Las Vegas-based gaming distributor and casino conglomerate Golden Entertainment is increasing its holdings, the company announced on Monday. Stratosphere owner American Casino and Entertainment is being snapped up by Golden for an $850 million cost, which includes $781 million on the table in money, plus four million shares of the owner that is new stocks right back to the vendor.
The Stratosphere has a new owner, after Golden Entertainment purchased the home along side three other resorts for $850 million in money and stock.
Once the deal is completed, Golden Entertainment will own eight casino resorts as a whole, with the best-known coming in the sale through the Stratosphere, which stands 1,149 feet high at the far north end of the Las Vegas Strip.
Created in Taverns and Supermarkets
The company’s other gaming properties are in Pahrump, Nevada and Flintstone, Maryland. Also in Golden’s pre-existing portfolio are PT’s Entertainment Group and its more than 50 Nevada-based taverns with video gaming, as well as the lucrative lock on one of the gaming device distribution companies that are largest in the usa, which brings slot machines to almost 1,000 supermarkets in Nevada and Montana.
Upon completion of the transaction, Golden Entertainment will operate 15,800 slots, 114 table games, and over 5,100 hotel rooms in Nevada. Traded on NASDAQ, shares of Golden Continue reading “Golden Entertainment Buys American Casino and Entertainment, Adding Stratosphere in Las Vegas to Gaming Portfolio”