The deal negotiated by Golden Entertainment and J&J Ventures Gaming focused on both Montana and Nevada, with the Silver State’s Nevada Gaming Commission seconding the opinion of the Nevada Gaming Control Board and confirming that the transaction may proceed.

Nevada Oks Long-Anticipated J&J-Golden Entertainment Dela

The operations in Montana had already been acquired for $109 million and $5 million in purchased cash in September, in line with the initially stated transaction window.

J&J Ventures Gaming is spending $213.5 million to pay for the acquisition along with $34 million in purchased cash. The deal is yet to be finalized, though, and will probably be completed by the end of January 2024.

There are customary regulatory filings to now be provided as part of the deal before the transaction can be finalized. The Nevadan sale will create a five-year agreement between the two parties, with J&J Ventures Gaming supporting Golden Entertainment branded establishments in the Silver State.

J&J is, however, hoping to synergize its broader operations with its newly-acquired business in Nevada in due time and derive an even greater value from the acquisition.

The deal was partially orchestrated by Oaktree Capital Management, the majority owner at J&J Gaming and not least owing to familiarity between Golden Entertainment president and CFO Charles Protell and Oaktree’s managing director Matthew Wilson, who attended the same college.

Confidence in Golden Entertainment’s Tavern Business

Protell himself sold 35,946 shares in Golden Entertainment earlier this week, gaining $1.46 million on the sale. Golden Entertainment owns and operates casinos and taverns as well as distributed gaming solutions in Southern Nevada.

The change of leadership is nothing that Golden Entertainment fears with the company confident that the product it built over years of hard work serves well to both companies and especially shareholders.

J&J’s decision to support the Golden Entertainment tavern portfolio attests to the high degree of professionalism and result-driven businesses that the latter company has been running. The companies have also felt confident in working together and seeing this deal through.

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Karen Brailsford, a former employee of Derbyshire firm Urban Design and Development, has been ordered to sell her house, Mercedes car, personalized number plate, and designer goods to pay back a portion of the £1.6 million ($2 million) that she stole from her employer. 

Former Employee Forced to Sell Assets to Pay for Fraudulent Actions

Financial investigators at Derbyshire police discovered that the 53-year-old only has £130,314.59 ($164,242) left to her name, which will come from the sale of the items she still owns, The Derbyshire Telegraph reported. The Proceeds of Crime Act (POCA) allows the police to seize cash from criminals who have made their money from illegal gains. In this case, the judge ordered the sum to be paid as compensation to her former employer. If Brailsford comes into money later in life that she does not currently have, police can still apply to have it seized.

At her sentencing hearing last year, it was revealed that Brailsford falsified invoices to fund her gambling impulses. At its peak, she took £300,000 ($378,106) from the company in one year, and she had already taken £29,000 ($36,542) in 2021 before being caught. 

Brailsford claimed her actions were an error, but the directors were unsatisfied with her response. When confronted, Brailsford confessed to what she had been doing and that she had been stealing from them for some time. Brailsford pleaded guilty to a single count of fraud by abuse of position, telling the police that she was desperate for the money, which was why she did it in such an obvious way.

Woman Steals from Company to Fund Gambling Addiction and Buy Holiday Caravans

Police found that Brailsford had spent £298,867.36 ($376,658) on gambling, sent some of the money to her children, and bought two-holiday caravans. 

The company’s managing director, Mr. Dawson, stated that the business had lost out financially and that he had struggled to keep his work and home life separate because of the incident. 

According to Nicola Hornby, who was representing Brailsford, there were no significant assets that could be traced and Brailsford had nothing to present as evidence. She also noted that Brailsford had made admissions when charged, had been suffering from depression, for which she takes medication, and that her imprisonment would have an impact on her children and elderly father.

When sentencing Brailsford, recorder Tim Spruce acknowledged that her methods were not unsophisticated and that she had access to critical financial control. He noted that Brailsford had planned the fraud to go unnoticed and ordered her to sell her assets to repay her former employer.

