Golden Entertainment has made a series of business updates along with its Q1 2023 results.
The quarterly results show a revenue of US$278.1m, up from $273.6m in Q1 2022, as well as a net income of $11.6m or $0.38 per fully diluted share, down from a net income of $36.1m or $1.12 per fully diluted share in Q1 2022.
Adjusted EBITDA was $62.2m compared to $67.3m in Q1 2022.
The company took the opportunity to state that they hope the previously announced sale of distributed gaming businesses in Nevada and Montana will close by the end of the year. This sale, according to chairman and CEO Blake Sartini, will “allow us to focus on investing in our wholly-owned casino assets and growing our tavern portfolio in Nevada.”
He added thatt he expected the sale of the company’s Rocky Gap property in Maryland to close by the end of June.
“Most of the sales proceeds from these transactions will further reduce leverage, which will position us well to continue investing in our owned properties, accelerate capital returns to shareholders and pursue future strategic initiatives.”
The company’s outstanding debt at the end of the quarter stood at $913m, most of which was $575m in outstanding term loan borrowing and $335m of senior unsecured notes. The company had had cash and cash equivalents of $156m, and short-term cash investments of $5m that will convert into cash during Q2.
