LAS VEGAS–(BUSINESS WIRE) – Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden Entertainment”, “Golden” or the “Company”) announced today that it has entered into a definitive agreement with Flite Golf & Entertainment (“Flite Golf”) to Atomic Range, a new 92,000 square foot golf entertainment destination, on seven acres of company-owned land adjacent to The STRAT Hotel, Casino & SkyPod (“The STRAT”) in Las Vegas. The new Atomic Range will be located on Las Vegas Boulevard, just north and next to The STRAT.
Under the terms of the agreement, Golden Entertainment will contribute seven acres of undeveloped land to Flite Golf and will participate in the gross income of the Atomic Range under a lease agreement. Flite Golf will be responsible for all development and operating costs for the Atomic Range, which will leverage Flite Golf’s next generation technology to deliver an unparalleled experience for players of all ages and abilities. Flite Golf has partnered with Century Golf, which has managed over 500 golf courses worldwide, to operate the Atomic Range for $ 70 million and Atomic Range will create over 500 new jobs.
Charles Protell, President and Chief Financial Officer of Golden Entertainment, commented, “Since acquiring The STRAT, Golden has invested over $ 100 million in renovating the property and we are seeing a significant return on our investment. Partnering with Flite Golf to develop the Atomic Range will allow us to use our excess property adjacent to the STRAT to create a unique magnet for our property that continues the North Strip redevelopment and investment in the city of Las Vegas. Flite Golf’s development experience, innovative technology and substantial equity commitment to the Atomic Range make them the perfect partner for the development of this attraction. We’re excited to bring this new golfing experience to our guests at STRAT, downtown visitors, convention attendees, North Strip hotel guests, and Las Vegas locals. ”
“When we tried to bring our next generation golf technology to the entertainment capital of the world, it was clear that Golden Entertainment and The STRAT offer a shared vision and premier location to invite guests to visit the Atomic Range for a new and unique Seeking golf to maximize entertainment experience, ”said John Vollbrecht, chief executive officer and founder of Flite Golf & Entertainment. “We look forward to our partnership with Golden and the launch of our flagship.”
Atomic Range, a production of Flite Golf and located at The STRAT, will be a premier golf entertainment destination delivering a full, technology-enhanced experience through games and entertainment. When it opens in 2023, the Atomic Range will span nearly seven acres, raise four stories, and host 103 separate hitting bays. It will also include four bars, meeting rooms, and a 12,000-square-foot Astrocade.
Renderings for download, courtesy of Flite Golf & Entertainment
1. Atomic Range brings a unique golf entertainment experience to The STRAT and the Las Vegas Strip.
2. The Atomic Range will extend over four floors and include more than 100 bays covering an area of 92,000 square meters.
Forward-Looking Statements
This press release contains forward-looking statements about future events and future results of the company, subject to the safe havens under the Securities Act of 1933 and the Securities Exchange Act of 1934, words such as “anticipate”, “believe”, “continue”, “may” , “Estimate”, “expect”, “predict”, “intend”, “can”, “plan”, “project”, “potentially” “seek”, “should”, “think”, “become”, ” would ”and similar expressions, or they can use future dates. In addition, forward-looking statements include statements about potential additional payments by Caesars in relation to William Hill, the company’s strategies, goals and business opportunities; expected future growth and trends in the company’s business or in key markets; Projections of future financial condition, results of operations, revenues, capital expenditures, costs or other financial items, including expected future cash generation and the resulting ability to reduce debt and return capital to shareholders; and other characterizations of future events or circumstances and other statements that are not statements of historical fact. Forward-looking statements are based on the company’s current expectations and beliefs about its business, economy, and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties, which are subject to change at any time, and readers are cautioned that actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause actual results to differ materially include: uncertainty about the extent, duration and impact of the COVID-19 pandemic and how governments will respond; Changes in national, regional and local economic and market conditions; legal and regulatory matters (including the cost of complying with or failing to comply with applicable laws and regulations); Increases in gambling taxes and fees in the jurisdictions in which the company operates; the company’s ability to realize the anticipated cost savings, synergies, and other benefits of its casino and other acquisitions; Litigation; increased competition; the company’s ability to renew its distributed gaming contracts; Reliance on key personnel (including our Chief Executive Officer, President and Chief Financial Officer and Chief Operating Officer); the company’s level of debt and its ability to meet obligations on its debt instruments; terrorist incidents; Natural disasters; severe weather conditions (including weather or road conditions that limit access to Company property); the effects of environmental and structural conditions; the impact of disruptions in information technology and other systems and infrastructure in the company; Factors affecting the gambling, entertainment and hospitality industries in general; and other risks and uncertainties discussed in the company’s filings with the SEC, including the “Risk Factors” sections of the company’s most recent annual report on Form 10-K and its quarterly reports on Form 10-Q. The company assumes no obligation to update forward-looking statements as a result of new information, future developments or for any other reason. All forward-looking statements in this press release are restricted in their entirety by this cautionary statement.
About Golden Entertainment, Inc.
Golden Entertainment owns and operates gaming properties in two lines of business – casino operations and distributed gaming. Golden Entertainment operates over 16,700 slot machines, 120 table games and 6,200 hotel rooms. Golden Entertainment owns 10 casino resorts – nine in southern Nevada and one in Maryland. With its distributed gaming business in Nevada and Montana, Golden Entertainment operates video game machines in over 1,000 locations and owns over 60 traditional tavernas in Nevada. Golden Entertainment is also licensed to operate video game terminals in Illinois and Pennsylvania. Further information is available at www.goldenent.com.
About Flite Golf & Entertainment
Flite Golf & Entertainment is a global golf entertainment company headquartered in Dallas. Flite develops, implements, and supports the innovative solutions needed to achieve technology-enabled reach, whether on green grass or in a multi-million dollar entertainment venue. With its innovative next-gen games, course play and guest management software, Flite offers a complete technology solution for existing range operators as well as completely new venues that want to offer a contemporary golf entertainment experience. Flite is a turnkey solution that drives golf entertainment forward. To learn more, please visit www.flitegolf.com.
About Century Golf Entertainment
Century Golf is the most experienced management team in the club and golf industry and has operated over 500 golf courses, golf resorts, country clubs, city clubs, stadiums and sports clubs. Century Golf owns and / or operates clubs and golf courses throughout the United States, including PGA WEST and the Citrus Club in La Quinta, California, and Walt Disney World Golf in Orlando, Florida. The company has set up a golf entertainment division under the direction of Brian Birckbichler, a seasoned operations manager who previously worked for Topgolf and Drive Shack, to expand its operations. More information is available at www.centurygolf.com.