Golden Entertainment reported a decrease in revenue to $207.2 million compared to $239.9 million in the first quarter of 2019. The company experienced a net loss of $32.6 million, or $1.17 per share, compared to a net loss of $8.0 million, or $0.29 per share, in the first quarter of 2019. Adjusted EBITDA was $30.3 million compared to $48.4 million for the first quarter of 2019.
Q1 results were negatively impacted by the mandated closure of all operations in March due to the COVID-19 pandemic.
The company significantly reduced cash outlays to preserve liquidity.
The revolver was fully drawn in March, creating a cash position of over $300 million.
Montana distributed gaming operations reopened on May 4th statewide.
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