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Mar 31, 2023
Golden Entertainment Q1 2023 Earnings Report
Reported a revenue increase with elevated costs impacting Adjusted EBITDA.
Key Takeaways
Golden Entertainment reported a revenue increase of 2% to $278.1 million for Q1 2023, but net income decreased to $11.6 million, or $0.38 per fully diluted share, compared to $36.1 million, or $1.12 per fully diluted share, for Q1 2022. Adjusted EBITDA also decreased to $62.2 million from $67.3 million in the same period last year. The company announced the sale of its Nevada and Montana distributed gaming businesses.
Revenue for the first quarter was $278.1 million, a 2% increase year-over-year.
Net income for the first quarter was $11.6 million, or $0.38 per fully diluted share.
Adjusted EBITDA for the first quarter was $62.2 million.
Announced the sale of Nevada and Montana Distributed Gaming businesses, expected to close by year-end.
Revenue by Geographic Location
Forward Guidance
The company expects the sale of distributed gaming businesses to close by the end of 2023 and the sale of Rocky Gap property in Maryland to close by the end of June. Proceeds from these transactions will further reduce leverage.
Positive Outlook
- Sale of distributed gaming businesses expected to close by year-end.
- Sale of Rocky Gap property expected to close by the end of June.
- Sales proceeds will further reduce leverage.
- Company will focus on investing in wholly-owned casino assets.
- Company will focus on growing tavern portfolio in Nevada.
Challenges Ahead
- Elevated costs relative to last year continued to impact Adjusted EBITDA.
- Failure to obtain, or delays in obtaining, required regulatory approvals or clearances for the Transactions.
- Failure to satisfy any of the closing conditions to any of the Transactions on a timely basis or at all.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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