| Public | |
| Industry | Gaming |
|---|---|
| Successor | Golden Entertainment |
| Founded | December 29, 2003; 16 years ago |
| Defunct | October 2, 2017; 2 years ago |
| Headquarters | , United States |
| 4 | |
Area served | Global |
| Products | Casinos, Resorts |
- American Casino & Entertainment Properties Subsidiaries
- American Casino And Entertainment Properties
- American Casino & Entertainment Properties Careers
- Pinnacle Entertainment Casinos
The acquisition of American Casino & Entertainment Properties LLC brought to Golden Entertainment three properties in Las Vegas including the Stratosphere Casino, Hotel & Tower, Arizona – more. Charlie’s Decatur and Arizona Charlie’s Boulder, as well as the Aquarius Casino Resort in Laughlin. These properties expand and strengthen Golden’s presence in Nevada and the Las Vegas Locals market. American Casino & Entertainment Properties (commonly referred to by the much simpler to remember and say acronym, ACEP) is a subsidiary company of Whitehall Streets Real Estate Funds, which purchased ACEP and its assets in 2008 from American Real Estate Partners. American Casino & Entertainment Properties. Stratosphere Casino, Hotel & Tower. The Stratosphere is an integrated casino/hotel and entertainment complex located at the north end of the Las Vegas strip. The Stratosphere Tower is the tallest freestanding observation tower in the United States. The casino offers approximately 1,100 slot machines.
American Casino & Entertainment Properties Subsidiaries
American Casino & Entertainment Properties (ACEP) owned and operated 4 casinos. It was purchased by Golden Entertainment in October 2017 for $850 million.[1] ACEP was a casino holding company headquartered at the Stratosphere Las Vegas.[2][3] ACEP was a wholly owned subsidiary of American Real Estate Partners before it was sold to Whitehall Street Real Estate Funds, an investment arm of Goldman Sachs, in February 2008.[4][5] The company owned the following 4 casinos: Aquarius Casino Resort, Arizona Charlie's Decatur, Arizona Charlie's Boulder and Stratosphere Las Vegas. Golden Entertainment acquired ACEP from Whitehall.
History[edit]
Shortly after opening, the Stratosphere Las Vegas on April 30, 1996, the Stratosphere Corporation was forced to file for bankruptcy. After acquiring a majority of the bonds, ACEP gained control of the casino. Carl Icahn acquired the four properties for $300 million.[6]
On November 29, 2005, Harrah's Entertainment announced plans to sell the Flamingo Laughlin casino to ACEP. The sale closed on May 19, 2006, and the Flamingo Laughlin was renamed the Aquarius Casino Resort in October 2006.[7] Easy way to calculate blackjack payout.
On April 23, 2007, it was announced that ACEP was being sold for $1.3 billion to Whitehall Street Real Estate Funds, an investment fund managed by Goldman Sachs. The sale closed on February 21, 2008. Although revenue for 2008 had only slipped by 4.47% from 2007, the interest costs of acquisition had turned ACEP into a money losing operation. ACEP registered its first positive net income since 2007 of $7.0 million in 2014 and $12.1 million in 2015.[8][9]
In 2007, Whitehall Street Real Estate Funds, who owned 40% of the Las Vegas Hilton and was a passive investor in other casino properties, made an offer of $1.3 billion for the four properties. The appraisal assigned a value of $718 million to the land under the four properties. The buildings were worth $366 million. The land valuation seemed to be almost entirely based on the undeveloped 17 acres (69,000 m2) of land near the Stratosphere.
On February 21, 2008, the ownership of ACEP changed hands from the previous owner, Carl Icahn, to Whitehall Street Real Estate Funds. The new owners retired the $255 million senior notes held by the former owner and replaced them with $1.1 billion in new notes held by Goldman Sachs Term Loans. The interest on these loans far exceeded the net income of the company in 2007. The income of the company had to grow to cover this new financing.
In 2008, ACEP completed $54.0 million in renovations at the Aquarius Casino Resort.[10]
By the 4th quarter of 2008, the company's revenue began plummeting precipitously. The cost of the acquisition was so considerable that the company was operating at a net loss. In March 2009, the company announced that it would begin layoffs.[11]
As far as minimum bets in Macau casinos. Most smaller hotel casinos (L'arc, Golden Dragon, Jai Alai, President, Grand Emperor.), the minimum is usually 100HK$ per bet.But their casinos might not be so attractive for first-timer in Macau. If you looking for 'gramour' hotel casino, try the old Lisboa casino.With 100hk$ minimum. Macau poker minimum buy in. Jan 27, 2014 So here is my report regarding contemporary poker in macau (Feb 2013). There are only three rooms that offer Poker: Venetian, StarWorld and Wynn. Other poker rooms (such as Grand Lisboa) have been closed recently, apparently because the Chinese force the Macau government to impose a table limit on casinos and so casinos must prioritize what. I’m typing this on the ferry heading to hong Kong after a week in Macau playing poker, taking my son swimming, eating far too many oily carbs and constantly being amazed at the wealth I’ve witnessed at the casinos in Macau. I venture to Macau on a fair regularly basis to play Poker, although I.
