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Nevada Gold acquires six Washington mini-casinos
Monday, July 26, 2010 at 8:54:16 AM
Nevada Gold & Casinos, Inc. has completed its previously announced acquisition of six mini-casinos in Washington. The casinos are The Silver Dollar Seatac, The Silver Dollar Renton, The Silver Dollar Mill Creek, Club Hollywood, located in Shoreline, the Royal Casino located in Everett and The Golden Nugget Casino located in Tukwila.
"We are pleased to add these properties to our portfolio and are delighted that we were able to close the acquisition just three months after signing," said Robert Sturges, CEO of Nevada Gold. "The Nevada Gold team, including Victor Mena, Chief Operating Officer of the Washington Gold Casinos, and other members of the existing management teams at each casino, look forward to working with each facility to make improvements to drive future growth and profitability."
With this acquisition Nevada Gold has become the largest owner of mini-casinos in the state of Washington with nine such facilities, which represents 13% of the state's active mini-casinos.
"The synergies amongst our Washington properties will allow us to operate with great efficiency, cross market and offer a high level of consistent guest service and promotional incentives. These advantages enhance the attractiveness of the already attractive effective multiple we are paying for these properties," concluded Mr. Sturges.
Nevada Gold decided not to pursue the acquisition of the Silver Dollar Tukwila to which, due to consistent losses, only $1.00 of the total purchase price had been allocated in the Asset Purchase Agreement.
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