Golden Entertainment Reports 2024 Third Quarter Results
Golden Entertainment (NASDAQ: GDEN) reported Q3 2024 financial results with revenue of $161.2 million, net income of $5.2 million, and Adjusted EBITDA of $34.0 million. The Board approved a quarterly dividend of $0.25 per share and increased share repurchase authorization by $100 million to $131.4 million. The company repurchased 815,116 shares at $31.65 per share in Q3, totaling $25.8 million. Year-to-date, 1.94 million shares were repurchased at $30.70 per share for $59.5 million. Revenue and EBITDA declined year-over-year primarily due to the sale of Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada.
Golden Entertainment (NASDAQ: GDEN) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 161,2 milioni di dollari, un utile netto di 5,2 milioni di dollari e un EBITDA rettificato di 34,0 milioni di dollari. Il Consiglio ha approvato un dividendo trimestrale di 0,25 dollari per azione e ha aumentato l'autorizzazione al riacquisto di azioni di 100 milioni di dollari a 131,4 milioni di dollari. L'azienda ha riacquistato 815.116 azioni a 31,65 dollari per azione nel terzo trimestre, per un totale di 25,8 milioni di dollari. Da inizio anno, sono state riacquistate 1,94 milioni di azioni a 30,70 dollari per azione per un totale di 59,5 milioni di dollari. I ricavi e l'EBITDA sono diminuiti rispetto all'anno precedente principalmente a causa della vendita del Rocky Gap Casino Resort e delle operazioni di gioco distribuite in Montana e Nevada.
Golden Entertainment (NASDAQ: GDEN) informó los resultados financieros del tercer trimestre de 2024 con ingresos de 161,2 millones de dólares, una ganancia neta de 5,2 millones de dólares y un EBITDA ajustado de 34,0 millones de dólares. La Junta aprobó un dividendo trimestral de 0,25 dólares por acción y aumentó la autorización de recompra de acciones en 100 millones de dólares a 131,4 millones de dólares. La compañía recompró 815.116 acciones a 31,65 dólares por acción en el tercer trimestre, totalizando 25,8 millones de dólares. En lo que va del año, se han recomprado 1,94 millones de acciones a 30,70 dólares por acción por un total de 59,5 millones de dólares. Los ingresos y el EBITDA disminuyeron interanualmente principalmente debido a la venta del Rocky Gap Casino Resort y las operaciones de juego distribuidas en Montana y Nevada.
골든 엔터테인먼트 (NASDAQ: GDEN)는 2024년 3분기 재무 결과를 보고하며 수익이 1억 6,120만 달러, 순이익이 520만 달러, 조정된 EBITDA가 3,400만 달러라고 발표했습니다. 이사회는 주당 0.25 달러의 분기 배당금을 승인하고 주식 매입 승인을 1억 달러 증액하여 총 1억 3,140만 달러로 증가시켰습니다. 회사는 3분기 동안 815,116 주식을 주당 31.65 달러에 재매입하여 총 2,580만 달러를 지출했습니다. 올해 들어 194만 주식을 주당 30.70 달러에 재매입하여 총 5,950만 달러에 달했습니다. 수익 및 EBITDA는 주로 로키 갭 카지노 리조트 판매 및 몬태나와 네바다의 배급 게임 운영으로 인해 전년 대비 감소했습니다.
Golden Entertainment (NASDAQ: GDEN) a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus de 161,2 millions de dollars, un bénéfice net de 5,2 millions de dollars et un EBITDA ajusté de 34,0 millions de dollars. Le Conseil a approuvé un dividende trimestriel de 0,25 dollar par action et a augmenté l'autorisation de rachat d'actions de 100 millions de dollars à 131,4 millions de dollars. La société a racheté 815.116 actions à 31,65 dollars par action au troisième trimestre, totalisant 25,8 millions de dollars. Depuis le début de l'année, 1,94 million d'actions ont été rachetées à 30,70 dollars par action pour un total de 59,5 millions de dollars. Les revenus et l'EBITDA ont diminué d'une année sur l'autre, principalement en raison de la vente du Rocky Gap Casino Resort et des opérations de jeux distribués dans le Montana et le Nevada.
