Benzinga | Oct 4, 2021 02:45PM EDT

Golden Entertainment Plans Golf Destination Near STRAT In Las Vegas

* Golden Entertainment Inc (NASDAQ:GDEN) has signed an agreement with Flite Golf & Entertainment to bring golf entertainment, Atomic Range, to Las Vegas.

* Atomic Range is a new 92,000 square-foot golf entertainment destination to be located on Las Vegas Boulevard, near The STRAT Hotel, Casino & SkyPod.

* Under the agreement, Golden Entertainment will contribute seven acres of undeveloped real estate to Flite Golf and will share in the gross revenue generated by Atomic Range under a lease arrangement.

* Flite Golf will be responsible for all Atomic Range development and operating costs and expects construction costs to be about $70 million. Atomic Range will create over 500 new jobs.

* Flite Golf has partnered with Century Golf to operate Atomic Range, with development expected to break ground in Q2 2022 and projected completion date by the end of 2023.

* Golden Entertainment expects Atomic Range to drive new guest traffic to The STRAT.

* Price Action: GDEN shares are trading lower by 1.60% at $48.47 on the last check Monday.