Long-standing Holland & Hart client Marnell Gaming, LLC, a Nevada-based gaming and entertainment operator, recently announced it has entered into a definitive agreement with Golden Entertainment, Inc. Under the terms of the agreement, Golden Entertainment will acquire the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort, both located in Laughlin, Nevada. The purchase price will be based on an 8.0x multiple of the combined trailing twelve months adjusted EBITDA of both properties as of November 2018, with a minimum price of $168 million and a maximum price of $190 million.
The transaction is expected to be cash flow positive and immediately accretive to operating results. The Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort together feature over 1,400 slot machines, 40 table games, and 2,150 hotel rooms. The properties also feature eleven restaurants and dedicated entertainment venues, including the 12,000 seat Laughlin Event Center. The two properties are adjacent to Golden Entertainment’s current Laughlin property, the Aquarius Casino Resort.
Holland & Hart’s deal team was led by Reno-based attorneys David Garcia and Jim Newman, with assistance from attorneys across several of the firm’s offices and practice areas, including Adam Cohen, Tracy Gray, Dora Lane, John Ludlum, Cory Talbot, and Grace Witsil.
For more information, please see the official press release.