Golden Entertainment (NASDAQ: GDEN) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht, mit einem Umsatz von 161,2 Millionen Dollar, einem Nettogewinn von 5,2 Millionen Dollar und einem bereinigten EBITDA von 34,0 Millionen Dollar. Der Vorstand genehmigte eine vierteljährliche Dividende von 0,25 Dollar pro Aktie und erhöhte die Genehmigung zum Aktienrückkauf um 100 Millionen Dollar auf 131,4 Millionen Dollar. Das Unternehmen hat im dritten Quartal 815.116 Aktien zu einem Preis von 31,65 Dollar pro Aktie zurückgekauft, was insgesamt 25,8 Millionen Dollar ergibt. In diesem Jahr wurden bis dato 1,94 Millionen Aktien zu 30,70 Dollar pro Aktie für insgesamt 59,5 Millionen Dollar zurückgekauft. Umsatz und EBITDA gingen im Jahresvergleich hauptsächlich aufgrund des Verkaufs des Rocky Gap Casino Resort und der Verteilung von Spielbetrieben in Montana und Nevada zurück.
- Board increased share repurchase authorization by $100 million
- Maintained quarterly dividend of $0.25 per share
- Strong cash position with $68.6 million in cash and cash equivalents
- No outstanding borrowings under $240 million revolving credit facility
- Revenue decreased from $257.7M in Q3 2023 to $161.2M in Q3 2024
- Adjusted EBITDA declined from $53.2M in Q3 2023 to $34.0M in Q3 2024
- Net income decreased from $241.2M in Q3 2023 to $5.2M in Q3 2024
- Challenging operating environment reported for properties
Insights
The Q3 results reveal significant year-over-year declines, with revenue dropping from
The company's commitment to shareholder returns remains strong, with a
The operating environment challenges mentioned by management warrant attention, as they suggest broader industry headwinds affecting casino operations. However, management's projection of improved business conditions in Q4 coupled with their aggressive share repurchase program (
The company's strategic pivot through recent asset sales has streamlined operations, though the transition period is reflected in the current financial metrics. The maintenance of shareholder-friendly policies, including dividends and buybacks, despite operational challenges, indicates strong underlying financial health and management's commitment to capital return.
Blake Sartini, Chairman and Chief Executive Officer of Golden, commented, “In the third quarter, we have maintained our commitment to returning capital to shareholders through our regular dividend and share buyback program despite a challenging operating environment for our properties. We anticipate that business conditions will improve in the fourth quarter and, with our increased share buyback authorization currently at over
The Company repurchased 815,116 shares of common stock in the third quarter, at an average price of
Consolidated Results
The Company reported third quarter of 2024 revenues of
Debt and Liquidity
As of September 30, 2024, the Company’s total principal amount of debt outstanding was
As of September 30, 2024, the Company had cash and cash equivalents of
Investor Conference Call and Webcast
The Company will host a webcast and conference call today, November 7, 2024 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), to discuss the 2024 third quarter results. The conference call may be accessed live over the phone by dialing (877) 407-0789 or for international callers by dialing (201) 689-8562. A replay will be available beginning at 8:00 p.m. Eastern Time today and may be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the passcode is 13749554. The replay will be available until November 14, 2024. The call will also be webcast live through the “Investors” section of the Company’s website, www.goldenent.com. A replay of the audio webcast will also be archived on the Company’s website, www.goldenent.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding future events and the Company’s future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates. In addition, forward-looking statements in this press release include, without limitation statements regarding: the Company’s strategies, objectives, business opportunities and plans; anticipated future growth and trends in the Company’s business or key markets; the payment of recurring quarterly cash dividends; the continued repurchase of shares of the Company’s common stock; projections of future financial condition, operating results or other financial items; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause the actual results to differ materially include: changes in national, regional and local economic and market conditions; legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations); increases in gaming taxes and fees in the jurisdictions in which the Company operates; litigation; increased competition; reliance on key personnel (including our Chief Executive Officer, President and Chief Financial Officer, and Chief Operating Officer); the Company’s ability to comply with covenants in its debt instruments; terrorist incidents; natural disasters; severe weather conditions; the effects of environmental and structural building conditions; the effects of disruptions to the Company’s information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company’s filings with the SEC, including the “Risk Factors” sections of the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements presented in accordance with
The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. In addition, other companies in gaming industry may calculate Adjusted EBITDA differently than the Company does.
The Company defines “Adjusted EBITDA” as earnings before depreciation and amortization, non-cash lease expense, share-based compensation expense, gain or loss on disposal of assets and business, loss on debt extinguishment and modification, preopening and related expenses, interest, income taxes, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results, calculated before corporate overhead (which is not allocated to each reportable segment).
