Golden Entertainment has released its financial results for the fourth quarter and 2021 full year. The company saw significant increases for both Q4 and 2021’s figures compared to last year’s results.
Golden’s 2021 fourth quarter revenues of $282m rose 37% from 2020’s fourth quarter. Net income was $19.1m or $0.59 per fully diluted share, contrasting a net loss of $18.5m or $0.66 per share in 2020’s fourth quarter.
Adjusted EBITDA was $67.8m, a 72% increase from the 2020 fourth quarter. The adjusted EBITDA margin was 24% for the 2021 fourth quarter, compared to 19% for the 2020 fourth quarter.
Full year 2021 revenues rose 58% from the 2020 full year, reaching an all-time high of $1.1bn. Adjusted EBITDA rose by 165% in 2021 compared to last year, totaling $291.7m. The adjusted EBITDA margin was 27% for the 2021 full year, compared to 16% for the 2020 full year.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, said: “Our strong fourth quarter results concluded a record year for Golden, as we successfully navigated challenges to our operations throughout 2021.”
“The improved performance across our diverse operations drove our total annual revenue to over $1bn for the first time in history with full year adjusted EBITDA growing to $292m, almost 60% higher than full year 2019. For 2022, we are focused on maximizing our operating performance and cash flow which will position the company to refinance its existing indebtedness and accelerate returning capital to shareholders.”
