Golden Entertainment completes sale of Montana gaming operations

US casino operator Golden Entertainment has completed the sale of its distributed gaming operations in Montana to J&J Ventures Gaming.

Following an initial agreement in March, J&J has paid approximately $109 million in cash to acquire the Montana-based business.

Golden Entertainment’s previously disclosed sale of its Nevada distributed gaming operations to J&J remains pending, subject to satisfaction of customary closing conditions, including receipt of gaming regulatory approvals.

“Our values and commitment to service align perfectly with Golden Entertainment’s and the distributed gaming business it built in Montana,” said J&J Ventures Gaming CEO Bob Willenborg. “We welcome all Montana employees and customers with great honor, and we look forward to a promising future and the continued opportunities that this acquisition will bring.”

Headquartered in Illinois and majority-owned by funds managed by Oaktree Capital Management, J&J is one of the largest terminal operators in Illinois, Pennsylvania and now Montana.

“Oaktree has enjoyed working with J&J’s management team to establish the largest revenue-generating distributed gaming operator in North America,” said David Quick, managing director and assistant portfolio manager in Oaktree’s Special Situations Group. “We are excited to see J&J expand its national distributed gaming footprint into another respected jurisdiction.”

The sale will enable Golden Entertainment to focus on its eight casinos in Southern Nevada, and 65 gaming taverns in Nevada.

Shares in Golden Entertainment Inc (NASDAQ:GDEN) closed 0.46 per cent lower at $34.38 per share in New York Wednesday.