Golden Entertainment yearly revenue decreases 36.7% during FY2024

Golden Entertainment released its full year (FY) and fourth quarter financial results for 2024, witnessing a 36.7% year-over-year decrease in total revenue and an 80.2% decrease for net income during FY2024. The company reported a total revenue of $666.8m throughout FY2024, while net income was reported to be $50.7m. 

“Our fourth quarter performance improved sequentially over the third quarter and we anticipate business conditions will continue to improve in 2025. For 2025, we remain focused on investing in our own assets, returning capital to shareholders and pursuing potential strategic opportunities,” Golden Entertainment Chairman and CEO Blake Sartini said. 

The primary reasons for the decreases year-over-year appear to stem from a significant drop in revenue from the company’s gaming segment, which reported $674.3m of revenue during FY2023, but generated just under $319.3m for FY2024. While revenues for food & beverage, rooms and other all decreased as well, no segment reported a fall in revenue by more than $16m.

Under continuing operations, Golden Entertainment’s distributed gaming arm saw a decrease in revenue of 98.1% from the prior year period during FY2024. 

Golden Entertainment also reported that its adjusted EBITDA decreased by nearly 30.2% year-over-year for a total of $155.4m during FY2024. The figure was primarily driven from Nevada Casino Resorts, which generated over $103.3m for adjusted EBITDA throughout FY2024. 

Good to know: Golden Entertainment announced that the company would be repricing and allocating its current term loan credit facility due 2030 on May 24, 2024

During the fourth quarter of 2024, Golden Entertainment reported $164.2m of revenue for the period, representing a decrease of 28.8% year-over-year. The results were not entirely negative, however, as the company managed to report a net income of $3m for Q4 2024, increasing from the $9.4m net loss suffered during the fourth quarter of 2023.

The growth in net income helped to minimize the company’s fall in adjusted EBITDA, having reported $39.2m during Q4 2024, equating to a decrease of 24.5% year-over-year. 

Gaming once again took a hit during the fourth quarter of 2024, decreasing by over $52m of revenue year-over-year to report a total of nearly $78.4m during the period. 

Kirk Geller

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