Home » VT News » Derek and Greg Stevens To Take Full Ownership of The Golden Gate

Derek and Greg Stevens To Take Full Ownership of The Golden Gate

By Chuckmonster on Monday, 2nd November 2015 2:31pm
  » filed under Mergers & Acquisitions  comments: 3

   

Nevada Gaming Control Board nonrestricted agenda contains items on their docket which amounts to finding of suitability of Derek and Greg Stevens for 100% ownership of the Golden Gate.

Currently, Derek and Greg Stevens (DBA Desert Rock/Golden Gate LLC) own 65% of the Golden Gate, with Alva Marcus Brandenburg III (Mark) holder of 35%. The three owners (as individual trusts, Derek 50.7%, Greg 14.3% and Mark 35%) portions are to be melded into a new corporate holding company Golden Gate Casino Acquisitions, LLC.

The new corporation ownership structure will be 78% Derek, 22% Greg and Derek Stevens will be the manager of the corporation.

How much did it cost the Stevens brothers to buy out Mark Brandenburg?

Big thanks to Tim Hundy for the tip!








Advertisement:





Comments & Discussion:

I wonder how much it cost the Stevens brothers to buy full control of the Golden Gate?

$1

The deal was approved by the GCB per Howard Stutz of the LVRJ and awaits approval by the Gaming Commission on November 19th (Which is likely a rubber stamp, as they rarely disagree with the recommendations of the GCB.). The sale price of Mark Brandenberg's 35% stake was not disclosed, and Mark had been looking to sell his stake to the brothers in recent years.

http://www.reviewjournal.com/business/casinos-gaming/stevens-acquire-remaining-35-percent-golden-gate



Comments Are Closed







Subscribe via RSS







Recent Comments:

michigan2010 posted: "MGM equals cookie cutter casino. No to reason to step foot in Bellagio again. Just hope they don't screw up..."
» Sayonara Bellagio Table Game Canopies...
saharalv posted: "I wish the editors were the entire electoral college in 2016...."
» Introducing the Trippies Class of...
fatbastard posted: "So many people letting a billionaire live rent free in their heads. Funny. Too bad it also detracts from the..."
» Introducing the Trippies Class of...
wpsteel66 posted: "Total bummer…talk about taking the class and uniqueness away from the Bellagio…another smart move on CEO Jim and making all..."
» Sayonara Bellagio Table Game Canopies...
damania posted: "Is there a podcast?..."
» Introducing the Trippies Class of...

» More Comments