Wildwood Casino Joining Golden Nugget Brand After $43 Million Sale
Tilman Fertitta, a Texas billionaire and owner of Golden Nugget, has acquired Cripple Creek & ’s largest casino. & ,
The sale, which was completed in November, will bring in about$ 43 million for American Gaming Group, the current owner of Wildwood & .
This summer, the offer is anticipated to close. The house will then be taken over by Fertitta Entertainment, who will rename it and formally join the Golden Nugget company. & ,
Additionally, the sale and extension of a gaming license must be approved by Colorado & ’s Limited Gaming Control Commission.
Sale negotiations started next summers.
The Wildwood, also known as The Highest Casino in the World (& rdquo ), debuted its doors in 2008. Additionally, it can support its claim to be Cripple Creek & ’s biggest gaming establishment with 528 slot machines and 14 table games. & ,
On the casino&;s website, the Wildwood claims it paid out $17 million more in jackpots in 2021 than any other year in its history.
Additionally, American Gaming invested$ 14 million to build a standalone lodge with 101 rooms that opened in June 2021 next to the game.
According to documents filed with the Securities and Exchange Commission and a Colorado Springs/Denver Gazette report, the sale agreement was reached Nov. 2.&;
A conversation started last summer when an investment banker contacted American Gaming to see if it would remain open to selling to Fertitta. Following conversations, a decision was made many months later.
The SEC filing focused on Fertitta & ’s investigation into going public with his business. But that strategy was afterward abandoned.
&;On November 2, 2021, we entered into an agreement to acquire Wildwood Hotel and Casino in Cripple Creek, Colorado for approximately $43.0 million, subject to customary adjustments,” the filings read.&;&;The acquisition is expected to close in the third quarter of 2022.”&;While the plan to take Fertitta Entertainment public failed,&;the Cripple Creek acquisition is now moving forward.”
Wildwood was added to the lineup of Fertitta Entertainment.
Fertitta is the owner of the NBA & , the Houston Rockets, and is thought to have a net worth of more than$ 6 billion.
The Texas billionaire&;s top asset is the Landry&;s restaurant chain. That portfolio features more than 600 nationwide restaurants operating under brands such as Joe&;s Crab Shack, Saltgrass Steak House and Bubba Gump Shrimp, among others.
However, Fertitta is best known in the American entertainment community for running the Golden Nugget games. There are currently Golden Nugget components in Biloxi, Mississippi, Laughlin, Nevada, Atlantic City, New Jersey, and Las Vegas. as well as Lake Charles, Louisiana.
Additionally, the Golden Nugget runs an online casino that is now accessible in five legitimate states.
While not currently legal in the Centennial State, Colorado online casinos could (and should) be on the docket.
Fertitta Entertainment will keep any of the 300 current Wildwood & employees who & want to stay in the interim, according to a Gazette report. & rdquo,
The purchasing company also plans to continue to honor customer loyalty points earned at Wildwood. They also will be redeemable at Fertitta&;s other casinos and restaurants, according to the Gazette.