In sharing its financial results for the quarter ending September 30, Golden Entertainment declared that it has maintained its “commitment to returning capital to shareholders” despite the results revealing “a challenging operating environment for our properties.”
Total revenues for the quarter reached US$161m, down from $258m year-on-year. Net income was $5m, down from $241m year-on-year.
Adjusted EBITDA reached $34m, against $53m year-on-year.
In addition, on November 5, the company’s board of directors authorised the company’s recurring quarterly cash dividend of $0.25 per share of the company’s outstanding common stock payable on January 7, 2025 to shareholders of record as of December 20, 2024. The Company’s Board of Directors also increased the Company’s share repurchase authorisation by $100m, creating $131.4m of current availability under the company’s share repurchase program.
“We anticipate that business conditions will improve in the fourth quarter and, with our increased share buyback authorisation currently at over $130m, we expect to continue to use our liquidity to acquire our own shares throughout the year,” said Blake Sartini, chairman and CEO of Golden.
