Las Vegas-based Golden Entertainment closed on an $850 million deal to buy four Southern Nevada casinos, including the Stratosphere, according to an article from the Las Vegas Review-Journal.
The other casinos included in the deal, which was approved unanimously Thursday by the Nevada Gaming Commission, are two Las Vegas Arizona Charlie’s properties and the Aquarius, located in Laughlin, Nev.
The newspaper estimated that the deal will double the company’s revenue and triple its cash flow.
Golden Entertainment is the owner of the PT’s Pub Chai and also operates slot routes in Montana and three casinos, located in Pahrump, Nev., and Maryland. The transaction was a cash and stock deal, with Golden paying $781 million in cash and giving 4 million shares of its stock to the casinos’ current owners, Goldman Sachs Group's New York-based real estate equity fund Whitehall Street Real Estate Partners.
The deal will result in Golden controlling approximately 5,100 hotel rooms across eight properties.