Revenue Performance - Total revenues for the three months ended September 30, 2024, decreased by $96.5 million, or 37%, compared to the prior year period, primarily due to the exclusion of Rocky Gap and distributed gaming operations in Montana and Nevada [106]. - Gaming revenues decreased by $89.5 million, food and beverage revenues decreased by $2.7 million, room revenues decreased by $2.5 million, and other revenues decreased by $1.8 million for the same period [106]. - Revenues decreased by $319.8 million, or 39%, for the nine months ended September 30, 2024, compared to the prior year, driven by declines in gaming ($294.7 million), food and beverage ($8.7 million), rooms ($3.1 million), and other revenues ($13.3 million) [107]. - Revenues for Nevada Casino Resorts decreased by $6.0 million, or 6%, for the three months ended September 30, 2024, attributed to lower visitation and reduced entertainment offerings [123]. - Revenues for Nevada Locals Casinos decreased by $2.5 million, or 7%, for the three months ended September 30, 2024, primarily due to lower gaming revenue from reduced visitation [126]. - Revenues for Nevada Taverns decreased by $0.5 million, or 2%, for the three months ended September 30, 2024, mainly due to declines in gaming and food and beverage revenues, offset by an increase in other revenues [129]. - For the nine months ended September 30, 2024, revenues increased by $0.5 million, or 1%, primarily due to a $2.8 million increase in other revenues, despite decreases in gaming and food and beverage revenues [130]. Operating Income and Expenses - Operating income for the three months ended September 30, 2024, was $6.7 million, a significant decrease from $323.7 million in the prior year period [104]. - The company reported a $241.2 million, or 51%, decrease in operating expenses for the nine months ended September 30, 2024, mainly from declines in gaming ($239.3 million) and other expenses ($6.1 million) [109]. - Operating expenses decreased by $75.0 million, or 50%, for the three months ended September 30, 2024, primarily due to a $74.7 million decrease in gaming expenses and a $1.2 million decrease in other operating expenses [108]. - Selling, general and administrative (SG&A) expenses decreased by $10.7 million, or 16%, for the three months ended September 30, 2024, primarily due to the exclusion of results from Rocky Gap and distributed gaming operations [110]. Net Income and Adjusted EBITDA - Net income for the three months ended September 30, 2024, was $5.2 million, compared to $241.2 million in the same period last year [104]. - Adjusted EBITDA decreased by $34,014 for the three months ended September 30, 2024, compared to $53,185 in the prior year, reflecting a decrease of $19,171 [121]. - Adjusted EBITDA decreased by $2.6 million, or 15%, for the three months ended September 30, 2024, and by $7.8 million, or 14%, for the nine months ended September 30, 2024, primarily due to higher labor costs and reduced revenues compared to prior year periods [128]. - Adjusted EBITDA margins for Nevada Casino Resorts, Nevada Locals Casinos, and Nevada Taverns were 25%, 40%, and 20% respectively for the three months ended September 30, 2024, down from 29%, 45%, and 28% in the prior year [132]. Strategic Decisions and Acquisitions - The company completed the sale of Rocky Gap Casino Resort for $260.0 million on July 25, 2023, and distributed gaming operations in Montana for $109.0 million on September 13, 2023 [91]. - The company acquired Lucky's Lounge & Restaurant for $10.0 million on November 21, 2023, and Great American Pub for $7.3 million on April 22, 2024, expanding its branded tavern portfolio [92]. Cash Flow and Financing - Net cash provided by operating activities decreased by $58.5 million, or 46%, for the nine months ended September 30, 2024, compared to the prior year, primarily due to a decrease in operating income from divestitures [139]. - Net cash provided by investing activities was $155.1 million for the nine months ended September 30, 2024, mainly from the sale of distributed gaming operations in Nevada [140]. - Net cash used in financing activities increased by $85.9 million, or 32%, for the nine months ended September 30, 2024, primarily due to a $276.5 million payment to redeem 2026 Unsecured Notes [141]. - The company repurchased 1,804,233 shares of common stock at an average price of $30.67 per share for a total of $55.4 million during the nine months ended September 30, 2024 [144]. Tax and Interest Rates - The effective income tax rate was 519.7% for the three months ended September 30, 2024, significantly higher than the federal income tax rate of 21%, primarily due to benefits from the reduction of uncertain tax positions [117]. - The weighted-average effective interest rate on outstanding borrowings under the Credit Facility was 7.56% for the three months ended September 30, 2024 [156]. Operational Insights - The Nevada Casino Resorts segment caters primarily to a regional drive-in customer base, with a larger number of hotel rooms compared to other properties [95]. - The company’s Nevada Locals Casinos segment typically experiences a higher frequency of customer visits compared to casino resort properties [99]. - The company’s strategic decision to reduce entertainment offerings at the Laughlin Event Center contributed to decreased visitation and lower revenues [106]. - Depreciation and amortization expenses increased by $0.4 million, or 2%, for the three months ended September 30, 2024, mainly due to the addition of new locations and asset depreciation [113]. - As of September 30, 2024, the company operated 72 branded taverns with over 1,100 onsite slot machines [102]. - As of September 30, 2024, the company had $68.6 million in cash and cash equivalents and $240 million in borrowing availability under its Revolving Credit Facility [135].

