Yet Another Value Podcast Shining a light on Golden Entertainment's "wealth transfer" $GDEN
Nov 11, 2025
Host Andrew Walker investigates a controversial deal with Golden Entertainment, claiming it shifts ~$300 million from minority shareholders to insiders. He compares the situation to the infamous Louvre heist, pointing out suspicious changes on the company’s investor relations site. With a deep dive into the deal's structure, he critiques management's buyout offer and explains the implications of a sale-leaseback arrangement. Andrew calls for fairer terms and urges shareholders to oppose the current transaction, emphasizing the need for transparency.
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Take-Private Seen As Major Wealth Transfer
- Andrew Walker argues Golden Entertainment's take-private is a legal wealth transfer that dwarfs the Louvre heist analogy.
- He claims the structure shifts roughly $300M from minority shareholders to insiders if completed as announced.
IR Website Edits As Smoking Gun
- Walker describes a 'smoking gun' found by comparing Golden's IR site on the Wayback Machine to a recent change.
- He points out management removed presentations and conference call links soon after the deal announcement.
Deal Structured In Two Parts
- Walker breaks the announced transaction into two parts: a Vici sale-leaseback and a management buyout of the operating company.
- He notes the combined headline $30/share purchase price masks the cheap OpCo buyout price.
