The fast-growing operator of high-quality gaming assets in the Midwest and Mountain West, United States, Strategic Gaming Management, LLC (SGM), announced the completion of the acquisition of Sunland Park Racetrack and Casino in New Mexico.
Finalizing the acquisition, SMG completed a sale-leaseback transaction with Gaming and Leisure Properties
The milestone acquisition, which has a price tag of $301m, saw SGM immediately sell the real property to Gaming and Leisure Properties, Inc in what was described in a statement as a sale-leaseback transaction.
Besides the completion of the strategic acquisition, SGM confirmed several senior-level appointments.
As a result, the former Golden Entertainment Chief Financial Officer, Matthew Flandermeyer, was designated as CFO of Strategic Gaming Management.
According to SGM, Flandermeyer's appointment is with immediate effect.
Moreover, the leading gaming asset management company confirmed the appointment of Fred Heinrich for the role of President of Sunland Park Racetrack and Casino.
Similarly to the other appointment, Heinrich assumed the role immediately.
Currently, Heinrich serves as General Counsel and Compliance Officer, however, under his expanded role, he will be in charge of strategic aspects for Sunland Park Racetrack and Casino.
He will also oversee major operations and play an important role in the future of the popular gaming property.
The company is looking forward to the success the racetrack and casino would bring
J. Grant Lincoln, SGM's Founder and CEO, spoke with excitement about the closing of the acquisition of the racetrack and casino, Casino Guru News learned from a press release.
"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," he said.
Moreover, Lincoln pointed out: "We will continue to invest in our assets and thoughtfully grow our platform while continuing to pursue opportunities that meet our strategic plans."
Last but not least, the company's boss said: "We welcome the incredible Sunland Park team to the Strategic family and look forward to many years of success together."
Located in Sunland Park, New Mexico, Sunland Park Racetrack and Casino offers a range of gaming options.
The property, occupying approximately 157 acres of land, has a total of 25,000 square feet of gaming space, with 12 EGTs, as well as 738 slot machines.
Notably, the venue also has a 1-mile Thoroughbred and Quarter Horse track along with a 733-seat stadium.
Sunland Park Racetrack and Casino is renowned for its gaming options and is a proud host of the prestigious Sunland Park Derby.