About Golden Entertainment
Golden Entertainment owns and operates a diversified entertainment platform, consisting of a portfolio of gaming and hospitality assets that focus on casino and branded tavern operations. Golden Entertainment owns eight casinos and 72 gaming taverns in
Golden Entertainment, Inc. Consolidated Statements of Operations (Unaudited, in thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
||||||||
Gaming |
|
$ |
75,684 |
|
|
$ |
165,177 |
|
|
$ |
240,880 |
|
|
$ |
535,619 |
|
Food and beverage |
|
|
41,849 |
|
|
|
44,507 |
|
|
|
128,623 |
|
|
|
137,312 |
|
Rooms |
|
|
28,938 |
|
|
|
31,417 |
|
|
|
89,760 |
|
|
|
92,912 |
|
Other |
|
|
14,762 |
|
|
|
16,625 |
|
|
|
43,351 |
|
|
|
56,615 |
|
Total revenues |
|
|
161,233 |
|
|
|
257,726 |
|
|
|
502,614 |
|
|
|
822,458 |
|
Expenses |
|
|
|
|
|
|
|
|
||||||||
Gaming |
|
|
20,141 |
|
|
|
94,820 |
|
|
|
67,796 |
|
|
|
307,126 |
|
Food and beverage |
|
|
34,226 |
|
|
|
33,576 |
|
|
|
102,702 |
|
|
|
101,243 |
|
Rooms |
|
|
16,202 |
|
|
|
15,978 |
|
|
|
48,888 |
|
|
|
46,118 |
|
Other |
|
|
4,276 |
|
|
|
5,487 |
|
|
|
11,140 |
|
|
|
17,222 |
|
Selling, general and administrative |
|
|
57,056 |
|
|
|
67,727 |
|
|
|
173,130 |
|
|
|
196,856 |
|
Depreciation and amortization |
|
|
22,626 |
|
|
|
22,213 |
|
|
|
67,362 |
|
|
|
67,175 |
|
Gain on disposal of assets |
|
|
(256 |
) |
|
|
(5 |
) |
|
|
(242 |
) |
|
|
(125 |
) |
Gain on sale of business |
|
|
— |
|
|
|
(305,829 |
) |
|
|
(68,944 |
) |
|
|
(305,829 |
) |
Preopening expenses |
|
|
234 |
|
|
|
50 |
|
|
|
377 |
|
|
|
575 |
|
Total expenses (income) |
|
|
154,505 |
|
|
|
(65,983 |
) |
|
|
402,209 |
|
|
|
430,361 |
|
Operating income |
|
|
6,728 |
|
|
|
323,709 |
|
|
|
100,405 |
|
|
|
392,097 |
|
Non-operating expense |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
|
(7,959 |
) |
|
|
(15,306 |
) |
|
|
(27,255 |
) |
|
|
(52,345 |
) |
Loss on debt extinguishment and modification |
|
|
— |
|
|
|
— |
|
|
|
(4,446 |
) |
|
|
(405 |
) |
Total non-operating expense, net |
|
|
(7,959 |
) |
|
|
(15,306 |
) |
|
|
(31,701 |
) |
|
|
(52,750 |
) |
(Loss) income before income tax benefit (provision) |
|
|
(1,231 |
) |
|
|
308,403 |
|
|
|
68,704 |
|
|
|
339,347 |
|
Income tax benefit (provision) |
|
|
6,398 |
|
|
|
(67,187 |
) |
|
|
(20,951 |
) |
|
|
(74,219 |
) |
Net income |
|
$ |
5,167 |
|
|
$ |
241,216 |
|
|
$ |
47,753 |
|
|
$ |
265,128 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
28,153 |
|
|
|
28,827 |
|
|
|
28,557 |
|
|
|
28,662 |
|
Diluted |
|
|
29,408 |
|
|
|
30,794 |
|
|
|
30,141 |
|
|
|
30,900 |
|
Net income per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.18 |
|
|
$ |
8.37 |
|
|
$ |
1.67 |
|
|
$ |
9.25 |
|
Diluted |
|
$ |
0.18 |
|
|
$ |
7.83 |
|
|
$ |
1.58 |
|
|
$ |
8.58 |
|
Golden Entertainment, Inc. Reconciliation of Adjusted EBITDA (Unaudited, in thousands) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
||||||||
Nevada Casino Resorts |
|
$ |
99,547 |
|
|
$ |
105,524 |
|
|
$ |
301,652 |
|
|
$ |
308,262 |
|
