American is expected to generate approximately US$ 413 million of net revenues and US$ 103 million of EBITDA in 2017. American’s current owner is Whitehall Street Real Estate Partners 2007, a real estate private equity fund managed by the Merchant Banking Division of Goldman Sachs.
Upon completion of the transaction, Golden will operate over 15,800 slot machines, 114
Blake Sartini, Chairman and Chief Executive Officer of Golden, said: "This is a transformational event for our company, creating a significant gaming portfolio centered around Nevada-based casinos that, in addition to our Pahrump properties, will include two well-known Las Vegas locals casinos, a destination resort in Laughlin, and the iconic Stratosphere property on the Las Vegas Strip.”
"The American properties represent an ideal complement to our existing operations as they strengthen our presence in the Las Vegas locals market while providing us with an iconic destination property on the Las Vegas Strip. Our proven strategy of focusing on guest service, quality food and beverage offerings and effective player marketing will complement the strong existing operations currently at all of American’s properties,” Sartini added.
Charles Protell, Chief Financial Officer of Golden, concluded: "This transaction significantly increases the size of our operations and allows us to access the capital markets more efficiently while enhancing our ability to further expand our leading presence in distributed gaming.”
"With the acquisition of American, we will improve our position to benefit from Nevada’s strong economic trends which are driving gaming, room, and F&B revenues on the Las Vegas Strip, in the Las Vegas locals and in other Nevada gaming markets,” Protell concluded.
Source: GMB / G3 Newswire
