The Nevada Gaming Control Board has proposed that J&J Ventures Gaming acquire the Nevada distributed gaming division of Golden Entertainment. In addition to the $213.5 million stated for the acquisition, $34 million has been allocated as purchase cash. The Nevada Gaming Commission will be notified regarding the matter on December 21, 2023.
In September, J&J acquired the Montana-based distributed gaming division of Golden Entertainment for $109 million, in addition to the $5 million in purchased cash. The month of September 2023 passed. A five-year agreement is being signed between Golden Entertainment and J&J, whereby J&J will provide financial support for the gambling division of Golden’s Nevada-branded taverns.
J&J Gaming is a frontrunner among distributed gaming operators in multiple states, including Illinois. Oaktree Capital Management owns the majority of J&J stock. The organization is classified as a private equity firm headquartered in Los Angeles. It recently acquired the Virgin River Hotel and Casino and Casablanca Resort in Mesquite.
According to gaming news, Matthew Wilson, the managing director of Oaktree, asserts that the firm executed investments in J&J during the year 2019. They subsequently acquired thirteen additional properties, resulting in a revenue collection increase of 3.5 times. The equity portion of the initial capital investment of $155 million will increase to $300 million. They intend to consolidate markets. They aim to add more states to their expansion portfolio following the states of Illinois and Nevada.
Wilson believes that this acquisition will propel the company to the top of the US market. They will have roughly 25,000 terminals dispersed across 3,500 addresses throughout five states. They will invest more money to accelerate their expansion.
According to Jordan Kruse, Managing Director of Oaktree, they will connect their Nevada setup with the larger J&J platform and invest in prospective solutions. They will continue to form alliances and acquire potential properties. This will result in additional growth.
Golden Entertainment’s CEO and Chairman Blake Sartini claims that the company runs a wide variety of gambling venues, including a Strip casino, local casinos, and distribution pubs. In addition, there is the route segment. For the time being, their primary objective will be to augment the tavern collection while maintaining their status as route associates.