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<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-TRANSFORM: uppercase"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-TRANSFORM: uppercase"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-TRANSFORM: uppercase"><B>FORM 8-K</B></FONT></P>
<P id=PARA8 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA9 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; TEXT-TRANSFORM: uppercase"><B>CURRENT REPORT</B></FONT></P>
<P id=PARA10 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
<P id=PARA12 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date of Report (Date of earliest event reported): June 17, 2016</FONT></P>
<P id=PARA14 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, Times, serif; FONT-VARIANT: small-caps"><B>GOLDEN ENTERTAINMENT, INC.</B></FONT></P>
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<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>_____________________________________________</B></FONT></P>
<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of registrant as specified in its charter)</FONT></P>
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<P id=PARA20 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA21 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Minnesota</FONT></P></TD>
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<P id=PARA103 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA104 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">000-24993</P></TD>
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<P id=PARA106 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">41-1913991&nbsp;</P></TD></TR>
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<P id=PARA23 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State or other jurisdiction of</FONT></P>
<P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">incorporation)</FONT></P></TD>
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<TD style="WIDTH: 30%; VERTICAL-ALIGN: top">
<P id=PARA109 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Commission File Number)</FONT></P></TD>
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<P id=PARA30 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(IRS Employer</FONT></P>
<P id=PARA31 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Identification No.)</FONT></P></TD></TR></TABLE>
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<TD style="WIDTH: 35%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center">6595 S Jones Blvd., Las Vegas, Nevada<B>&nbsp;</B></TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 25%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center">89118</TD></TR>
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<TD style="WIDTH: 35%; TEXT-ALIGN: center">(Address of principal executive offices)</TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 25%; TEXT-ALIGN: center">(Zip Code)</TD></TR></TABLE>
<P id=PARA22 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<P id=PARA38 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#8217;s telephone number, including area code: (702) 893-7777</FONT></P>
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<P id=PARA40 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not Applicable</FONT></P>
<P id=PARA41 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">_________________________________________________</FONT></P>
<P id=PARA42 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former name or former address, if changed since last report)</FONT></P>
<P id=PARA43 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA44 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
<P id=PARA45 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA46 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P id=PARA47 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P id=PARA48 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P id=PARA49 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
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<P id=PARA113.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U style="BORDER-BOTTOM: #000000 1px solid"></U></FONT></P>
<P id=PARA51 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item </B><B>8</B><B>.</B><B>01</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>Other Events.</B></FONT></P>
<P id=PARA52 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA53 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Declaration of Special Dividend</I></FONT></P>
<P id=PARA54 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA55 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On June 17, 2016, the Board of Directors (the &#8220;<U>Board</U>&#8221;) of Golden Entertainment, Inc. (the &#8220;<U>Company</U>&#8221;) approved and declared a special dividend to eligible shareholders of record on the close of business on June 30, 2016 (the &#8220;<U>Record Date</U>&#8221;) of cash in the aggregate amount of approximately $23.5&nbsp;million (the &#8220;<U>Special Dividend</U>&#8221;), subject to a final per share calculation. The payment date for the Special Dividend is July 14, 2016 (the &#8220;<U>Payment Date</U>&#8221;). The Company will calculate the final per share amount of the Special Dividend promptly following the Record Date by dividing the aggregate amount of the Special Dividend by the number of outstanding shares of common stock held by eligible shareholders on the close of business on the Record Date, and rounding the amount down to the nearest whole cent per share. The Company will announce the final per share amount of the Special Dividend promptly following such calculation by issuing a press release and by filing a Current Report on Form 8-K containing such information. </FONT></P>
