Strategic Gaming Management (SGM) has completed its previously announced acquisition of Sunland Park Racetrack & Casino for $310 million.
Under the agreement, SGM has now sold the New Mexico property to Gaming and Leisure Properties (GLPI). Earlier in October, GLPI confirmed this sale-leaseback transaction, which itself was valued at $183.9 million.
Opened in 1959, Sunland Park features a 25,000-square-foot gaming floor with 738 slots and 12 electronic gaming tables.
The acquisition adds a fourth asset to SGM’s existing triple-net master lease agreement with GLPI.
“With the acquisition of Sunland, we are well on our way to our goal of being a scale operator of regional assets with rich histories, competitive moats, and very strong and loyal customer bases,” SGM Founder and CEO Grant Lincoln said.
“We’ll continue to invest in our assets and thoughtfully grow our platform while continuing to pursue opportunities that meet our strategic plans. We welcome the incredible Sunland Park team to the Strategic family and look forward to many years of success together.”
Changes at the Top for Strategic Gaming
In other new, SGM has appointed Matthew Flandermeyer as its new chief financial officer.
He joins the company having served in the same role at Golden Entertainment for nine years. Flandermeyer’s appointment at SGM is effective immediately.
“Matt is a proven financial leader in the gaming industry who I have worked closely with in the past that brings us critical experience as we continue to grow,’ Lincoln said.
In addition, SGM has announced Fred Heinrich as president of Sunland Park, again effective immediately. Heinrich will oversee operations and direct strategic aspects of the business.
“I am excited for Fred in his new role,” Lincoln said. “It perfectly aligns with his capabilities and history at Sunland Park and am extremely pleased to have him guiding us in growing our Sunland property.”
