Golden Entertainment Continues Wholly Owned Tavern Expansion in 2017
January 10 2017 - 8:00AM
Business Wire
Seven new Las Vegas Valley locations planned
for development
Golden Entertainment, Inc. (NASDAQ:GDEN), the largest
traditional tavern gaming operator in Nevada, announced Tuesday the
company currently plans to open seven new taverns in the Las Vegas
Valley that are scheduled for completion in 2017.
Five of the taverns will be located in the growing southwest
region of Clark County. A sixth location is in the City of Las
Vegas’ northwest area near Centennial Hills. The seventh tavern is
in the Green Valley Ranch section of Henderson. The seven locations
include six greenfield developments plus the acquisition of an
existing tavern operated by a third party.
The development plans will give Golden Entertainment a total of
60 taverns in Nevada by the end of 2017 and follows the company’s
2016 growth activities, which saw Golden Entertainment open five
new taverns. The company’s tavern brands include PT’s Pub, PT’s
Gold, PT’s Ranch, PT’s Brewing Co., Sean Patrick’s, Sierra Gold and
SG Bar.
“Last year marked a milestone of the organic growth of our
tavern business, and our 2017 openings will continue our company’s
goal of expanding our presence and reinvesting in Nevada,” said
Blake L. Sartini II, senior vice president of distributed gaming
for Golden Entertainment. “We expect the continued strength of the
Las Vegas local economy to support not only our currently planned
2017 openings, but additional future taverns across all our
brands.”
The locations currently planned for the 2017 expansion
include:
- 7355 South Buffalo Drive near West Warm
Springs Road – near the Rhodes Ranch residential and golf
community.
- South Valley View Boulevard north of
Interstate 215 in an existing tavern site.
- 4880 West Silverado Ranch Boulevard
near South Decatur Boulevard.
- A development site on Blue Diamond Road
and South El Capitan Way, near the Mountain’s Edge residential
community.
- 8275 South Fort Apache Road near
Huntington Cove Parkway, situated just west of Rhodes Ranch.
- 7550 Oso Blanca Road, near North
Durango Drive in Centennial Hills.
- A development site in the Green Valley
Ranch community of Henderson.
Each new tavern location will offer up to 15 video gaming
devices and a wide variety of dining and beverage selections,
including award-winning bar food and happy hour options. The seven
taverns are expected to create more than 200 full-time and
part-time jobs for Southern Nevada residents.
Golden Entertainment, Inc. owns and operates gaming properties
across two divisions – distributed gaming and casino operations.
Golden Entertainment operates more than 12,000 gaming devices and
nearly 30 table games in Nevada, Maryland and Montana. The Company
owns four casino properties, more than 50 taverns and operates
approximately 980 distributed gaming locations in multiple
jurisdictions. Golden Entertainment is focused on leveraging its
scale, market leadership and proven management capabilities to
maximize profitability of its operations and value for its
shareholders. For more information, visit www.goldenent.com.
Forward-Looking Statements
This press release may be deemed to contain forward-looking
statements regarding future events and our future results that are
subject to the safe harbors created under federal securities laws.
Forward-looking statements can generally be identified by the use
of words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “intend,” “plan,” “project,”
“potential,” “seek,” “should,” “think,” “will,” “would” and similar
expressions. In addition, forward-looking statements include
statements regarding the Company’s strategies, objectives, business
opportunities and plans for future expansion, developments or
acquisitions (including the anticipated timing of construction and
completion of additional taverns and the expected size, scope,
designs and features thereof, such as brewing capacity and breadth
of product offerings), anticipated future growth and trends in the
Company’s business or key markets, projections of future financial
condition, operating results, income, capital expenditures, costs
or other financial items, anticipated regulatory and legislative
changes, the Company’s ability to utilize the net operating loss
carryforwards (“NOLs”) to offset future taxable income, as well as
other statements that are not statements of historical fact.
Forward-looking statements are based on the Company’s current
expectations and assumptions regarding the Company’s business, the
economy and other future conditions. These forward-looking
statements are subject to assumptions, risks and uncertainties that
may change at any time, and readers are therefore cautioned that
actual results could differ materially from those expressed in any
forward-looking statements. Factors that could cause actual results
to differ include: unanticipated design, permitting, construction
and regulatory risks and delays, customer acceptance of the
Company’s new product offerings, the Company’s ability to realize
the anticipated cost savings, synergies and other benefits of the
merger with Sartini Gaming, Inc. and the acquisitions of
distributed gaming assets in Montana, and integration risks
relating to such transactions, changes in national, regional and
local economic and market conditions, legislative and regulatory
matters (including the cost of compliance or failure to comply with
applicable laws and regulations), increases in gaming taxes and
fees in the jurisdictions in which the Company operates,
litigation, increased competition, the Company’s ability to renew
its distributed gaming contracts, reliance on key personnel
(including our Chief Executive Officer, Chief Operating Officer and
Chief Financial Officer), the level of the Company’s indebtedness
and the Company’s ability to comply with covenants in its debt
instruments, terrorist incidents, natural disasters, severe weather
conditions, the effects of environmental and structural building
conditions, the effects of disruptions to the Company’s information
technology and other systems and infrastructure, the occurrence of
an “ownership change” as defined in Section 382 of the Internal
Revenue Code, and factors affecting the gaming, entertainment and
hospitality industries generally. In addition, please refer to the
risk factors contained in the Company’s SEC filings available at
www.sec.gov, including the Company’s most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date of this press release. The Company
undertakes no obligation to revise or update any forward-looking
statements for any reason.
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version on businesswire.com: http://www.businesswire.com/news/home/20170110005312/en/
Golden Entertainment, Inc.Investor Relations:Ryan Ripley,
702-891-4264Director of Financial Reportingir@goldenent.comorMedia
Relations:Howard Stutz, 702-495-4490Vice President of Corporate
Communicationshstutz@goldenent.com
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