Golden Entertainment announces Q2 earnings
Las Vegas-based gaming company Golden Entertainment reported Q2 revenue of $292m, a 284% increase year-on-year.
Net income for the quarter was $103m versus Q2 2020 net loss of $78.6m. Quarterly net income included a $60m cash payment received from Caesars Entertainment in July as part of the company’s acquisition of William Hill.
Adjusted EBITDA across all segments was $91m, the highest quarterly mark in company history.
Golden operates nine casinos in southern Nevada and one in Maryland. Casino revenue for the quarter was $171m, while EBITDA was $78.5m.
Golden’s Nevada casinos accounted for $150m of the segment’s Q2 revenue.
Blake Sartini, Chairman and Chief Executive Officer of Golden, said, “Our second quarter operating results demonstrated improvement over our first quarter, as we generated record quarterly levels of revenue, net income and Adjusted EBITDA. These results highlight strong levels of visitation and spend at all of our properties, including The STRAT, combined with the margin improvement we have sustained over the last twelve months.”
Distributed gaming revenue for Q2 was $121m and EBITDA was $24.9m.
Golden paid down $53.4m of debt obligations in the quarter. As of June 30, 2021, total debt was approximately $1.1bn.
At the end of the quarter, Golden had cash and cash equivalents of $152.5m, not including the $60m payment from Caesars.
“After the quarter ended, we received a $60 million cash payment from Caesars to their acquisition of William Hill and have the potential to receive up to an additional $15 million payment from Caesars depending on the sale value for William Hill’s UK business,” Sartini said. “We appreciate our longstanding relationship with William Hill and look forward to their continued operation of the sportsbooks in our Nevada casinos.”
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