Herbst Gaming hires Goldman Sachs to explore financial alternatives

By Caroline Salls

Pittsburgh, Feb. 28 - Herbst Gaming, Inc. said it has hired financial adviser Goldman, Sachs & Co. to help Herbst evaluate its financial and strategic alternatives.

According to a company news release, the alternatives review could result in a recapitalization, refinancing, restructuring or reorganization of the company or a sale of some or all of Herbst's businesses.

"The company has a long history of providing gaming services in Nevada and we believe in the strength of the Terrible's brand; however, the recent impact from Question 5, the Nevada smoking ban and general economic weakness has required us to explore our alternatives," chairman, president and chief executive officer Ed Herbst said in the release.

"We are confident that our retention of a financial advisor will help us capitalize on the strength of our brand and position the company to maximize long-term value."

Herbst is a Las Vegas-based slot route operator.

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