Golden Entertainment sees revenue growth with strong Q3 report
Solid growth has allowed the operator to pay off debts and buy back stocks.
Golden Entertainment, the Las Vegas-based casino operator and gaming distributor, has released its Q3 2021 report. On the whole, things are looking good as gaming continues to make a post-pandemic comeback and becomes increasingly legalized across the country.
This is not an infallible rule, though: both their STRAT and Laughlin properties have still not returned to pre-pandemic 2019 levels.
The numbers can speak for themselves: third quarter revenue reached a record of $282.4m, a net income of $29.1m, and adjusted EBITDA of $73.4m. The group reported that all of its casino and gaming operations saw revenue growth and market expansion.
Golden’s casino revenues were at $164.1m the third quarter of 2021 compared to $135.3m for Q3 of 2020. The company’s distributed gaming arm was up to $117.9m in 2021 compared to the $69.9m seen in the same quarter in 2020.
With this solid growth, Golden was able to pay back $50m in debt over the quarter as well as increase its revolver availability to $240m.
CEO and Chairman Blake Sartini struck a confident tone with the announcement: “Our third quarter results demonstrated sustained growth and margin expansion for our casinos and distributed gaming segments compared to the third quarter of 2020 as well as comparable pre-pandemic quarterly periods.”
Sartini then spoke to the benefits the sound Q3 report would offer Golden’s shareholders: “Given our significant available liquidity and current valuation, we view our existing $50m share buyback authorization as an attractive means to begin returning capital to shareholders. In addition to using our buyback availability, we will also continue to evaluate potential dividends and other opportunities to create shareholder value in the future.”
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