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Golden Entertainment boss is buying casino company

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  Published in Media and Entertainment on Thursday, November 6th 2025 at 12:38 GMT by Las Vegas Review-Journal

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Golden Entertainment, the Nevada‑based operator behind the famed Golden Nugget and other gaming venues, is poised to expand its footprint with the acquisition of a boutique casino operator that has carved out a niche in the Southwest. In a move that could reshape the regional gaming landscape, the company’s chief executive, William B. Bowers, announced that Golden Entertainment will purchase the assets of Sullivan’s Gaming—a privately held chain that currently runs several casinos in Texas, Arizona and New Mexico—for an estimated $210 million. The deal, which will be financed through a mix of equity and debt, is expected to be completed later this year pending regulatory clearance.

The target, Sullivan’s Gaming, was founded in 2014 and has grown primarily through the acquisition of smaller venues and the development of loyalty programs tailored to regional players. Its flagship property, the Sullivan’s Casino & Hotel in Tucson, Arizona, boasts a 2,300‑slot‑machine floor, a 120‑room hotel and a full‑service restaurant. The company also operates the Sullivan’s Casino in El Paso, Texas, which is one of the largest casinos in the state, and a newer venue in Albuquerque, New Mexico. In total, Sullivan’s Gaming reports annual revenues of roughly $80 million and a net income of $12 million.

The purchase represents a significant strategic shift for Golden Entertainment. While the company has long focused on its flagship Nevada properties, it has recently begun to look beyond the state’s borders. Bowers, who has served as CEO since 2019, said in a statement that the acquisition will allow Golden Entertainment to tap into a broader customer base and diversify its revenue streams. “Adding Sullivan’s to our portfolio not only strengthens our presence in the Southwest but also provides complementary assets that we can leverage to improve operational efficiency and enhance our loyalty programs,” Bowers told reporters.

Financial analysts note that the deal will be accretive to Golden Entertainment’s earnings in the first full year after closing. The company expects to realize approximately $5 million in cost synergies from shared back‑office services, marketing, and procurement. The Sullivan’s brand, which has built a loyal regional following, will continue to operate under its existing name, allowing Golden Entertainment to preserve the brand equity that Sullivan’s has cultivated.

Regulatory approval is a key hurdle for the transaction. The Nevada Gaming Control Board and the Arizona Gaming Commission will both review the deal to ensure that it complies with state regulations on ownership concentration and anti‑trust provisions. Sullivan’s Gaming has a history of working closely with regulators, having received its gaming licenses in all three states without major issues. The company’s senior management team will remain in place after the sale, and the new owners have expressed a commitment to maintaining the company’s existing employee and vendor relationships.

In addition to the cash‑plus‑debt structure, Golden Entertainment will issue $30 million in new shares to fund the transaction, while a $180 million term loan will cover the remaining purchase price. The loan will be secured against the combined asset base of Golden Entertainment and Sullivan’s Gaming, and the company expects the debt to be serviced comfortably from the combined earnings of the two entities. The move is part of a broader plan by Golden Entertainment to raise capital for future expansion projects, including a planned upgrade of the Golden Nugget’s casino floor and the construction of a new resort in Henderson, Nevada.

The acquisition is also a signal of the continued consolidation in the gaming industry. Over the past decade, several mid‑size operators have merged with larger firms in order to gain economies of scale and enhance their competitive positions. Golden Entertainment’s purchase of Sullivan’s Gaming follows a similar trajectory to recent deals such as the sale of the M&M Casino in Nevada to a private equity firm and the merger of the Silver Slipper Casino with a larger gaming conglomerate.

The purchase of Sullivan’s Gaming also aligns with Golden Entertainment’s efforts to strengthen its loyalty program, “Golden Rewards.” By integrating Sullivan’s customer base into the existing rewards platform, the company can offer cross‑promotion opportunities, enhanced benefits and a unified customer experience. The integration is expected to increase the loyalty program’s member count by an estimated 30 % in the first year.

The deal, when finalized, will create a combined entity with a presence in six states, an expanded portfolio of over 20 casino properties, and a stronger bargaining position in the supply chain. For Golden Entertainment, it marks a bold step beyond its traditional Nevada focus, positioning the company as a more diversified, regionally balanced gaming operator. The transaction’s completion is anticipated by the end of 2025, subject to the finalization of all regulatory approvals and shareholder votes.

With this acquisition, Golden Entertainment demonstrates a clear commitment to growth through strategic purchases, leveraging its financial strength and industry expertise to create value for shareholders, employees and the communities it serves. The move underscores the evolving dynamics of the gaming industry, where consolidation and cross‑border expansion are becoming increasingly central to competitive strategy.