Wednesday, May 12, 2004 | 10:31 a.m.
Pub and slot route operator to buy Colorado casino
Las Vegas bar and slot route operator Golden Gaming Inc. said Tuesday it has signed an agreement to purchase the Mardi Gras Casino in Black Hawk, Colo., from the Magness family.
The companies, which are both privately held, declined to disclose the terms of the sale. Golden Gaming declined to discuss future plans for the casino and Mardi Gras representatives could not be reached for comment.
The Mardi Gras Casino features 700 slot and video poker machines, nine blackjack and poker tables, two restaurants and live entertainment.
Golden Gaming has been exploring investments in Black Hawk for the past few years, Golden Gaming Chairman and Chief Executive Blake Sartini said.
"A $700 million gaming market outside of the growing Denver metropolitan area creates an exciting opportunity for our company," Sartini said in a statement.
After serving as executive vice president and chief operating officer for Station Casinos Inc., Sartini left the gaming company to form Golden Gaming in 2001.
Golden Gaming owns 35 taverns under the PT's brand as well as the Gold Bar Casino in Fernley, The Little Waldorf in Reno and Sierra Junction in Sparks. The company also owns five Sparky's Sports Bar & Grill locations in Northern Nevada. The company is expanding its PT's empire to include upgraded locations called PT's Gold in Southern Nevada and Sierra Gold in Northern Nevada.
The slot route operation consists of about 2,000 machines in more than 130 locations statewide.
Chief financial officer resigns
Caesars Entertainment Inc. of Las Vegas, the largest U.S. casino company, Tuesday said Chief Financial Officer Harry Hagerty resigned, a year before the end of his three-year employment contract.
Controller Wesley Allison was named interim CFO. Hagerty, whose last day on the job is today, will help with consulting until the end of the month, Las Vegas-based Caesars said in a statement.
Leaving early will enable Chief Executive Wallace Barr to name his own CFO, the company said. Hagerty was hired in March 2002 by Barr's predecessor, Thomas Gallagher. Hagerty previously was CFO of Akula Software Inc. and had worked for 17 years as an investment banker.
Shares of Caesars, which owns the Flamingo and Caesars Palace in Las Vegas, rose 11 cents to $12.60 Tuesday afternoon in New York Stock Exchange composite trading. They have gained 16 percent this year. Caesars made the announcement following the close of regular U.S. trading.
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