Nevada Approves Long-Awaited J&J-Golden Entertainment Deal
A significant deal between Golden Entertainment and J&J Ventures Gaming has been given the thumbs-up by the Nevada Gaming Commission, paving the way for the transaction to proceed in both Montana and Nevada. The acquisition, which had been in the works for some time, has now been officially approved by the state regulatory body.
The acquisition of operations in Montana was completed in September for $109 million and $5 million in cash, staying within the initial transaction window. J&J Ventures Gaming will be paying $213.5 million for the acquisition, along with $34 million in cash, with the deal expected to be finalized by the end of January 2024.
The next steps in the process will involve providing customary regulatory filings before the transaction can be completed. Once finalized, the deal will result in a five-year agreement between the two companies, with J&J Ventures Gaming supporting Golden Entertainment branded establishments in Nevada.
While the deal is still pending finalization, J&J Ventures Gaming has expressed its intention to leverage its expanded operations in Nevada and derive even greater value from the acquisition in the future.
The deal was orchestrated in part by Oaktree Capital Management, the majority owner at J&J Gaming. This was facilitated by the connection between Charles Protell, President and CFO of Golden Entertainment, and Matthew Wilson, Managing Director at Oaktree, who share a college background.
Protell recently sold 35,946 shares in Golden Entertainment, in a transaction worth $1.46 million. This leadership change is not a cause for concern for Golden Entertainment, as the company is confident in the value it brings to both its own operations and shareholders.
The decision by J&J Ventures Gaming to support Golden Entertainment’s tavern portfolio is a testament to the professionalism and strong business performance of the company. Both parties have expressed confidence in working together and are looking forward to seeing this deal through.