Golden Entertainment has posted its Q3 2022 financial results. The report reflects overall financial stability, as well as company recovery post-pandemic.
Revenue during the third quarter totaled $279m, reflecting a 1% decrease year-over-year. Net income for Q3 2022 reached $14m, which translates to $0.45 per fully diluted share.
During this year’s third quarter, adjusted EBITDA reached $61.1m, reflecting a 17% drop when compared to last year’s corresponding period. The company’s adjusted EBITDA margin remained level at 22%.
Despite lower numbers than last year’s third quarter, Golden Entertainment stated its results exceeded those in 2019.
Golden Entertainment Chairman and CEO Blake Sartini commented: “Our quarterly results continue to be significantly above 2019 levels, despite reflecting a larger impact from seasonality compared to the same period last year.
“We are encouraged by the current business trends to start the fourth quarter and we are well positioned to succeed in any economic environment.”
Sartini went on to comment about the company’s plans to sell its Rocky Gap Casino Resort, a transaction he noted is a huge win for Golden Entertainment.
He said: “Our third quarter was also highlighted by our announcement to sell our Rocky Gap Casino Resort for $260m, which will allow us to focus further on our core operations, maintaining the strength of our balance sheet and opportunistically returning capital to shareholders.”
Golden Entertainment reported a significant third-quarter win in terms of its loans. The company paid back $25m of its term loan borrowings, which resulted in boosting its stock buyback authorization to $75m.
