Golden Entertainment posts $1.1bn in net revenue for FY2023
The company recently wrapped up the sale of its Nevada distributed gaming business.
Golden Entertainment has published both its Q4 and FY2023 financial results. The company reported a substantial net income and adjusted EBITDA for the year.
During the fourth quarter, Golden Entertainment’s overall revenue reached $230.7m, while its adjusted EBITDA totaled $48.8m.
However, it reported a fourth-quarter net loss of $9.4m.
Golden Entertainment’s year-end revenue reached $1.1bn, while the company ended the year with an adjusted EBITDA of $222.5m.
It closed out the year with a total net income of $255.8m. Golden Entertainment paid off $239m of its total debt during 2023, contributing close to $60m toward debt repayment during the fourth quarter alone.
Along with the financial report, company Chairman and CEO Blake Sartini provided a business update regarding a recent $213.5m deal the company completed.
He commented, “In January, we completed the sale of our Nevada distributed gaming business, completing a year-long process of divesting our non-core assets that also included the sale of our casino resort in Maryland and our Montana distributed gaming business.
“Following these transactions, our portfolio is comprised of Nevada casino resorts, Nevada local casinos and Nevada’s largest branded tavern portfolio, all of which are expected to benefit from Nevada’s positive economic trends. The completion of our non-core divestitures generated significant cash proceeds, which strengthened our balance sheet, created strategic and financial flexibility, and facilitates returning capital to our shareholders.”
Golden Entertainment’s Board of Directors recently approved “a recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock.”
Recognized company shareholders as of March 18 can expect to receive payouts on April 4.
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