Nevada Locals Casinos |
|
|
35,405 |
|
|
|
37,901 |
|
|
|
112,262 |
|
|
|
118,968 |
|
Nevada Taverns |
|
|
26,042 |
|
|
|
26,540 |
|
|
|
82,001 |
|
|
|
81,452 |
|
Corporate and other |
|
|
239 |
|
|
|
166 |
|
|
|
680 |
|
|
|
8,963 |
|
Total Revenues - Continuing Operations |
|
|
161,233 |
|
|
|
170,131 |
|
|
|
496,595 |
|
|
|
517,645 |
|
Distributed Gaming |
|
|
— |
|
|
|
81,872 |
|
|
|
6,019 |
|
|
|
261,357 |
|
Maryland Casino Resort |
|
|
— |
|
|
|
5,723 |
|
|
|
— |
|
|
|
43,456 |
|
Total Revenues - Divested Operations |
|
|
— |
|
|
|
87,595 |
|
|
|
6,019 |
|
|
|
304,813 |
|
Total Revenues |
|
$ |
161,233 |
|
|
$ |
257,726 |
|
|
$ |
502,614 |
|
|
$ |
822,458 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
||||||||
Nevada Casino Resorts |
|
$ |
24,614 |
|
|
$ |
30,837 |
|
|
$ |
78,897 |
|
|
$ |
90,592 |
|
Nevada Locals Casinos |
|
|
14,274 |
|
|
|
16,878 |
|
|
|
48,738 |
|
|
|
56,509 |
|
Nevada Taverns |
|
|
5,317 |
|
|
|
7,519 |
|
|
|
20,669 |
|
|
|
24,507 |
|
Corporate and other |
|
|
(10,191 |
) |
|
|
(12,116 |
) |
|
|
(32,590 |
) |
|
|
(38,673 |
) |
Total Adjusted EBITDA - Continuing Operations |
|
|
34,014 |
|
|
|
43,118 |
|
|
|
115,714 |
|
|
|
132,935 |
|
Distributed Gaming |
|
|
— |
|
|
|
8,441 |
|
|
|
484 |
|
|
|
28,175 |
|
Maryland Casino Resort |
|
|
— |
|
|
|
1,626 |
|
|
|
— |
|
|
|
12,652 |
|
Total Adjusted EBITDA - Divested Operations |
|
|
— |
|
|
|
10,067 |
|
|
|
484 |
|
|
|
40,827 |
|
Total Adjusted EBITDA |
|
|
34,014 |
|
|
|
53,185 |
|
|
|
116,198 |
|
|
|
173,762 |
|
Adjustments |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
(22,626 |
) |
|
|
(22,213 |
) |
|
|
(67,362 |
) |
|
|
(67,175 |
) |
Non-cash lease benefit (expense) |
|
|
65 |
|
|
|
10 |
|
|
|
298 |
|
|
|
(14 |
) |
Share-based compensation |
|
|
(2,969 |
) |
|
|
(3,444 |
) |
|
|
(8,688 |
) |
|
|
(10,625 |
) |
Gain on disposal of assets |
|
|
256 |
|
|
|
5 |
|
|
|
242 |
|
|
|
125 |
|
Gain on sale of business |
|
|
— |
|
|
|
305,829 |
|
|
|
68,944 |
|
|
|
305,829 |
|
Loss on debt extinguishment and modification |
|
|
— |
|
|
|
— |
|
|
|
(4,446 |
) |
|
|
(405 |
) |
Preopening and related expenses (1) |
|
|
(234 |
) |
|
|
(50 |
) |
|
|
(377 |
) |
|
|
(575 |
) |
Other, net |
|
|
(1,778 |
) |
|
|
(9,613 |
) |
|
|
(8,850 |
) |
|
|
(9,230 |
) |
Interest expense, net |
|
|
(7,959 |
) |
|
|
(15,306 |
) |
|
|
(27,255 |
) |
|
|
(52,345 |
) |
Income tax benefit (provision) |
|
|
6,398 |
|
|
|
(67,187 |
) |
|
|
(20,951 |
) |
|
|
(74,219 |
) |
Net income |
|
$ |
5,167 |
|
|
$ |
241,216 |
|
|
$ |
47,753 |
|
|
$ |
265,128 |
|
(1) |
Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and food and beverage and other venues within the casino locations. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107724215/en/
Investor Relations
Charles H. Protell
President and Chief Financial Officer
(702) 893-7777
James Adams
Vice President of Corporate Finance and Treasurer
(702) 495-4470
james.adams@goldenent.com
Source: Golden Entertainment, Inc.
FAQ
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