Golden Entertainment Sees Q3 Earnings Improvement

Blake Sartini, Golden’s chairman and CEO, said, “In the third quarter, we saw an improvement in our Nevada casino resort segment, primarily due to increased guests and the recent completion of STRAT’s room and pool renovations.” “Nevada’s local casino segment maintained a strong track record of the year, while taverns experienced typical seasonality with low summer volumes.

Following the sale of Rocky Gap Casino Resort in July, it completed the sale of its Montana distributed gaming business in September and is on track to complete the sale of its Nevada distributed gaming business by the end of the year. The completion of these transactions has greatly strengthened our balance sheet, allowed us to return capital to our shareholders, and provided us with financial flexibility to improve shareholder value.”

The Company allocated $175 million of the cash proceeds from the Rocky Gap Casino Resort sale to repay the remaining borrowings under the original term loan. The Company also paid a one-time cash dividend of $2.00 per share of the issued common stock and repurchased 252,395 common shares in the third quarter of 2023, taking into account a total of $9.1 million. Approximately $91 million remained available under the Company’s share repurchase authorization as of September 30, 2023. 경마사이트

Revenue for the third quarter of 2023 was $257.7 million, compared to $279 million for the third quarter of 2022. Net income for the third quarter of 2023 was $241.2 million, compared to net income of $14 million, or $0.45 per fully diluted share, in the third quarter of 2022. Adjusted EBITDA for the third quarter of 2023 was $53.2 million, compared to adjusted EBITDA of $61.1 million for the third quarter of 2022. The decrease in revenue and the adjustment of Adjusted EBITDA was primarily due to the exclusion of full-quarter results from the company’s Rocky Gap casino resort and Montana distributed gaming business, which were sold during the third quarter.

Q3 2023 earnings include only 24-day operations for Rocky Gap Casino Resort and 18-day operations for distributed gaming operations in Montana compared to the prior year. In addition, quarterly revenue includes $8.6 million in transaction costs recognized during the quarter, as well as a $305.8 million impact on revenue from Rocky Gap Casino Resort and Montana’s distributed gaming business.

Leave a Reply

Your email address will not be published. Required fields are marked *