Maverick Casinos Announces Sale/Merger Agreement with Nevada Gold

 

LAS VEGAS, NV – Sept 21, 2018 – Maverick Casinos (Maverick) LLC today announced Tuesday the signing of a definitive merger agreement with Nevada Gold (NYSE: UWN). Under the terms of the merger agreement, Maverick will acquire all of the outstanding shares of UWN’s common stock for $2.50 per share in cash, subject to certain minor adjustments. The Transaction will result in the UWN becoming a private company.

Maverick Casinos and it’s affiliates own the Wendover Nugget and Red Garter Hotel in Wendover Nevada. Eric Persson, the majority owner of Maverick and it’s affiliates noted, “our EBITDA in Wendover is on pace to be up over 50% this year, and we see this transaction as one more way to grow our business.

The Seattle area is obviously a fantastic market, but we see the entire State of Washington as an opportunity. We will be announcing specific plans to invest over $20 million dollars in the Tri Cities area shortly, so to us, this is much more than just a Seattle play.

With this important purchase, I will be leaving Aruze to focus on my growing company daily. I’d like to take this opportunity to thank Aruze for the opportunity and I’m very excited to hear about the customer’s responses to Aruze’s product at G2E. I couldn’t be more proud of the product path that we created over the last year and a half.”

Maverick intends to fund this transaction primarily with debt financing and cash. The transaction is not subject to financing as a condition.
 
The transaction is subject to approval of a majority of the shareholders of Nevada Gold, the approval of applicable gaming authorities, completion of the sale of the Company’s Club Fortune Casino in Henderson, Nevada, which is under contract, and other customary closing conditions. The companies expect the transaction will close by the end of 2018.
 
The transaction is subject to approval of a majority of the shareholders of Nevada Gold, the approval of applicable gaming authorities, completion of the sale of the Company’s Club Fortune Casino in Henderson, Nevada, which is under contract, and other customary closing conditions. The companies expect the transaction will close by the end of 2018.
 
This press release has been prepared solely by, and is the product solely of, Maverick Casinos, which takes exclusive responsibility for the contents hereof.
 
ABOUT MAVERICK CASINOS LLC
 
Majority owned by Eric Persson (Previously Global SR Vice President of Slot at Las Vegas Sands) and Justin Beltram (VP of Slots at Bellagio and Marina Bay Sands. They bring collectively over 30 years of gaming experience in virtually every conceivable market. Maverick Casinos affiliated company Maverick Gaming owns the Wendover Nugget and Red Garter Hotel, which collectively have over 600 hotel rooms and 1400 slots