LAS VEGAS--(BUSINESS WIRE)--Golden Entertainment, Inc. (NASDAQ: GDEN), based in Las Vegas, announced today that Charles Protell will be named Executive Vice President, Chief Strategy Officer and Chief Financial Officer of the Company.
Mr. Protell, 42, has had nearly a 20-year career in corporate advisory and investment banking, most recently as a Managing Director of Investment Banking for Macquarie Capital, covering the gaming, lodging and leisure sectors. Prior to Macquarie Capital, he held similar investment banking positions with REGAL Capital Advisors, Credit Suisse, Deutsche Bank, and CIBC World Markets. Mr. Protell has closed more than 70 capital raising and advisory transactions with a total value of approximately $55 billion, including acting as advisor to Golden Entertainment’s predecessor companies in various capacities since 2010. He acted as advisor to Lakes Entertainment in the merger transaction with Sartini Gaming, which created Golden Entertainment in July 2015. In addition, Mr. Protell previously acted as advisor to Sartini Gaming on various initiatives, including its acquisition of distributed gaming operations and casino assets from Affinity Gaming.
As Chief Strategy Officer and Chief Financial Officer, Mr. Protell will oversee the Company’s strategic planning, business development, financial reporting and treasury functions, including SEC reporting as well as maintaining investor and lender relationships.
“Charles offers Golden Entertainment a wealth of investment banking experience and relationships that come with a track record of successful transactions in the gaming industry,” said Blake L. Sartini, Chairman, President and CEO of Golden Entertainment. “We have known Charles for many years, and look forward to using his skill set to accelerate and enhance our ability to evaluate and pursue opportunities to increase shareholder value.”
“I am fortunate to have the opportunity to join Golden Entertainment at a time when the Company is positioned for meaningful organic growth and has the right capital structure to actively pursue strategic acquisitions,” stated Mr. Protell. “I believe the Company’s leadership in distributed gaming and regional casinos provides Golden Entertainment unique access to opportunities, and I look forward to helping Blake and his team execute on those opportunities in the near future.”
In addition, Gary Vecchiarelli will be joining Golden Entertainment as Senior Vice President of Finance and Accounting. Mr. Vecchiarelli, 39, has over 15 years of professional experience in various senior accounting and finance roles. Since 2012, Mr. Vecchiarelli has acted as Chief Financial Officer of Galaxy Gaming, a publicly traded company and the world’s largest independent provider of casino table games and related equipment. Prior to Galaxy Gaming, Mr. Vecchiarelli served in numerous public accounting roles, including with firms such as BDO USA, LLP, McGladrey & Pullen, LLP and Crawford, Pimentel & Co., Inc. While at BDO, Mr. Vecchiarelli played a key role in helping to open and establish BDO’s Las Vegas audit practice.
Golden Entertainment’s current Chief Financial Officer, Matthew Flandermeyer, is leaving the Company on November 28, 2016, to pursue family business opportunities. Mr. Flandermeyer has agreed to provide consulting services to Golden Entertainment for up to six months to facilitate an orderly transition of his responsibilities. Mr. Protell will begin his employment with the Company by December 1, 2016, and Mr. Vecchiarelli will begin his employment with the Company by January 3, 2017.
“We want to welcome Charles and Gary to our team, as well as express our gratitude to Matt for his contributions to Golden Entertainment during our evolution as a public company,” Mr. Sartini said. “We wish him the best in pursuing new opportunities and thank him for ensuring that the transition of his role will be managed appropriately.”
This press release may be deemed to contain forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions. In addition, forward-looking statements include statements regarding the Company’s strategies, objectives, business opportunities and plans for future expansion, developments or acquisitions, anticipated future growth and trends in the Company’s business or key markets, projections of future financial condition, operating results, or other financial items, anticipated regulatory and legislative changes, the Company’s ability to utilize the net operating loss carryforwards (“NOLs”) to offset future taxable income, as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: the Company’s ability to realize the anticipated cost savings, synergies and other benefits of the Sartini Gaming merger and the acquisitions of distributed gaming assets in Montana, and integration risks relating to such transactions, changes in national, regional and local economic and market conditions, legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations), increases in gaming taxes and fees in the jurisdictions in which the Company operates, litigation, increased competition, the Company’s ability to renew its distributed gaming contracts, reliance on key personnel (including our Chief Executive Officer, Chief Operating Officer and Chief Financial Officer), the level of the Company’s indebtedness and the Company’s ability to comply with covenants in its debt instruments, terrorist incidents, natural disasters, severe weather conditions, the effects of environmental and structural building conditions, the effects of disruptions to the Company’s information technology and other systems and infrastructure, the occurrence of an “ownership change” as defined in Section 382 of the Internal Revenue Code, and factors affecting the gaming, entertainment and hospitality industries generally. In addition, please refer to the risk factors contained in the Company’s SEC filings available at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements for any reason.
About Golden Entertainment, Inc.
Golden Entertainment, Inc. owns and operates gaming properties across two divisions – distributed gaming and casino operations. Golden Entertainment operates more than 12,000 gaming devices and nearly 30 table games in Nevada, Maryland and Montana. The Company owns four casino properties, more than 50 taverns and operates approximately 980 distributed gaming locations in multiple jurisdictions. Golden Entertainment is focused on leveraging its scale, market leadership and proven management capabilities to maximize profitability of its operations and value for its shareholders.
For more information, visit www.goldenent.com.