Golden Entertainment chairman and CEO Blake Sartini said a quarter of asset consolidation in Q1 has given the company fresh scope for long-term growth in key markets.
The company sold its gaming operations in Nevada to an affiliate of J&J Ventures Gaming for US$213.5m plus $37.5m of purchased cash. In April, the company used those proceeds to fully repay its outstanding bonds.
Sartini said as Golden Entertainment reported Q1 revenue of $174m that the company now has a Nevada portfolio of eight casinos with owned real estate, and 71 gaming taverns with operations “focused in markets where we see long-term drivers of future growth.”
“In addition, with our debt reduced significantly, our low leverage provides us with the flexibility to invest in our own assets, return capital to shareholders and pursue potential strategic opportunities,” he added.
Revenues of $174m and adjusted EBITDA of $41m slipped by 37 per cent and 34 per cent year-on-year, respectively.
“The declines in revenues and adjusted EBITDA over the prior year period were primarily related to the exclusion of the results for the company’s Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada that were sold on July 25, 2023, September 13, 2023 and January 10, 2024, respectively,” Golden Entertainment said.
However, net income subsequently rose to $42m, up from $11.6m in the first quarter of 2023.
