Operator immediately sells real estate to GLPI in a sale-leaseback transaction
Strategic Gaming Management has completed the purchase of Sunland Park Racetrack & Casino for $301m and has sold the real estate property to Gaming and Leisure Properties, in a sale-leaseback transaction.
The transaction, the third acquisition over the last two years, represents a transformational addition to the fast-growing portfolio of assets. It operates four other properties in Nevada, South Dakota and New Mexico.
J. Grant Lincoln, the company’s Founder and CEO, said: “With the acquisition of Sunland, we are well on our way to our goal of being a scale operator of regional assets with rich histories, competitive moats, and very strong and loyal customer bases. We will continue to invest in our assets and thoughtfully grow our platform while continuing to pursue opportunities that meet our strategic plans. We welcome the incredible Sunland Park team to the Strategic family and look forward to many years of success together.”
Sunland Park is the leading property in the New Mexico Gaming and Racing ecosystem and offers 738 slots and 12 EGTs across 25,000 square feet of gaming space. The property includes a 1-mile Thoroughbred and Quarter Horse track with a 733-seat stadium and hosts the prestigious Sunland Park Derby. The property sits on approximately 157 acres.
Matthew Flandermeyer, former Chief Financial Officer of Golden Entertainment, has been brought in as CFO of Strategic Gaming Management.
J. Grant Lincoln said: “Matt is a proven financial leader in the gaming industry who I have worked closely with in the past that brings us critical experience as we continue to grow.” Mr. Flandermeyer will join Strategic from his family business ownership of fast-casual restaurants and taverns. Prior to being a business owner, Mr. Flandermeyer served as Chief Financial Officer of Golden Entertainment for nine years, responsible for all aspects of finance, business development, IT, compliance, legal, risk management and accounting functions for the Company, importantly overseeing the Company through profound stages of growth resulting in a public listing on NASDAQ.
Mr. Flandermeyer said: “To me, Strategic represents an incredible opportunity for growth which I clearly recognize from prior experience. I am excited to collaborate with Grant and the team, building on what they already have in place and contributing to the growth that lies ahead.”
Thecompany also announces Fred Heinrich as President of Sunland Park effective immediately. Mr. Heinrich is the current General Counsel & Compliance Officer. In his expanded role, Mr. Heinrich will oversee operations and direct strategic aspects of the business.
SGM Founder and CEO, J. Grant Lincoln said: “I am excited for Fred in his new role as it perfectly aligns with his capabilities and history at Sunland Park and am extremely pleased to have him guiding us in growing our Sunland property”.
Mr. Heinrich noted: “I am really excited to work with Grant and the wonderful team that exists here at Sunland, as well as the surrounding communities in this new role. I am sure we can do remarkable things together and look forward to the next chapter for this storied property.”
The post Strategic Gaming Management completes Sunland Park Racetrack & Casino purchase appeared first on G3 Newswire.
Operator immediately sells real estate to GLPI in a sale-leaseback transaction Strategic Gaming Management has completed the purchase of Sunland Park Racetrack & Casino for $301m and has sold the real estate property to Gaming and Leisure Properties, in a sale-leaseback transaction. The transaction, the third acquisition over the last two years, represents a transformational addition to…
The post Strategic Gaming Management completes Sunland Park Racetrack & Casino purchase appeared first on G3 Newswire.