Stratosphere, Arizona Charlie's properties to be sold

Faith Castro
June 12, 2017

Under terms of the deal, Golden Entertainment will pay $781 million in cash and and four million Golden Entertainment shares to American Casino's current owner, private-equity fund Whitehall Street Real Estate Partners 2007.

In a news release announcing the deal, Blake L. Sartini, chairman and chief executive officer of Golden, said the deal will be "creating a significant gaming portfolio centered around Nevada-based casinos".

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American Casino owns three properties in Las Vegas including the Stratosphere Casino, Hotel & Tower, Arizona Charlie's Decatur and Arizona Charlie's Boulder, and a fourth property, the Aquarius Casio Resort in Laughlin. Pro forma for the completion of the transaction, the combined company would generate approximately $847 million of net revenues in 2017 and approximately $180 million of EBITDA in 2017, including $18 million of estimated run-rate synergies. Golden shares remained unchanged in premarket trading Monday.

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