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The global entertainment and sports company focused on delivering technology for online gambling operators, FansUnite, announced it has entered into a definitive agreement for the sale of its wholly-owned subsidiary, McBookie. Details about the new transaction emerged earlier this week and see FansUnite sell the business “to an arm’s length third-party” in a deal with a price tag surpassing $4 million.

FansUnite confirmed that Tekkorp Capital Advisors act as a strategic advisor for the company in light of the acquisition deal. “Purchase price is US$4,016,544 which converts to more than $5M based on the most recent exchange rates available,” explains a statement released by the company Tuesday.

FansUnite’s CEO, Scott Burton, explained that the sale of the Scottish-focused online casino and sportsbook represents a good development for the company. He outlined that last year, the company started a process related to streamlining of its business. According to Burton, with the expanding regulations in the UK, FansUnite understood that it was time for it to leave the B2C vertical.

“This is a great deal and outcome for McBookie and for FansUnite. We began a path of streamlining and focusing our business in 2022. With the UK continuing to tighten regulations on gaming operations, we felt it was time for FansUnite to exit the B2C space.“

Scott Burton, CEO of FansUnite

The CEO said that by selling McBookie, the company will benefit from focusing resources on other business segments that are expected to deliver strategic growth. Burton identified the potential of the US market and its affiliate opportunities while explaining that the offload of the online casino and sportsbook will “strengthen FansUnite’s balance sheet as the company moves towards being cash flow positive.” Last but not least, he thanked Paul Petrie and Damian Walker, McBookie’s directors, for their efforts and strategic guidance that helped the brand grow exponentially.

McBookie Reports Significant Growth

It was back in March 2020 when FansUnite took over McBookie in a deal for CA$2.2 million ($1.6 million). Now, three years after the deal, the brand has seen exponential growth hitting 7x its EBITDA. Without any doubt, the positive growth of the brand reaffirms the efforts of Walker and Petrie.

Under the guidance of the duo, McBookie reported an increase in turnover of 305%. Additionally, the sportsbook and online casino reported a gross win increase of 451%, while at the same time enjoying steady growth of newly registered players and demonstrating efforts to retain existing customers.

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The Las Vegas Convention and Visitors Authority (LVCVA) approved the sale of 10 acres of land on the Las Vegas Strip. The deal, which will see the entity sell the parcel to Brett Torino and Paul Kanavos for $12.5 million per acre, was unanimously approved by LVCVA’s directors.

The $125 million deal will see the land passed to the experienced real estate developers. The 10 acres have historic value for Las Vegas as they were once a part of the famous Riviera property.

The Riviera was a large casino resort that first opened in 1955. After decades in business, the resort and its associated land were acquired by the LVCVA in a $182.5 deal. The agency’s plan was to use the land to erect an expansion of the Las Vegas Global Business District.

In 2015, the LVCVA closed the Riviera and by 2016 it had wrapped up the demolition of the old casino resort. Now, it has secured the sale of an extra parcel of land it didn’t need for the expansion of the Las Vegas Global Business District.

Torino and Kanavos Might Revitalize the Northern Part of the Strip

Brett Torino and Paul Kanavos are seasoned developers with experience in developing Vegas properties. However, they didn’t reveal their plans for the 10 acres of former Riviera land. Still, Torino and Kanavos did say that they picked the location because of its attractive location. While they didn’t confirm anything outright, they implied that a hotel and/or an entertainment complex might be what the future of the plot hides.

The upcoming property might attract more pedestrians toward the northern end of the Strip. According to Steve Hill, the president and chief executive of the LVCVA, Torino and Kanavos’ project is certain to appeal to their neighbors.

The two businessmen have until September 11 to close the deal. If the sale is not completed within that time frame, the LVCVA plans to relist the parcel.

The Current Deal Comes in the Wake of a Failed Sale

This isn’t the first time that the LVCVA has tried to sell this 10-acre plot. Back in 2021, the company agreed to sell the land to Claudio Fischer, a Chilean billionaire. The mogul already owns several casinos in South America and might have resurrected the Riviera or at least the idea of it in some way. Fischer had agreed to buy the land in a $120 million deal but eventually backed out of it.

The billionaire cited the high interest rates as the reason for canceling the agreement.