In May 2009, Whitehall was in discussions to restructure the debt with its lender, Goldman Sachs, due to concerns that the company could default if gaming and visitor numbers continued to decline. Whitehall, which is an affiliate of Goldman, was finalizing terms of an agreement that would see Goldman forgive $593 million of the $1.1 billion debt load. Whitehall would also be released from an additional $200 million in additional debt. In exchange for the debt relief, a mortgage unit of Goldman would gain a 22 percent interest in the company.[5]
In 2009, net revenue fell to $356 million, its lowest since 2005. The company restructured its debt in the last quarter and laid off 600 employees.[12]
In 2011, ACEP completed $20 million in renovations at the Stratosphere, updating its rooms and casino floor and promoted the changes within new marketing campaign. The Stratosphere also added a lounge called Sky Lounge 107 the 108th floor. In addition to the renovations, Stratosphere added a new thrill ride, the Sky Jump.[13]
By 2015, net revenues had increased to $373 million.
In June 2017, Whitehall agreed to sell ACEP to Golden Entertainment for $850 million.[14]
On October 2, 2017, Golden Entertainment closed on its $850 million purchase of the four casinos owned by ACEP.[1]
Properties[edit]
- Stratosphere Las Vegas — Las Vegas
- Arizona Charlie's Boulder — Las Vegas
- Arizona Charlie's Decatur — Las Vegas
- Aquarius Casino Resort — Laughlin, Nevada
References[edit]
- ^ abhttps://www.reviewjournal.com/business/casinos-gaming/golden-closes-on-850m-deal-for-stratosphere-3-other-casinos/
- ^'American Casino & Entertainment Properties LLC'. Bloomberg L.P.
- ^Knightly, Arnold M. (April 24, 2007). 'Icahn Sells Southern Nevada casinos'. Las Vegas Review-Journal.
- ^Knightly, Arnold (January 10, 2008). 'Stratosphere step closer to changing ownership'. Las Vegas Review Journal.
- ^ abKnightly, Arnold (May 14, 2009). 'Stratosphere parent company posts $1.6 million net loss'. Las Vegas Review Journal.
- ^'Icahn Boosts Federal-Mogul Stake to 75%'. The New York Times. March 3, 2008.
- ^BONNAR, STACEY (May 20, 2006). 'New owners take over at Flamingo'. Mohave Valley Daily News.
- ^'American Real Estate Partners, L.P. Agrees To Sell Its Nevada Gaming Operations to Whitehall Street Real Estate Funds for $1.3 Billion' (Press release). PR Newswire. April 23, 2007.
- ^'Icahn to sell casinos for $1.3 billion'. Los Angeles Times. Associated Press. April 24, 2007.
- ^American Casino & Entertainment Properties LLC 2012 Form 10-K Annual Report
- ^Finnegan, Amanda (4 March 2009). 'Stratosphere to lay off workers, halt pay increases'. Las Vegas Sun. Retrieved 17 September 2011.
- ^Knightly, Arnold (22 March 2010). 'Stratosphere owner cuts losses by 30 percent'. Las Vegas Review Journal.
- ^O’Reiley, Tim (January 14, 2011). 'Stratosphere owners tout $20 million makeover'. Las Vegas Review Journal.
- ^Velotta, Richard N. (June 12, 2017). 'Owner of PT's Pubs to buy Stratosphere, 3 other Nevada casinos'. Las Vegas Review-Journal. Retrieved 2017-06-12.