<P id=PARA56 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA57 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As more fully described below and subject to the assumptions set forth below, the Company has estimated that the per share amount of the Special Dividend will be $1.71 per share. </FONT></P>
<P id=PARA58 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA59 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Background of the Special Dividend</I></FONT></P>
<P id=PARA60 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As previously disclosed, on December 9, 2015, the Company sold its $60.0 million subordinated promissory note from the Jamul Indian Village (the &#8220;<U>Jamul Note</U>&#8221;) to a subsidiary of Penn National Gaming, Inc. for $24.0 million in cash. Under the terms of the Company&#8217;s January 2015 merger agreement (the &#8220;<U>Merger Agreement</U>&#8221;) with Sartini Gaming, Inc. (&#8220;<U>Sartini Gaming</U>&#8221;) and subject to applicable law, the Company agreed that the proceeds received from the sale of the Jamul Note, net of related costs, would be distributed in a cash dividend to its shareholders holding shares as of the record date for such dividend (other than shareholders that have waived their right to receive such dividend). Under the terms of the Merger Agreement, Sartini Gaming&#8217;s former sole shareholder, for itself and any related party transferees of its shares, waived their right to receive such dividend with respect to their shares (which total 7,996,393 shares in the aggregate), subject to receipt of a private letter ruling from the Internal Revenue Service (&#8220;<U>IRS</U>&#8221;) regarding such waiver (which was recently issued by the IRS), unless their shares are sold to an unaffiliated third party and settled prior to the record date for such dividend. Also in connection with the Sartini Gaming merger, holders of an additional 457,172 shares waived their right to receive such dividend, unless such shares are sold to an unaffiliated third party and settled prior to the record date for such dividend. </FONT></P>
<P id=PARA62 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">All of the shareholders who waived their rights to the Special Dividend have recently informed the Company that they do not intend to sell their shares prior to the Record Date.</FONT></P>
<P id=PARA64 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Estimated Per Share Amount of the Special Dividend</I></FONT></P>
<P id=PARA66 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">As described above, the Board has declared the Special Dividend to eligible shareholders on the Record Date of cash in the aggregate amount of approximately $23.5&nbsp;million, and the Company will calculate and announce the final amount per share of the Special Dividend promptly following the Record Date. The Company has estimated the per share amount of the Special Dividend based on certain assumptions described herein. Using the total number of outstanding shares held by shareholders currently eligible for the Special Dividend of 13,750,489 shares (which excludes 8,453,565 outstanding shares currently subject to the Special Dividend waiver and 452,743 shares subject to vested, in-the-money stock options), and assuming that none of the shares subject to the Special Dividend waiver are sold and settled prior to the Record Date and that none of the vested, in-the-money stock options are exercised prior to the Record Date, the Company currently estimates that the Special Dividend will be $1.71 per eligible share.</FONT></P>
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<P id=PARA114.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<P id=PARA69 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Tax Treatment </I><I>of the Special Dividend</I><I> </I></FONT></P>
<P id=PARA70 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The following discussion is a summary of certain U.S. federal income tax consequences relevant to individual U.S. shareholders who hold shares of Company common stock as &#8220;capital assets&#8221; for U.S. federal income tax purposes. This discussion does not address all U.S. federal income tax consequences relevant to a shareholder&#8217;s particular circumstances or tax consequences relevant to shareholders subject to special rules.</FONT></P>
<P id=PARA72 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA73 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Based on the current estimate of the Company&#8217;s current and accumulated earnings and profits for fiscal year 2016, the Special Dividend will be taxable to shareholders as a qualified dividend for U.S. federal income tax purposes. If the Special Dividend exceeds the Company&#8217;s current and accumulated earnings and profits for fiscal year 2016, any excess will be treated as a return of capital for U.S. federal income tax purposes, which will first reduce a shareholder&#8217;s adjusted tax basis in shares of Company common stock, but not below zero, and any amounts in excess of such adjusted tax basis will be treated as capital gain realized upon the sale or other taxable disposition of such shares. The final tax characterization of the Special Dividend will be reported to shareholders on Form 1099-DIV in early 2017.</FONT></P>
<P id=PARA74 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This discussion is for information purposes only and is not tax advice. Shareholders should consult their tax advisors with respect to the application of the U.S. federal income tax laws to their particular situations as well as any tax consequences of the Special Dividend arising under other U.S. federal tax laws (including estate and gift tax laws), under the laws of any state, local or non-U.S. taxing jurisdiction or under any applicable tax treaty. </FONT></P>
<P id=PARA76 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA77 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Adjustment of Outstanding Stock Options</I></FONT></P>
