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 Resort Details


Copyright GamingWire. All rights reserved.
Featured Vendors
Regulatory Management Counselors, PC
K2J Marketing Partners
Regulatory Management Counselors, PC
Over 45 years of experience serving the legal and regulatory needs of casino industry clients
K2J Marketing Partners
We’re not just a gifting provider—we’re an extension of your marketing team driving proven results.
Patriot Gaming & Electronics, Inc.
Betson Imperial Parts & Service
Patriot Gaming & Electronics, Inc.
Patriot Gaming…Parts is what we do. Visit us: www.patriotgaming.com
Betson Imperial Parts & Service
Your one stop shop for all your gaming and OEM needs!
Casino City Press
Prezzee
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Prezzee
Prezzee provides digital gift cards from top brands to reward loyal guests and employees.
Slot Machines Unlimited
Sunkist Graphics, Inc.
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Rymax Marketing Services, Inc.
Innovative Configuration Inc.
Rymax Marketing Services, Inc.
Leader in creating award winning player & employee loyalty programs & events proven to increase ROI
Innovative Configuration Inc.
I-Games Anywhere-Anytime - Win Product-Service-Activity-Attraction Discounts at Favorite Casinos.
Imagine This
Texas Slots & Gaming
Imagine This
Imagine This #1 Source for Player Gifts. Over $50 million in stock ready to ship! Let us serve you!
Texas Slots & Gaming
Wholesale gaming reimagined. Texas Slots & Gaming is your sustainable gaming partner.
Casino Network
Concept 3, LLC
Casino Network
20+ years experience selling refurbished slot machines, parts & glass for all major brands
Concept 3, LLC
Custom Creations, Unmatched Value – Elevating Brands with Quality & Savings Since 2004


Your Guide to 13,736 Gaming Industry Suppliers