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Omni-channel gaming company Affinity Interactive (AI), confirmed it has entered into a definitive agreement to sell one of its Nevada properties. The company said Wednesday that its affiliates have agreed to sell Rail City Casino to affiliates of Truckee Gaming.

Rail City is a popular gaming and wagering venue located in Sparks, Nevada. It is famous for offering engaging and entertaining games and has become a leading gaming destination in western Nevada. The venue has nearly 415 slot machines, as well as a keno lounge. Overall, Rail City Casino’s gaming floor is some 24,000 square feet, but the location also offers dining options such as Ale House American Café.

“As part of the Affinity Interactive family, we expanded our offerings and capabilities, allowing us to continuously enhance the Rail City experience for our valued customers and gaming enthusiasts.“

Andrei Scrivens, chief executive officer of Affinity Interactive

Andrei Scrivens, AI’s chief executive officer, spoke about the company’s goal to offer engaging experiences for its growing customer base. According to the company, the sale is in line with its goal to strengthen its core business and boost its growth.

AI Remains Focused On Growth

It was back in November when AI confirmed the promotion of Scrivens to CEO. Before becoming the company’s lead, he held the role of chief financial officer since 2019. The appointment coincided with planned growth for AI and it is likely that the new sale will further accelerate the company’s plans.

Although AI confirmed that it has entered into a definitive agreement for the sale of Rail City Casino this week, the transaction is expected to be completed by the end of this year. It’s important to mention that the sale is subject to customary closing conditions, as well as the relevant regulatory approvals. Financial details regarding the sale were not disclosed publicly.

Currently, AI leverages innovative technology that helps combine online media platforms with its popular casino located in Iowa, Missouri and Nevada. Throughout the land-based and online gambling vertical, the company has 1 million customers. This reaffirms the potential of AI for further growth and places the company in a unique position for expansion within new iGaming and betting markets.

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American gaming company Golden Entertainment unveiled a definitive agreement to divest its gaming operations in the states of Nevada and Montana. As announced by the company, it has agreed to sell these assets to J&J Ventures Gaming for aggregate cash consideration of $322.5 million.

Golden Entertainment explained that the sale of its Nevada-based business will see J&J pay $213.5 million plus an estimated $34 million of purchased cash. Meanwhile, J&J will pay $109 million plus an estimated $5 million of purchased cash for the acquisition of the operator’s Montana assets. Both sales are subject to customary working capital adjustments.

Under the terms of the agreement, J&J Gaming will support the gaming operations of Golden Entertainment’s branded tavern locations in Nevada for the next five years.

Golden noted that the transactions should close near the end of 2023 and are all subject to customary regulatory approvals and closing conditions.

Sartini Is Optimistic about the Deal

Blake Sartini, Golden Entertainment’s chair and chief executive, addressed the sale in a new statement. He noted that the company’s Distributed Gaming Operations in the two states have been built thanks to two decades of hard work and dedication. Because of that, the CEO praised his team for its exceptional work and the service it has provided to Golden’s route partners.

We believe this transaction will provide further success for our route partners through sharing of best practices and new technology. We anticipate our Distributed Gaming team members will continue to serve our route partners with the same dedication under J&J Gaming’s ownership.

Blake Sartini, chair & CEO, Golden Entertainment

Sartini added that he is confident in J&J Gaming’s future success and that this confidence is highlighted by the latter company’s decision to support Golden’s wholly-owned tavern portfolio. The CEO concluded that these transactions will allow the company to focus its management team and capital on its portfolio of casinos and taverns in the Silver State, thus creating additional value for shareholders.

In 2022, Golden Entertainment also signed an agreement to sell its Rocky Gap Casino Resort to Century Casinos. The $260 million deal further highlighted Golden’s ambition to streamline its business and reduce losses. 2022 saw the company’s revenues fluctuate, which may have prompted the company to proceed with the current deal.

Currently, Golden Entertainment operates around 16,800 slots, more than 100 gaming tables and 6,200+ hotel rooms. The company owns nine casinos in Southern Nevada and one in Maryland in addition to 60 traditional taverns in Nevada.

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