Golden Entertainment, a gambling operator, has recently finalized the sale of its distributed gaming operations in Nevada to J&J Ventures Gaming. The sale, which was valued at $213.5 million in cash consideration, also included the purchase of approximately $37.5 million in cash. This transaction was part of a larger deal announced in March, which also included gaming operations in Montana. The Montana sale, worth $114.0 million and covering video lottery terminals, was completed in September.

J&J Ventures Gaming is a privately held business and distributed gaming operator with a presence in multiple states. As part of the wider agreement, J&J Ventures will also support the gaming operations of Golden Entertainment-branded tavern locations in Nevada for a period of five years.

The sale of its Nevada gaming operations is just the latest in a series of M&A activities for Golden Entertainment. In 2022, the company agreed to sell the land and buildings of its Rocky Gap Casino Resort in Maryland to Vici Properties for $203.9 million, with the deal completed in July 2023. Additionally, Golden Entertainment sold the casino’s operating assets to Century Casinos for $56.1 million, bringing the total deal value to $260 million. This sale led to a surge in net profit in the third quarter, reaching $241.2 million, compared to $14.0 million in the previous year.

Despite the increase in net profit, the sale had a negative impact on revenue, which was down 7.6% to $257.7 million in the third quarter. Distributed gaming business revenue also fell by 10.2% following the Montana asset sale. Adjusted EBITDA for the quarter declined by 12.6% to $53.2 million. In the nine months leading up to September, revenue was 2.3% lower at $822.5 million, with net profit increasing by 271.8% to $265.1 million, but adjusted EBITDA falling by 14.6% to $173.8 million.

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