Golden Entertainment Inc was cleared to sell its slots business to Oak Tree last week with the Nevada Gaming Commission giving its approval and go-ahead for the deal to proceed. Officially, the acquisition is carried out by J&J Ventures and backed by Oak Tree.

Ploughing the Proceeds Back into Improving Existing Business

The proceeds from the deal will go into overhauling various operations, after the company announced changes to Gold Town’s dining options earlier this year, including a Farmhouse Kitchen, which is locally sourced and highly cherished dining expeirence.

Golden Entertainment is on a good business footing, as it will continue to support the gaming operations of Golden’s branded tavern locations in Nevada for J&J Ventures, indicative of the high level of trust voted to the company by the acquiring entity.

Meanwhile, other proceeds from the deal will be ploughed into improving some of the company’s casinos and operations, including Arizona Charlie’s, Strat, and gaming properties near Laughlin.

This will begin with the improvement of gaming operations in Pahrump, apart from the introduction of additional dining options. Many excellent venues could use the funding to become more competitive and continue driving more traffic towards themselves.

For example, Pahrump is located only 58 miles from the Las Vegas Strip and is enjoying a good amount of footfall, especially by travelers who baulk at the idea of plunging into the heart of the rowdy gaming heartland of Nevada.

Rather, Pahrump offers a little more relaxed but equally entertaining expeirence that Golden Entertainment is hoping to capitalize on. This sentiment is reflected in the company’s ownership of several prominent properties in which it operates, among which are Lakeside Hotel & Casino, Pahrump Nugget Hotel & Casino, and not least Gold Town Casino.

Sustained Interest in Pahrump Gaming and Resort Experiences

Pahrump may have a small population of only 40,000 people. Still, it’s right next to Death Valley National Park and Spring Mountains, which means that tourists are not really a rare sight. The area’s gaming reputation has been solidly edging upward, not least owing to Golden Entertainment’s sustained and long-term efforts to differentiate it.

Golden Entertainment has confirmed that it will seek to improve its Arizona Charlie’s casinos as well as the Laughlin properties and look to further boost shareholder value by driving solid returns.

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Britain’s Betting and Gaming Council (BGC) announced that charities will be the biggest winners at the Britannia Stakes race at Royal Ascot. According to the council, its members will donate all profits from tomorrow’s race to a selection of notable charity organizations.

In celebration of the King’s coronation, the biggest bookmakers in the UK will donate their proceeds to organizations such as SportAid, the Holocaust Educational Trust, Cystic Fibrosis Trust, SAS Regimental Association (SASRA), Ascot Racecourse Supports and Together for Looked After Children.

Many major operators, including Flutter, bet365, Entain, 888 William Hill, Kindred, Betway, Rank Group, Virgin Bet, LivescoreBet, Tote, Fitzdares and Bet with Ascot have committed to the initiative. Under the terms, companies will hand over profits from win and each-way bets, after levy and duties are deducted.

In the unlikely case operators fail to make a profit on the race, they agreed to collectively donate $318,000 (converted to USD) to the aforementioned charities.

The Charities Praised the Initiative

BGC’s chief executive officer, Michael Dugher, commented on the initiative, praising Royal Ascot as one of the best horseracing events in Britain. He said that he is delighted that BGC’s largest members will honor the King’s Coronation by donating their profits to “outstanding charities.”

It is also a fitting tribute to the Late Queen Elizabeth II, whose passion for horse racing was known throughout the world, having bred so many successful horses and clocking up 1,800 winners in her time.

Michael Dugher, CEO, BGC

Ascot Racecourse’s CEO, Alastair Warwick, praised the bookmakers for the initiative, saying that it has been extremely well received since its first iteration in 2020.

Representatives of the recipient charities also commented on the matter, lauding the BGC members for their commitment to helping those in need. Their full statements can be read on the BGC’s official website.

British Betting Continues to Flourish

This is not the first time operators have agreed to donate their proceeds from the annual race to charity either. Last year, BGC members raised a staggering $1.5 million for good causes. The current event will mark the fourth time BGC members will share their profits with charities. The BGC, which was founded in 2019, has so far donated over $7 million to a variety of good causes.

Britain’s betting industry is flourishing, contributing millions in tax to the Treasury each year. The country’s retail shops support 42,000 jobs on the British high streets, while the overall regulated gambling industry supports 110,000 jobs.

British gambling and sports betting donate $5.35 billion in taxes and contribute $9 billion to the economy each year. These figures come from an average of 22.5 million monthly bettors.

In other news, the BGC recently agreed to work with social media platforms to make gaming safer.

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