Golden Entertainment reports 97.9% year-over-year decrease in net income for Q3 2024

Total revenues and adjusted EBITDA also decreased from the prior year period, with figures impacted by the exclusion of results from the company’s Rocky Gap Casino Resort property.

Golden Entertainment announced the company’s financial results for the third quarter of 2024 on November 7, reporting a decrease of nearly 97.9% year-over-year in net income during the period. The company reported a Q3 2024 net income of just under $5.2m, while also seeing a 37.4% decrease in revenue from the prior year period for a total of $161.2m. 

“In the third quarter, we have maintained our commitment to returning capital to shareholders through our regular dividend and share buyback program despite a challenging operating environment for our properties. Golden Entertainment Chairman and CEO Blake Sartini said. 

“We anticipate that business conditions will improve in the fourth quarter and, with our increased share buyback authorization currently at over $130m, we expect to continue to use our liquidity to acquire our own shares throughout the year.”

The company stated that declines in revenue and adjusted EBITDA, which decreased 36% year-over-year for a total of just over $34m during Q3 2024, were primarily related to the exclusion of results from its Rocky Gap Casino Resort property as well as distributed gaming operations in Montana and Nevada that were sold in July 2023. 

Gaming accounted for nearly $75.7m of the company’s total revenue during the third quarter of 2024, followed by food and beverage at just over $41.8m and rooms at almost $29m. 

Good to know: Golden Entertainment appointed Blake Sartini II to serve as its COO on March 25

Golden Entertainment’s operating income also saw a sharp decrease year-over-year, falling by nearly 98% for a total of just $6.7m during Q3 2024. 

While Nevada Casino Resorts generated the most revenue of the company’s properties with $99.5m reported during the third quarter of 2024, the figure still represents a 5.7% decrease from the prior year period. 

Nevada Local Casinos and Nevada Taverns combined to generate around $51.5m in revenue as well, but saw decreases year-over-year much like the Nevada Casino Resorts segment. 

Kirk Geller

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