Golden Entertainment has reported its financial results for the second quarter of 2022, announcing a total revenue of $289.4m, with a net income of $21.2m.
The results were mixed, as its adjusted EBITDA declined 18% to $75m, from $91m year-on-year. The $289.4m was also down a slight 1% from last year’s Q2, while net income fared even worse. The company’s net income fell by approximately $82m from 2021’s quarterly showing of $103m.
Its total adjusted EBITDA margin was 26% for the second quarter of 2022, compared to 31% for the second quarter of 2021.
The company’s Nevada casino resorts fared better than its Nevada local casinos and Maryland branch. The casino resorts saw a slight increase in annual revenue to $107.5m from $106m. Meanwhile, the local casinos dropped from $43.5m in revenue to $39.8m for Q2 year-on-year.
Golden Entertainment Chairman and CEO Blake Sartini commented: “Our operating discipline supported strong second quarter results and offset challenges in the current economic environment. We maintained our adjusted EBITDA margin over the last four quarters as we continue to exceed 2019 performance levels. In addition, our strong cash flow generation has allowed us to allocate capital to debt reduction while also returning capital to shareholders through share repurchases.”
During the second quarter, the company repurchased $37.5m of senior unsecured notes at par and $22.5m of its common stock.
Sartini continues: “Since the beginning of 2021 we have reduced indebtedness by nearly $200m and since December 2021 we have repurchased almost $50m of our common stock. For the rest of the year, we expect to remain focused on maintaining the strength of our balance sheet and opportunistically returning capital to shareholders.”
