The Nevada Gaming Commission recently approved the sale of Golden Entertainment’s distributed gaming operations in Montana and Nevada to J&J Ventures Gaming of Effingham, Illinois for $322.5 million, plus $39 million due at closing.
The sale was announced in March 2023. The transaction will make J&J the largest slot operator in the U.S., managing 25,000 slots at 3,500 locations in five states.
Golden Executive Vice President of Operations Blake Sartini II, son of Golden Chief Executive Officer Blake Sartini, said capital from the transaction could be used to improve the company’s Gold Town Casino, Lakeside Hotel & Casino and Pahrump Nugget Hotel & Casino in Pahrump. The three venues plus two Arizona Charlie’s casinos generated a combined $16.87 million in third-quarter revenue.
Sartini added some of the proceeds from the slot route sales may go toward upgrades at the Strat and Arizona Charlie’s, plus the Aquarius and Edgewater casinos in Laughlin.
Prior to the sale, Golden already was making improvements in Pahrump, adding new dining options at Gold Town and Jimmy John’s at Pahrump Nugget.
Observers said Golden also could use some of the cash for shareholder rewards, which it did earlier this year through a special dividend and adding to a share-repurchase plan. Those were funded by capital from the sale of a Golden-owned casino hotel in Maryland.
Pahrump, located 58 miles from the Las Vegas Strip on the Nevada/California border, is home to part of Death Valley National Park and Spring Mountains, as well as gaming venues and several legal brothels.
