Golden Entertainment sells promissory note to Penn National Gaming

11 December 2015

Golden Entertainment said Thursday it sold a subordinated promissory note the company held for the Jamul Indian Village in San Diego to a subsidiary of Penn National Gaming for $24 million.

Penn is developing the $390 million Hollywood Casino Jamul for the tribe. The company will manage the casino, located 20 miles outside downtown San Diego, when the property opens next year.

The promissory note had belonged to Golden predecessor Lakes Entertainment, which originally had a contract with the tribe. Las Vegas-based Golden merged with Lakes this year. Lakes wrote off the note in 2011.

In a statement, Golden said its expects to distribute proceeds of the sale to its shareholders and expects to record a gain on the transaction in its fourth quarter earnings.

"It has been our intention to monetize this noncore asset for the benefit of our shareholders," Golden CEO Blake Sartini said in a statement.

Related Links

Penn Entertainment

Jamul Casino Details

Golden Entertainment sells promissory note to Penn National Gaming is republished from CasinoVendors.com

FEATURED iGAMING SUPPLIERS


Casino Web Scripts Providing certified casino software & casino games with no monthly fees.Custom development available	Casino City Press A leading publisher and distributor of casino and gaming business data and market research reports.

Igpixel Launch your online betting site w/ the latest technologies on IGPIXEL's advanced iGaming platform	Mondogaming SRL A leading software provider for sportsbook platforms, projected in the B2B and B2C business

BETINSPIRE A leading iGaming Platform(PAM) software Source Code provider and B2B Platform supplier.	Global Gaming Expo (G2E) The largest gathering of global, commercial and tribal gaming professionals in North America.