<P id=PARA78 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In connection with the Special Dividend and in accordance with the Company&#8217;s equity incentive plans approved by the Company&#8217;s shareholders, the Company&#8217;s Board and Compensation Committee have approved anti-dilutive adjustments to the exercise prices of outstanding stock options to purchase shares of Company common stock, effective as of the close of business on the Payment Date, in order to preserve the value of such stock options following the Special Dividend. Pursuant to the adjustments, in accordance with applicable tax regulations, the exercise price of each outstanding stock option to purchase shares of Company common stock will be reduced by the final per share amount of the Special Dividend, or if less, by the difference between (i) the closing price of the Company&#8217;s common stock on the NASDAQ Global Market on the trading day immediately preceding the ex-dividend date and (ii) the first sale price of the Company&#8217;s common stock on the NASDAQ Global Market on the ex-dividend date. The Company expects NASDAQ to set the ex-dividend date as June 28, 2016. </FONT></P>
<P id=PARA80 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA81 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Forward-Looking Statements</B></FONT></P>
<P id=PARA82 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA83 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This report may be deemed to contain forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;forecast,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;seek,&#8221; &#8220;should,&#8221; &#8220;think,&#8221; &#8220;will,&#8221; &#8220;would&#8221; and similar expressions. In addition, forward-looking statements include statements regarding the estimated per share amount of the Special Dividend to the Company&#8217;s eligible shareholders of the net proceeds from the sale of the Jamul Note, the timing of payment and the tax treatment of such Special Dividend, as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company&#8217;s current expectations and assumptions regarding the Company&#8217;s business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: sales to third parties of shares of common stock prior to the Record Date by shareholders who waived their rights to the Special Dividend or exercises of vested, in-the-money stock options prior to the Record Date, either of which will increase the number of eligible shares entitled to receive the Special Dividend and reduce the final per share amount of the Special Dividend compared to the estimated per share amount, the Company&#8217;s ability to realize the anticipated cost savings, synergies and other benefits of the merger with Sartini Gaming and the acquisitions of distributed gaming assets in Montana, and integration risks relating to such transactions, changes in national, regional and local economic and market conditions, legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations), increases in gaming taxes and fees in the jurisdictions in which the Company operates, litigation, increased competition, the Company&#8217;s ability to renew its distributed gaming contracts, reliance on key personnel (including its Chief Executive Officer, Chief Operating Officer and Chief Financial Officer), the level of the Company&#8217;s indebtedness and the Company&#8217;s ability to comply with covenants in its debt facilities, terrorist incidents, natural disasters, severe weather conditions, the effects of environmental and structural building conditions, the effects of disruptions to the Company&#8217;s information technology and other systems and infrastructure, the occurrence of an &#8220;ownership change&#8221; as defined in Section 382 of the Internal Revenue Code, and factors affecting the gaming, entertainment and hospitality industries generally. In addition, please refer to the risk factors contained in the Company&#8217;s SEC filings available at www.sec.gov, including the Company&#8217;s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise or update any forward-looking statements for any reason.</FONT></P>
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<P id=PARA86 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
<P id=PARA87 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA88 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT></P>
<P id=PARA89 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA92 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; FONT-VARIANT: small-caps">GOLDEN ENTERTAINMENT, INC.</FONT></P>
<P id=PARA93 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Registrant)</FONT></P></TD></TR>
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<P id=PARA117 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA121 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Date: June 17, 2016&nbsp;</P></TD>
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<P id=PARA122 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><U>/s/ Matthew W. Flandermeyer</U></P></TD></TR>
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<P id=PARA123 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 50%">
<P id=PARA124 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Name: &nbsp;Matthew W. Flandermeyer</P></TD></TR>
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<P id=PARA125 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA126 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Title:&nbsp;&nbsp;&nbsp; Executive Vice President and</FONT> <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chief Financial Officer</FONT></P></TD></TR></TABLE>
<P id=PARA90 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
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gden20160617_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 17, 2016
GOLDEN ENTERTAINMENT, INC.
