EBITDA declines in Q1 for GAN, Golden Entertainment and DoubleDown

May 11, 2023
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A look at a provider, operator and developer in first quarter financial results across the country.

GAN, real-money internet gaming technology provider, has reported revenue of $35.1m, down 6.3% year-on-year. Both the company’s B2B revenue ($11.3m) and B2C revenue ($23.9m) segments also experienced a yearly decrease.

The provider, however, did achieve net income of $1.5m, which is a significant rise from its $4.5m net loss in Q1 of last year. This was attributed to an amendment to one of GAN’s content licensing agreements.

GAN’s adjusted EBITDA dramatically fell from $2.97m in Q1 of 2022 to $39,000 this quarter. This figure was affected by lower total B2B revenue, as well as a reduction in capitalized development within that segment.

Meanwhile, casino resort operator, Golden Entertainment, has reported Q1 revenue of $278.1m, up yearly from $273.6m. Of its divisions, Nevada casino resorts led the way with $100.2m of that revenue.

Golden Entertainment reached total adjusted EBITDA of $62.2m, down from $67.3m this time last year. Its net income also decreased 67.8% to $11.6m.

The company sold Rocky Gap Casino Resort to Century Casinos in 2022’s third quarter and this transaction is expected to close in Q2 of 2023. Announced in this quarter was the sale of Golden Entertainment’s Distributed Gaming Operations to J&J Ventures Gaming.

DoubleDown Interactive, developer of digital and mobile games, posted revenue of $77.6m in Q1 of this year, down from $85.5m the previous year. It reported net income of $23.7m this quarter, however, a yearly increase from $18.5m.

The developer’s average revenue per daily active user increased to $1.03 in Q1, from $0.97, though average monthly revenue per payer decreased slightly from $225 to $221.

DoubleDown also experienced an adjusted EBITDA decline, though only slightly from $26.9m to $25.4m year-on-year.


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