Matrix Announces Capital Raise for Saratoga Casino Holdings
RICHMOND, VA / BALTIMORE, MD – May 18, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it served as lead advisor on Saratoga Casino Holdings’ (“SCH” or the “Company”) financing and acquisition of Magnolia Bluffs Casino Hotel in Natchez, Mississippi (acquisition subject to regulatory approvals and other customary closing conditions).
SCH owns and operates Saratoga Casino Hotel, in Saratoga Springs, NY featuring more than 1,300 slot machines, electronic table games, a live-entertainment venue, a variety of dining options and bars, live harness racing, and simulcast wagering. The Company also owns and operates Saratoga Casino Black Hawk, located in the historic town of Black Hawk, CO featuring over 380 slot machines, six table games, a full-service restaurant, bar, and a variety of guest services. SCH is also a partner with Delaware North Companies in the operation of Gideon Putnam Resort and Roosevelt Baths in Saratoga Springs.
“We are proud to add Magnolia Bluffs Casino Hotel to our portfolio of gaming assets and further diversify our business,” said Sam Gerrity, Chief Executive Officer of SCH. “We are committed to operating first class gaming facilities, and we do that by creating lasting relationships with our guests, team members and the communities that we serve. We look forward to welcoming Magnolia Bluffs guests and team to the Saratoga family. As we continue to expand our presence, we were fortunate to work with Matrix to structure and intermediate this important financing. Their experience, expertise, and objective approach were critical to securing capital on terms that were very attractive to the Company.”
Located on the Mississippi River, Magnolia Bluffs Casino Hotel opened in 2012 and features over 450 slot machines, 14 table games, a restaurant and bar, a sportsbook, and a 141-room hotel located off-site in the heart of the Natchez, MS.
Matrix provided buy-side and capital advisory services to SCH, which included financial modeling, assessment of optimal financing strategy, enhanced structural flexibility, and negotiation of the financing. The transaction was managed by John Whalen, Head of Matrix’s Capital Advisory Investment Banking Group, Ryan Weir, Vice President, and Garrett Novotny, Analyst.
Alex Tucker, COO and Treasurer of SCH commented, “Throughout the entire process, the Matrix team provided excellent guidance and advice. Their determined, yet flexible approach and proven methodology allowed for the best outcome for all parties. Simply put, we could not have achieved this without them.”
Mr. Whalen added, “We very much appreciate the trust that Saratoga placed in us to advise them on the capital raise. SCH is a best-in-class regional gaming operator and the acquisition of Magnolia Bluffs represents a transformational acquisition for the Company as it further scales and diversifies. Matrix is privileged to work with the SCH Team.”