Core Insights - Golden Entertainment reported a revenue of $161.23 million for the quarter ended September 2024, reflecting a 37.4% decrease year-over-year and a slight miss of 0.61% against the Zacks Consensus Estimate of $162.22 million [1] - The company achieved an EPS of $0.18, a significant improvement from -$0.02 in the same quarter last year, resulting in an EPS surprise of +80.00% compared to the consensus estimate of $0.10 [1] Financial Performance Metrics - Net Revenue from Nevada Casino Resorts was $99.55 million, slightly below the average estimate of $101.90 million [3] - Net Revenue from Nevada Locals Casinos reached $35.41 million, exceeding the average estimate of $33.70 million [3] - Net Revenue from Nevada Taverns was $26.04 million, surpassing the average estimate of $25.65 million [3] - Total Casino Revenues amounted to $161.23 million, significantly above the average estimate of $135.60 million [3] - Net Revenue from Corporate and Other was $0.24 million, below the average estimate of $0.35 million [3] - Adjusted EBITDA for Corporate and Other was -$10.19 million, better than the average estimate of -$12.17 million [3] - Adjusted EBITDA for Nevada Casino Resorts was $24.61 million, lower than the average estimate of $26.70 million [3] - Adjusted EBITDA for Nevada Taverns was $5.32 million, below the average estimate of $6.50 million [3] - Adjusted EBITDA for Nevada Locals Casinos was $14.27 million, slightly below the average estimate of $15.07 million [3] - Total Adjusted EBITDA for Casinos was $34.01 million, significantly lower than the average estimate of $41.77 million [3] Stock Performance - Over the past month, shares of Golden Entertainment have returned +3.1%, compared to a +3.2% change in the Zacks S&P 500 composite [4] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [4]

Core Viewpoint - Golden Entertainment reported quarterly earnings of $0.18 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, and showing a significant improvement from a loss of $0.02 per share a year ago, representing an earnings surprise of 80% [1] Financial Performance - The company posted revenues of $161.23 million for the quarter ended September 2024, which missed the Zacks Consensus Estimate by 0.61% and decreased from $257.73 million in the same quarter last year [2] - Over the last four quarters, Golden Entertainment has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] Stock Performance - Golden Entertainment shares have declined approximately 22.9% since the beginning of the year, contrasting with the S&P 500's gain of 24.3% [3] - The current Zacks Rank for Golden Entertainment is 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.25 on revenues of $171.12 million, and for the current fiscal year, it is $1.73 on revenues of $673.24 million [7] - The estimate revisions trend for Golden Entertainment has been unfavorable ahead of the earnings release, which may impact future stock movements [6] Industry Context - The Gaming industry, to which Golden Entertainment belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Another company in the same industry, International Game Technology (IGT), is expected to report a significant decline in earnings and revenues, indicating broader industry pressures [9][10]

