![]() Current Lakes shareholders would retain the remaining 64.3 percent of the company. Sartini would be issued more than 7.8 million shares of stock in the new company, a 35.7 percent ownership stake. Under terms of the merger agreement, Lakes was valued at $9.57 per share, which represented a 37 percent premium to its closing price Friday. The three Pahrump properties employ more than 500 people and is Nye County’s largest employer. Golden Gaming owns the Pahrump Nugget, Gold Town Casino and Lakeside Casino &RV Park locally, and is a slot route and tavern operator throughout the state. Lakes and Golden Gaming estimate the combined company would have 2015 revenue of $348.1 million and adjusted cash flow of $42.5 million. “We believe that this transaction establishes a truly diversified gaming company, uniquely positioned to capitalize on a wide spectrum of opportunities,” Sartini said in a statement. Golden Gaming CEO Blake Sartini will be CEO and chairman of the new company, which will be headquartered in Las Vegas. The newly named company will be called Golden Entertainment and will be traded on the Nasdaq replacing Lakes’ current listing. Golden Gaming, owner of three Pahrump casinos, announced Monday it will merge with Minnesota-based Lakes Entertainment, giving the Las Vegas-based company ownership of a Maryland casino while transitioning into a publicly traded corporation.
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