_____________________________________________
(Exact name of registrant as specified in its charter)
Minnesota
000-24993
41-1913991
(State or other jurisdiction of
incorporation)
(
Commission File Number)
(IRS Employer
Identification No.)
6595 S Jones Blvd., Las Vegas, Nevada
89118
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (702) 893-7777
Not Applicable
_________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
8
.
01
Other Events.
Declaration of Special Dividend
On June 17, 2016, the Board of Directors (the "
Board
") of Golden Entertainment, Inc. (the "
Company
") approved and declared a special dividend to eligible shareholders of record on the close of business on June 30, 2016 (the "
Record Date
") of cash in the aggregate amount of approximately $23.5 million (the "
Special Dividend
"), subject to a final per share calculation. The payment date for the Special Dividend is July 14, 2016 (the "
Payment Date
"). The Company will calculate the final per share amount of the Special Dividend promptly following the Record Date by dividing the aggregate amount of the Special Dividend by the number of outstanding shares of common stock held by eligible shareholders on the close of business on the Record Date, and rounding the amount down to the nearest whole cent per share. The Company will announce the final per share amount of the Special Dividend promptly following such calculation by issuing a press release and by filing a Current Report on Form 8-K containing such information.
As more fully described below and subject to the assumptions set forth below, the Company has estimated that the per share amount of the Special Dividend will be $1.71 per share.
Background of the Special Dividend
As previously disclosed, on December 9, 2015, the Company sold its $60.0 million subordinated promissory note from the Jamul Indian Village (the "
Jamul Note
") to a subsidiary of Penn National Gaming, Inc. for $24.0 million in cash. Under the terms of the Company's January 2015 merger agreement (the "
Merger Agreement
") with Sartini Gaming, Inc. ("
Sartini Gaming
") and subject to applicable law, the Company agreed that the proceeds received from the sale of the Jamul Note, net of related costs, would be distributed in a cash dividend to its shareholders holding shares as of the record date for such dividend (other than shareholders that have waived their right to receive such dividend). Under the terms of the Merger Agreement, Sartini Gaming's former sole shareholder, for itself and any related party transferees of its shares, waived their right to receive such dividend with respect to their shares (which total 7,996,393 shares in the aggregate), subject to receipt of a private letter ruling from the Internal Revenue Service ("
IRS
") regarding such waiver (which was recently issued by the IRS), unless their shares are sold to an unaffiliated third party and settled prior to the record date for such dividend. Also in connection with the Sartini Gaming merger, holders of an additional 457,172 shares waived their right to receive such dividend, unless such shares are sold to an unaffiliated third party and settled prior to the record date for such dividend.
All of the shareholders who waived their rights to the Special Dividend have recently informed the Company that they do not intend to sell their shares prior to the Record Date.
Estimated Per Share Amount of the Special Dividend
As described above, the Board has declared the Special Dividend to eligible shareholders on the Record Date of cash in the aggregate amount of approximately $23.5 million, and the Company will calculate and announce the final amount per share of the Special Dividend promptly following the Record Date. The Company has estimated the per share amount of the Special Dividend based on certain assumptions described herein. Using the total number of outstanding shares held by shareholders currently eligible for the Special Dividend of 13,750,489 shares (which excludes 8,453,565 outstanding shares currently subject to the Special Dividend waiver and 452,743 shares subject to vested, in-the-money stock options), and assuming that none of the shares subject to the Special Dividend waiver are sold and settled prior to the Record Date and that none of the vested, in-the-money stock options are exercised prior to the Record Date, the Company currently estimates that the Special Dividend will be $1.71 per eligible share.
Tax Treatment
of the Special Dividend
The following discussion is a summary of certain U.S. federal income tax consequences relevant to individual U.S. shareholders who hold shares of Company common stock as "capital assets" for U.S. federal income tax purposes. This discussion does not address all U.S. federal income tax consequences relevant to a shareholder's particular circumstances or tax consequences relevant to shareholders subject to special rules.
