest traditional tavern operator in Nevada, has promoted Brent Edlund to director of the company’s tavern operations.
In his new position, Edlund will oversee operations for PTEG’s 52 wholly-owned PT’s, Sean Patrick’s, Sierra Gold and SG Bar locations—50 in Southern Nevada and two in Northern Nevada.
Edlund has more than 25 years of experience in the hospitality and entertainment industries. He joined Golden Entertainment in May as assistant director of tavern operations. Prior to joining the company, Edlund was vice president of operations for a two-time James Beard award winning celebrity chef, leading the day to day operations of both fast casual and full service restaurants in California, Nevada and Texas.
Edlund also held executive positions with Station Casinos at Sunset Station and Green Valley Ranch Resort, where he worked with nightclub developer Rande Gerber to create Whiskey Bar and Whiskey Beach. Edlund has also worked with Sugar Factory and several other Strip and off-Strip resorts.
“Brent brings a wealth of hands-on hospitality industry experience to his new position,” said Blake L. Sartini II, senior vice president of distributed gaming for Golden Entertainment. “As we continue our expansion plans to add additional taverns to the Las Vegas Valley, Brent’s knowledge and experience will be paramount to our success.”
Edlund is part of the Golden Entertainment team developing a new PT’s Gold that is scheduled to open later this year at the former Beano’s location on Lake Mead Boulevard near U.S 95. The tavern will be the fifth new location opened in 2016 by PTEG and the facility is licensed for up to 35 video gaming devices.
