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Best of Howard Stutz

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Howard Stutz
 

Nevada Gold moves to acquire Club Fortune Casino

26 May 2015

Nevada Gold & Casinos has begun the process to acquire its first casino in Nevada.

The Las Vegas-based company, which operates 10 casinos in Washington and a slot machine route on Deadwood, S.D., announced late Friday it would acquire the Club Fortune Casino in Henderson for $14.2 million in cash and 1.2 million of Nevada Gold’s company stock.

The transaction is expected to close next year and require approval of Nevada gaming regulators.

In a statement, Nevada Gold CEO Michael Shaunnessy said Club Fortune owner Carl Giudici would remain with the property as a consultant and shareholder.

Shaunnessy said the transaction would be financed with an expansion of the Nevada Gold’s existing credit agreement.

According to the statement, Club Fortune generated $16 million in revenue and $2.4 million in cash flow last year. The property has a 25,000 square foot casino with 500 slot machines and 12 table games, including a poker room. The facility also has a restaurant, two bars, an entertainment lounge, snack bar and gift shop.

Giudici said the sale should help Nevada Gold “establish a solid foundation for future growth and success.”
Nevada Gold moves to acquire Club Fortune Casino is republished from CasinoVendors.com.