Based on the current estimate of the Company's current and accumulated earnings and profits for fiscal year 2016, the Special Dividend will be taxable to shareholders as a qualified dividend for U.S. federal income tax purposes. If the Special Dividend exceeds the Company's current and accumulated earnings and profits for fiscal year 2016, any excess will be treated as a return of capital for U.S. federal income tax purposes, which will first reduce a shareholder's adjusted tax basis in shares of Company common stock, but not below zero, and any amounts in excess of such adjusted tax basis will be treated as capital gain realized upon the sale or other taxable disposition of such shares. The final tax characterization of the Special Dividend will be reported to shareholders on Form 1099-DIV in early 2017.
This discussion is for information purposes only and is not tax advice. Shareholders should consult their tax advisors with respect to the application of the U.S. federal income tax laws to their particular situations as well as any tax consequences of the Special Dividend arising under other U.S. federal tax laws (including estate and gift tax laws), under the laws of any state, local or non-U.S. taxing jurisdiction or under any applicable tax treaty.
Adjustment of Outstanding Stock Options
In connection with the Special Dividend and in accordance with the Company's equity incentive plans approved by the Company's shareholders, the Company's Board and Compensation Committee have approved anti-dilutive adjustments to the exercise prices of outstanding stock options to purchase shares of Company common stock, effective as of the close of business on the Payment Date, in order to preserve the value of such stock options following the Special Dividend. Pursuant to the adjustments, in accordance with applicable tax regulations, the exercise price of each outstanding stock option to purchase shares of Company common stock will be reduced by the final per share amount of the Special Dividend, or if less, by the difference between (i) the closing price of the Company's common stock on the NASDAQ Global Market on the trading day immediately preceding the ex-dividend date and (ii) the first sale price of the Company's common stock on the NASDAQ Global Market on the ex-dividend date. The Company expects NASDAQ to set the ex-dividend date as June 28, 2016.
Forward-Looking Statements
This report may be deemed to contain forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "plan," "project," "seek," "should," "think," "will," "would" and similar expressions. In addition, forward-looking statements include statements regarding the estimated per share amount of the Special Dividend to the Company's eligible shareholders of the net proceeds from the sale of the Jamul Note, the timing of payment and the tax treatment of such Special Dividend, as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company's current expectations and assumptions regarding the Company's business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: sales to third parties of shares of common stock prior to the Record Date by shareholders who waived their rights to the Special Dividend or exercises of vested, in-the-money stock options prior to the Record Date, either of which will increase the number of eligible shares entitled to receive the Special Dividend and reduce the final per share amount of the Special Dividend compared to the estimated per share amount, the Company's ability to realize the anticipated cost savings, synergies and other benefits of the merger with Sartini Gaming and the acquisitions of distributed gaming assets in Montana, and integration risks relating to such transactions, changes in national, regional and local economic and market conditions, legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations), increases in gaming taxes and fees in the jurisdictions in which the Company operates, litigation, increased competition, the Company's ability to renew its distributed gaming contracts, reliance on key personnel (including its Chief Executive Officer, Chief Operating Officer and Chief Financial Officer), the level of the Company's indebtedness and the Company's ability to comply with covenants in its debt facilities, terrorist incidents, natural disasters, severe weather conditions, the effects of environmental and structural building conditions, the effects of disruptions to the Company's information technology and other systems and infrastructure, the occurrence of an "ownership change" as defined in Section 382 of the Internal Revenue Code, and factors affecting the gaming, entertainment and hospitality industries generally. In addition, please refer to the risk factors contained in the Company's SEC filings available at www.sec.gov, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to revise or update any forward-looking statements for any reason.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GOLDEN ENTERTAINMENT, INC.
(Registrant)
Date: June 17, 2016
/s/ Matthew W. Flandermeyer
Name:  Matthew W. Flandermeyer
Title:    Executive Vice President and
Chief Financial Officer