Casino operator Golden Entertainment has reported its figures for not only Q4, but also its full year of results for 2022.
The company earned $279.7m revenue in Q4, a decline of 1% from Q4 of 2021, with a net income of $11.1m and adjusted EBITDA of $63.7m. The 2022 full-year revenue was $1.1bn, with a net income of $82.3m and adjusted EBITDA of $267.1m.
Blake Sartini, Chairman and CEO of Golden Entertainment, commented, “Our fourth quarter demonstrates strong financial performance that remains well above 2019 levels.”
“While higher labor and other costs impacted the comparison to last year’s fourth quarter results, for the second consecutive year, our total annual revenue exceeded $1bn. Our business trends to start this year are encouraging, and we anticipate capitalizing on the strength of Las Vegas in 2023 and beyond.”
During Q4, Golden Entertainment also repaid $25m of its outstanding term loan and repurchased $2m of its senior unsecured notes, bringing total debt repaid in 2022 to $116m.
In addition, the company repurchased 328,897 shares of common stock, totalling $13.5m in the fourth quarter of 2022, and over 1.1 million shares over the year ended December 31, 2022, totalling $51.2m for the year.
Sartini also said of the future, “We expect the sale of Rocky Gap Casino Resort to close in the second quarter of 2023, which will provide meaningful liquidity, when combined with our free cash flow, will position us to maintain low leverage, invest in our owned properties and accelerate capital returns to shareholders.”