External links[edit]
| Public | |
| Traded as | NASDAQ: GDEN Russell 2000 Component |
|---|---|
| Industry | Gaming |
| Predecessor |
|
| Founded | August 3, 2015; 4 years ago |
| Headquarters | Enterprise, Nevada, U.S. |
| Blake Sartini(CEO) | |
| Brands | PT's |
| Owner |
|
| 7,200 (2015)[3] | |
| Website | goldenent.com |
Golden Entertainment is an Americangaming company based in Enterprise, Nevada that operates casinos, taverns and slot routes. It was formed in 2015 by the merger of Golden Gaming (founded in 2001 by Blake Sartini) and Lakes Entertainment. It is the largest tavern operator and largest slot route operator in Nevada.[4][5] In October 2017, the company completed an $850 million acquisition of American Casino & Entertainment Properties. The company now has 10 casino resorts, nine in Southern Nevada and one in Maryland. The acquisition of the Colorado Belle and Edgewater gives the company dominance in the market with three of 11 Laughlin properties, including the Aquarius.[6]
- 2Divisions
History[edit]
Golden Gaming was formed in October 2001 as a result of Blake L. Sartini's acquisition of Southwest Gaming Services, a company he founded before selling to Station Casinos.[7] Online poker scam.
In 2002, the Golden Tavern Group subsidiary was formed, and it acquired the PT's chain of taverns.[8]
In 2004, the company acquired three casinos in Black Hawk, Colorado: the Golden Gates, Golden Gulch, and Golden Mardi Gras.[9]
In 2006, Golden Gaming acquired the Pahrump Nugget Hotel & Gambling Hall from Generation 2000.[10]
In February 2007, Golden began a two-year deal to operate the casino at the Hard Rock Hotel while its new owner, Morgans Hotel Group, applied for a gaming license.[11] Golden paid $20.7 million a year to lease the casino, and received a $3.3 million monthly management fee, plus a portion of revenue.[11] Golden pulled out of the deal early when Morgans received its gaming license in January 2008, citing a desire to focus on its other operations.[11][12]
Golden Gaming agreed in November 2007 to buy the Saddle West casino in Pahrump from Anthony Marnell III and Sher Gaming, but canceled the deal the following June, deciding instead to focus on the Pahrump Nugget, where it began an $11 million expansion and remodeling.[13]
Ocean online casino nj code. In 2010, Golden Gaming agreed to take over operation of four small casinos owned by The Siegel Group, previously operated by United Coin: the Gold Spike, Siegel Slots and Suites, the Resort on Mount Charleston, and Rumor.[14]
In March 2012, Golden bought from Affinity Gaming the Terrible's Town Casino and Terrible's Lakeside Casino & RV Park in Pahrump and Affinity's slot route operation (except for Terrible Herbst locations).[15][16] The deal made Golden the largest employer and largest gaming operator in Nye County, and the largest slot route operator in Nevada, with about 8,500 machines in 650 locations, making up 45% of the market.[4][17] Affinity in turn bought Golden's three casinos in Black Hawk, which were valued at a total of $76–92 million.[4]
Golden Gaming agreed in January 2015 to merge with Lakes Entertainment. Sartini would own 35% of the company and serve as its chief executive officer.[18] The merger was completed on August 3, 2015, establishing Golden Entertainment.[1]
The company expanded into Montana in 2016, purchasing slot routes with 2,800 machines for a total of $45 million.[19][20] In June 2017, Golden Entertainment was granted a license for slot route operations in Illinois. This marked the fourth state Golden is licensed.[21]
In October 2017, Golden Entertainment acquired American Casino & Entertainment Properties for $850 million, which expanded the company's casino portfolio by four: the Stratosphere Las Vegas, Arizona Charlie's Boulder, Arizona Charlie's Decatur and the Aquarius Casino Resort.[22][23] The following year, the company announced a $140 million renovation of the Stratosphere.[24]
In January 2019, the company bought the Colorado Belle and Edgewater casinos in Laughlin, Nevada from Marnell Gaming (owner and operator of Nugget Casino Resort in Sparks) for $190 million.[25][26]
Divisions[edit]
Golden Casino Group[edit]
- Aquarius Casino Resort — Laughlin, Nevada
- Arizona Charlie's Boulder — Las Vegas, Nevada
- Arizona Charlie's Decatur — Las Vegas, Nevada
- Colorado Belle — Laughlin, Nevada
- Edgewater Hotel and Casino — Laughlin, Nevada
- Gold Town Casino — Pahrump, Nevada
- Lakeside Hotel & Casino — Pahrump, Nevada
- Pahrump Nugget Hotel & Gambling Hall — Pahrump, Nevada
- Rocky Gap Resort Casino — Flintstone, Maryland
- Stratosphere Las Vegas — Las Vegas, Nevada
Golden Route Operations[edit]
Slot route operator with over 9000 machines in Nevada and more than 2,800 games in Montana
PT's Entertainment Group[edit]
- PT's Gold
- Henderson (3 locations)
- Las Vegas (15 locations)
- PT's Ranch
- Las Vegas (2 locations)
- PT's Pub
- Henderson (5 locations)
- Las Vegas (17 locations)
- PT's Brewing Co
- Las Vegas
- Sean Patrick's
- Las Vegas (3 locations)
- North Las Vegas (1 location)
- Sierra Gold
- Henderson (1 location)
- Las Vegas (3 locations)
- North Las Vegas (1 location)
- Reno (1 location)
- SG Bar
- Las Vegas
Former[edit]
- Golden Gates Casino — Black Hawk, Colorado
- Golden Gulch Casino — Black Hawk, Colorado
- Golden Mardi Gras Casino — Black Hawk, Colorado
References[edit]
American Casino And Entertainment Properties
- ^ abHoward Stutz (August 3, 2015). 'Golden Entertainment finalizes $341 million gaming industry merger'. Las Vegas Review-Journal. Retrieved 2015-08-05.
