Everbay Capital: RemainCo sale price of $2.75 per share is ‘woefully inadequate’

Everbay Capital, a New York-based alternative investment management firm, which manages funds which have been shareholders of Golden Entertainment (GDEN) since 2021, released a new letter to the company’s Board of Directors, following up on the letter it sent last week. In the new letter, Everbay expresses significant concerns regarding the transactions announced last week, including the sale of the company’s casino real estate to Vici Properties (VICI) and the sale of the company’s casino operations and tavern business to the company’s Chairman & CEO, Blake Sartini. Everbay further clarifies that while the press release containing its initial letter to the Board of Directors dated November 6th, 2025 was coincidentally released to the public nearly concurrently with the company’s announcement of the Transactions, the letter and press release were written and approved for release before the Transactions were announced, and without knowledge of the Transactions. Everbay: Believes that the RemainCo sale price of $2.75 per share is woefully inadequate, apparently valuing the company’s casino operations and tavern business at a fraction of where it should trade, let alone be sold for. Views the RemainCo sale as an opportunistic attempt by the CEO to take advantage of company’s stock price hitting a 4-year low to purchase the RemainCo at a deeply discounted price, financed by the sale of the company’s valuable real estate. Expresses the view that Golden would likely trade at a significantly higher share price today had the Board sold the real estate without selling RemainCo. Calls on the Board and all parties to the Master Transaction Agreement to expeditiously provide important disclosures and make certain changes to the agreement to give Golden shareholders the chance of a better outcome.