Las Vegas-based Nevada Gold, which operators 10 casinos throughout Washington, announced it will acquire its first casino in Nevada, the Club Fortune Casino. The casino, in Henderson, generated million in revenue, in addition to .4 million cash flow for 2014.
The deal will cost Nevada Gold $14.2 million in cash and 1.2 million shares of the company’s common stock. It is anticipated the sale will be financed with an expansion of Nevada Gold’s current credit facility. Michael Shaunnessy, president and CEO of Nevada Gold & Casinos said, “This is an outstanding opportunity to acquire a quality casino operation with excellent growth potential, an experienced work force and a dedicated clientele.”
The 25,000 square-foot property features 500 slot machines, 12 table games and a poker room. A restaurant, two bars, lounge, snack bar and gift shop are also part of the casino. The purchase hopes to help the company’s geographic expansion.
