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HomeTourismNewport Global Advisors Announces Sale of Mesquite Gaming, LLC

Newport Global Advisors Announces Sale of Mesquite Gaming, LLC

THE WOODLANDS, Texas, Jan. 30, 2024 /PRNewswire/ — Newport Global Advisors LP (“Newport”), a leading middle market manager of opportunistic stressed and distressed credit investment is pleased to announce the completion of the sale of Mesquite Gaming, LLC (“Mesquite“) on November 30, 2023. Financial terms of the transaction were not disclosed.

Newport initially invested in the debt securities of Black Gaming in August 2008. In 2011, Newport partnered with Michael Gaughan and Anthony Toti to restructure Black Gaming into Mesquite Gaming. Brendan Gaughan and Kathleen Gaughan Banuelos, together with Anthony Toti, Timothy Janszen and Ryan Langdon formed a board of directors of the restructured company. After the restructuring, Mesquite Gaming, led by CEO Anthony Toti, significantly grew revenues and operating profits.

Headquartered in Mesquite, NV, Mesquite owns and operates the Casablanca Hotel & Casino and Virgin River Hotel & Casino.

Timothy Janszen, CEO at Newport, said, “We want to thank Michael and Anthony for their partnership over the last 12 years. This exit represents a terrific accomplishment for the entire team and it could not have been achieved without their deep and unmatched industry expertise.”

“We could not be happier about the outcome and are delighted to be able to provide a great return to our investors,” added Newport’s Ryan Langdon, Senior Managing Director.

Anthony Toti, former Chairman & CEO, said, “I am proud of our team’s achievements and the support of Michael Gaughan and Newport. We are thrilled to have delivered such a terrific result.”

Jefferies LLC acted as Financial Advisors and Greenberg Traurig LLP acted as Legal Advisors to Mesquite Gaming, LLC.

About Newport Global Advisors LP

Newport Global Advisors, based in The Woodlands, TX, is a highly experienced alternative investment firm focused on opportunistic stressed and distressed credit and specializing in turnaround and special situation investments. Founded in 2005, Newport has made over 300 investments representing approximately $2.5 billion of invested capital since 2007. For further information about Newport, please visit www.newportglobaladvisors.com.

About Mesquite Gaming, LLC

Mesquite Gaming, LLC owns and operates two casino hotels in Mesquite, Nevada. Properties include the Casablanca Hotel & Casino and Virgin River Hotel & Casino. Both properties combine to feature 1,186 guest rooms, 76,000 square-feet of casino space with 1,600 slot machines, 36 gaming tables and 70,000 square-feet of meeting and convention space including an outdoor entertainment venue. Located 77 miles north of Las Vegas, these unique properties also offer a world-class spa, top-rated fine and casual restaurants, and access to two award-winning golf courses. For more information, please visit www.mesquitegaming.com.

Media Contact:
Roger May
[email protected]

SOURCE Newport Global Advisors

Originally published at https://www.prnewswire.com/news-releases/newport-global-advisors-announces-sale-of-mesquite-gaming-llc-302047298.html
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