Newport Global Advisors Announces Sale of Mesquite Gaming LLC
Newport Global Advisors LP, a leading middle market manager of opportunistic stressed and distressed credit investment, announced the completion of the sale of Mesquite Gaming LLC. 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,” Ryan Langdon, Senior Managing Director of Newport, said.
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.
