Golden Entertainment revenue drops 37% to $174m after property sales
Company excluded results of Rocky Gap Casino Resort location and distributed gaming operations in MT and NJ, all of which were sold in the past year.
Golden Entertainment reported its financial results for Q1 2024, seeing a 37% decrease in revenue from the comparable quarter. Additionally, adjusted EBITDA was reported at $41m, a drop from the first quarter of 2023 when it was reported to be $62.2m.
The company states revenue and adjusted EBITDA amounts declined primarily because of the exclusion of results from the company’s Rocky Gap Casino Resort location and distributed gaming operations in Montana and Nevada that were sold in July 2023, Sept. 2023 and Jan. 2024, respectively.
“We started 2024 by completing the sale of our non-core assets and simplifying our capital structure. In January, we completed the sale of our Nevada distributed gaming operations and in April used those proceeds to fully repay our outstanding bonds,” Golden Entertainment Chairman and CEO Blake Sartini said.
“As a result, we now have a Nevada portfolio of eight casinos with owned real estate and 71 gaming taverns with our operations focused in markets where we see long-term drivers of future growth. In addition, with our debt reduced significantly, our low leverage provides us with the flexibility to invest in our own assets, return capital to shareholders and pursue potential strategic opportunities.”
In April 2024, the company redeemed and repaid in full all of its senior unsecured notes in the amount of $287m, consisting of $276.5m in principal interest and another $10.5m in accrued and unpaid interest.
Net income for Q1 2024 was $42m, or $1.37 per fully diluted share, compared to $11.6m, or $0.38 per fully diluted share, for the first quarter of 2023. Net income and diluted earnings per share for this quarter included the $69.7m gain on the sale of distributed gaming operations in Nevada.
The company reduced its outstanding debt amount by 41% after the repayment of its senior unsecured notes.
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