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Golden Entertainment posted a slight decline in second quarter revenue to $289 million.Linen provider issues impact Strat's earnings

Gaming company based in Nevada golden entertainment announced on thursday result Q2 2022For the period ended June 30, The business had revenue of $289.4 million, down just 1% From the same time in 2021.

Post more business Adjusted EBITDA of $75 million, down 18% from $91 million in the previous year, Adjusted EBITDA margin of 26% against an Adjusted EBITDA of 31% Q2 2021.In addition, Golden Entertainment’s Net income for the period was $21.2 milliondown from $103 million.

Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, said:commented: “Our operational discipline underpinned our strong performance in the second quarter. Offsetting challenges in the current economic environment. We have maintained adjusted EBITDA margins over the past four quarters as we continue to exceed 2019 performance levels. ”


Golden Entertainment's Blake Sartini.

The company also broke down the number of casino resorts in Nevada. revenue of $39.8 million, Adjusted EBITDA was $19.8 million, compared with $43.5 million in the second quarter of 2021, compared with $23.6 million in the year-ago quarter. This year’s adjusted EBITDA margin decreased slightly to 50%, compared to a margin of 54% in the second quarter of 2021.

Our strong cash flow generation allowed us to allocate capital to debt reduction Also returns capital to shareholders through share buybacksSince early 2021, we have reduced debt by approximately $200 million and since December 2021 have repurchased approximately $50 million of our common stock. for the rest of the year, We will continue to focus on maintaining the health of our balance sheet and returning capital to shareholders when the opportunity arises,” Sartini added.


Golden Entertainment's Arizona Charlie’s

Company’s Maryland Casino Resort -Rocky Gap Resort Casino- Revenue was $20.Five One million, compared to $twenty one.2 1 million in 2021. Adjusted EBITDA was $7.2 million, compared with $8.3 million last year, for an adjusted EBITDA margin of 35%.

Decentralized game revenue (including company-branded bar games) was $1twenty one.Four One million Q2 for both 2021 and 2022. Adjusted EBITDA was $22.2 million with an adjusted EBITDA margin of 18%.

As announced, Golden Entertainment is pleased with its position as the largest tavern and slot route operator in Nevada. Use the stock price to buy back your own shares and pay off your debt.


Golden Entertainment's The Strat in Las Vegas

as a company PT’s tavern, slots routes and casino business continues to generate solid earnings. -include strat, Arizona Charliecasinos and properties in resorts in Laughlin, Pahrump, and Maryland golden reported linen service provider issues that impacted STRAT’s revenue.

“We estimate that this resulted in over 15,000 room nights and $2 million to $3 million in lost[revenue]at The STRAT in the second quarter.” Charles Protell, President and Chief Financial Officer of Golden Entertainment, said: told investors on Thursday, according to KLAS-TV“Since then, we have moved to alternative linen suppliers and do not expect similar problems in the future.”

Protell also said the company’s Las Vegas property was “drafted” from the returning convention business. Conventions are not a big part of their business offering, but they do provide rooms for convention attendees.

Golden owns three facilities in Laughlin. The Aquarius Casino Resort, the Edgewater Hotel and Casino, and the now-closed Colorado Belle Resort. Sartini said Golden still maintains its Colorado Belle gaming license and sees the property as a unique opportunity to come “at the right time.”

Golden Entertainment owns and operates an entertainment portfolio consisting of gaming assets focused on casino and decentralized gaming operations. In total, we operate 6,200 hotel rooms in over 16,900 slots, 120 table games and 10 casinos. Nine of them are in southern Nevada and one in Maryland..

Golden Entertainment operates video game devices in approximately 1,100 locations through its distributed gaming operations in Nevada and Montana. We own 65 traditional taverns in Nevada. Golden Entertainment also has licenses to operate video game terminals in Illinois and Pennsylvania.

View Golden Entertainment’s investor presentation and second quarter results here.

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