Golden Entertainment reports 41.6% decrease for Q2 revenue
The decline was said to be primarily related to the exclusion of results for the company’s Rocky Gap Casino Resort.
Golden Entertainment has reported the company’s financial results for the second quarter of 2024, including decreases in net revenue as well as adjusted EBITDA. Total revenues from Golden Entertainment’s gaming, food and beverage and rooms sectors combined for a total of $167.3m, a 41.6% decrease from the prior year period.
“In the second quarter, we continued to strengthen our balance sheet by fully repaying our outstanding bonds in April and reducing our interest rate on our term loan in May. We also aggressively returned capital to shareholders through our recurring dividend and repurchasing nearly one million shares,” Golden Entertainment Chairman and CEO Blake Sartini said.
“Our healthy operating cash flow and strong balance sheet will continue to provide us with strategic and financial flexibility while we return capital to shareholders throughout the year.”
Adjusted EBITDA decreased by just under 29.5% as well for a reported total of $41.2m during the second quarter of 2024. Net income throughout the quarter was $623k compared to $12.3m generated during Q2 2023.
The company stated these decreases were primarily related to the exclusion of the results for the company’s Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada that were sold on July 25, 2023, September 13, 2023 and January 10, 2024, respectively.
As of June 30, the company’s total principal amount of debt outstanding was $400.7m, consisting primarily of $396m in outstanding term loan borrowings.
Gaming reported the highest revenue out of the company’s different sectors, but the $78.3m figure from Q2 2024 was over $100m less than the total generated during the prior year period. The Rooms sector was the only to see an increase in revenue year-over-year, rising 1.63% for a total of $31.4m during Q2 2024.
Nevada Casino Resorts generated the most revenue of any Golden Entertainment properties, but decreased by just under $1.5m from the prior year period for a Q2 2024 revenue of $101.1m.
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