Financial Performance - The Company reported third quarter revenue of $161.2 million, a decrease of 37.5% compared to $257.7 million in the same quarter of 2023[3]. - Adjusted EBITDA for the third quarter was $34.0 million, down 36.1% from $53.2 million in the prior year[3]. - Net income for the third quarter was $5.2 million, or $0.18 per diluted share, compared to $241.2 million, or $7.83 per diluted share, in Q3 2023[3]. - Total revenues for the three months ended September 30, 2024, were $161,233,000, a decrease of 5.3% from $170,131,000 in the same period of 2023[15]. - Adjusted EBITDA for continuing operations was $34,014,000, down 21.1% from $43,118,000 year-over-year[15]. - Net income for the three months ended September 30, 2024, was $5,167,000, compared to $241,216,000 in the same period of 2023, reflecting a significant decline[15]. - Revenues from Nevada Casino Resorts decreased to $99,547,000 from $105,524,000, a decline of 5.9%[15]. - Revenues from Nevada Locals Casinos fell to $35,405,000, down 6.6% from $37,901,000 year-over-year[15]. - Total revenues from divested operations were $87,595,000 for the three months ended September 30, 2023, compared to $6,019,000 in 2024[15]. - The company reported a gain on the sale of business amounting to $305,829,000 in the three months ended September 30, 2023[15]. - Interest expense, net, decreased to $7,959,000 from $15,306,000, indicating improved financial management[15]. - The income tax benefit for the three months ended September 30, 2024, was $6,398,000, compared to a provision of $67,187,000 in the same period of 2023[15]. - Corporate and other segments reported an adjusted EBITDA loss of $(10,191,000) for the three months ended September 30, 2024, compared to a loss of $(12,116,000) in 2023[15]. Share Repurchase and Dividends - The Company repurchased 815,116 shares at an average price of $31.65 per share for a total of $25.8 million during the third quarter[2]. - Year-to-date, the Company has repurchased 1.94 million shares at an average price of $30.70 per share, totaling $59.5 million[2]. - The Board of Directors authorized a recurring quarterly cash dividend of $0.25 per share, payable on January 7, 2025[1]. - The Company anticipates improved business conditions in the fourth quarter and plans to continue share repurchases throughout the year[2]. Debt and Cash Position - As of September 30, 2024, total debt outstanding was $399.0 million, primarily consisting of $395.0 million in term loan borrowings[4]. - The Company had cash and cash equivalents of $68.6 million and no outstanding borrowings under its $240 million revolving credit facility as of September 30, 2024[4]. Business Operations - The decline in revenue and Adjusted EBITDA was primarily due to the sale of the Rocky Gap Casino Resort and distributed gaming operations in 2023[3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________ FORM 10-Q ________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-24993 ____________________________ ...

Golden Entertainment, Inc. (NASDAQ:GDEN) Q2 2024 Earnings Call August 8, 2024 5:00 PM ET Company Participants James Adams - Investor Relations Blake Sartini - Founder, Chairman and Chief Executive Officer Charles Protell - President and Chief Financial Officer Conference Call Participants Barry Jonas - Truist Securities Jordan Bender - Citizens JMP David Katz - Jefferies Group John DeCree - CBRE Chad Beynon - Macquarie Carlo Santarelli - Deutsche Bank Operator Good afternoon, ladies and gentlemen. Thank you ...

For the quarter ended June 2024, Golden Entertainment (GDEN) reported revenue of $167.33 million, down 41.6% over the same period last year. EPS came in at $0.16, compared to $0.40 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $176.34 million, representing a surprise of -5.11%. The company delivered an EPS surprise of -27.27%, with the consensus EPS estimate being $0.22. While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

Golden Entertainment (GDEN) came out with quarterly earnings of $0.16 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.40 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -27.27%. A quarter ago, it was expected that this gaming services provider would post earnings of $0.13 per share when it actually produced a loss of $0.37, delivering a surprise of -384.62%. Over the last fo ...

Exhibit 99.1 GOLDEN ENTERTAINMENT REPORTS 2024 SECOND QUARTER RESULTS LAS VEGAS – August 8, 2024 – Golden Entertainment, Inc. (NASDAQ: GDEN) ("Golden Entertainment" or the "Company") today reported financial results for the second quarter ended June 30, 2024. The Company reported second quarter revenue of $167.3 million, net income of $0.6 million and Adjusted EBITDA of $41.2 million. In addition, on August 6, 2024, the Company's Board of Directors authorized the Company's third recurring quarterly cash div ...

Wall Street analysts forecast that Golden Entertainment (GDEN) will report quarterly earnings of $0.22 per share in its upcoming release, pointing to a year-over-year decline of 45%. It is anticipated that revenues will amount to $176.34 million, exhibiting a decline of 38.5% compared to the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.6% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their ...