- ^Schedule 13-D (Report). Golden Entertainment. July 31, 2015. Retrieved 2015-08-05 – via EDGAR.
- ^'Golden Entertainment expands tavern portfolio, announces new brewery concept' (Press release). Golden Entertainment. September 17, 2015. Retrieved 2015-10-09 – via Reuters.
- ^ abcStutz, Howard (4 March 2012). 'Golden Gaming now Nevada's large slot-route operator'. Las Vegas Review-Journal. Retrieved 5 March 2012.
- ^[1]Archived 2006-08-21 at the Wayback Machine PT's brand grows locally.
- ^Velotta, Richard. 'Golden Entertainment closes $190M deal for 2 Laughlin resorts'. Review Journal. Retrieved April 23, 2019.
- ^http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
- ^http://lasvegassun.com/news/2002/feb/27/former-station-exec-buying-pts-pubs-chain/
- ^http://www.bizjournals.com/denver/stories/2005/01/17/daily53.html
- ^Associated press on October 20, 2006 by Brendan Riley
- ^ abc'Golden Gaming to end deal to manage casino'. Casino City Times. 7 January 2008. Retrieved 19 October 2011.
- ^Knightly, Arnold (25 January 2008). 'Hard Rock owners given license'. Casino City Times. Retrieved 19 October 2011.
- ^Knightly, Arnold (26 June 2008). 'Pahrump Nugget will be expanded'. Las Vegas Review-Journal. Retrieved 22 March 2012.
- ^Stutz, Howard (September 9, 2010). 'Golden Gaming division OKs deal to manage four smaller casinos'. Las Vegas Review-Journal. Retrieved 2012-08-24.
- ^Stutz, Howard (22 September 2011). 'Las Vegas-based Affinity Gaming shuffles holdings'. Las Vegas Review-Journal. Retrieved 26 September 2011.
- ^Stutz, Howard (1 March 2012). 'Las Vegas gaming companies complete transactions involving casinos, slot machine routes'. Las Vegas Review-Journal. Retrieved 1 March 2012.
- ^Stutz, Howard (16 October 2011). 'Focused on success, committed to Nevada'. Las Vegas Review-Journal. Retrieved 19 October 2011.
- ^Stutz, Howard (January 26, 2015). 'Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino'. Las Vegas Review-Journal. Retrieved 2015-01-26.
- ^J.D. Morris (February 1, 2016). 'Golden Entertainment heads into Montana with completion of $20M transaction'. Vegas Inc. Retrieved 2016-02-02.
- ^Erik Olson (May 14, 2016). 'Golden Entertainment buys Montana gaming-machine vendor for $25 million'. Vegas Inc. Retrieved 2016-05-14.
- ^Velotta, Rick. 'Golden Entertainment subsidiary licensed to operate video gaming terminals in Illinois'. Las Vegas Review-Journal. Retrieved 7 July 2017.
- ^https://www.reviewjournal.com/business/casinos-gaming/golden-closes-on-850m-deal-for-stratosphere-3-other-casinos/
- ^Richard N. Velotta (June 12, 2017). 'Owner of PT's Pubs to buy Stratosphere, 3 other Nevada casinos'. Las Vegas Review-Journal. Retrieved 2017-06-12.
- ^https://www.reviewjournal.com/business/casinos-gaming/golden-entertainment-to-invest-140m-in-stratosphere/
- ^Richard N. Velotta (December 5, 2018). 'Golden Entertainment closer to operating 2 Laughlin casinos'. Las Vegas Review-Journal. Retrieved 2019-01-14.
- ^'Golden Entertainment completes acquisition of two Laughlin, Nevada casino resorts' (Press release). Golden Entertainment. January 14, 2019. Retrieved 2019-01-14 – via BusinessWire.
American Casino & Entertainment Properties Careers
External links[edit]
Pinnacle Entertainment Casinos