Golden Entertainment Sells Rocky Gap Casino for $261M

TL;DR

G holding sells Rocky Gap casino for $261M cash, closing Q4.

AI Summary

Golden Entertainment, Inc. announced on June 19, 2024, that it has entered into a definitive agreement to sell its Maryland casino, Rocky Gap Casino Resort, to Twin River Holdings, Inc. for $261 million in cash. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This sale allows Golden Entertainment to divest a non-core asset and focus on its strategic growth initiatives in its core markets, while Twin River Holdings expands its gaming portfolio.

Risk Assessment

Risk Level: medium — The sale is subject to customary closing conditions, and there's always a risk of the deal not closing as planned or at the agreed-upon terms.

Key Numbers

• $261 million — Sale Price (Cash consideration for Rocky Gap Casino Resort)

Key Players & Entities

• Golden Entertainment, Inc. (company) — Seller
• Rocky Gap Casino Resort (company) — Asset being sold
• Twin River Holdings, Inc. (company) — Buyer
• $261 million (dollar_amount) — Sale price
• June 19, 2024 (date) — Date of agreement
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value GDEN The Nasdaq Stock Market

Filing Documents

• gden-20240619.htm (8-K) — 29KB
• letterfromernstyoungllptot.htm (EX-16.1) — 4KB
• image_0a.jpg (GRAPHIC) — 18KB
• 0001071255-24-000086.txt ( ) — 180KB
• gden-20240619.xsd (EX-101.SCH) — 2KB
• gden-20240619_lab.xml (EX-101.LAB) — 21KB
• gden-20240619_pre.xml (EX-101.PRE) — 12KB
• gden-20240619_htm.xml (XML) — 3KB

01 Changes in Registrant's Certifying Accountants

Item 4.01 Changes in Registrant's Certifying Accountants. On June 19, 2024, the Audit Committee of the Board of Directors of Golden Entertainment, Inc. (the "Company") completed a process to review the appointment of the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. As a result of this process, following the review and evaluation of the proposals from the participating firms, the Audit Committee notified Ernst & Young LLP ("EY") that it had determined to dismiss EY as the Company's independent registered public accounting firm, effective June 19, 2024. On that same date, the Audit Committee appointed Deloitte & Touche LLP ("Deloitte") as the Company's independent registered public accounting firm. The audit reports of EY on the Company's consolidated financial statements as of and for the fiscal years ended December 31, 2023 and 2022 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended December 31, 2023 and 2022 and the subsequent interim period through March 31, 2024, there were no (1) disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to EY's satisfaction, would have caused EY to make reference thereto in their reports, or (2) reportable events (as described in Item 304(a)(1)(v) of Regulations S-K). The Company provided EY with a copy of the foregoing disclosures in this Current Report on Form 8-K and requested that EY furnish a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the statements made herein, as specified by Item 304(a)(3) of Regulation S-K. A copy of letter from EY is attached as Exhibit 16.1 of this Current Repo

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 16.1 Letter from Ernst & Young LLP to the Securities and Exchange Commission, dated June 24, 2024 . 104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GOLDEN ENTERTAINMENT, INC. ( Registrant ) Dated: June 24, 2024 /s/ Charles H. Protell Name: Charles H. Protell Title: President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR