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Golden Entertainment reports 14% Q1 revenue increase

Golden Entertainment, Inc. has reported revenue of $273.6m for the first quarter of 2022, a 14% increase from the first quarter of 2021.

golden ent q1 2022 gi web image

Gaming accounted for $190.8m of total revenue. Nevada Casino Resorts represented $96.4m of the $273.6m total, with Nevada Locals Casinos amounting to $39.9m. Maryland Casino Resort posted revenue of $17.9m, with Distributed Gaming revenue amounting to $119.2m.

The group reported Q1 2022 net income of $36.1, compared to $10.6m in Q1 2021. Adjusted EBITDA meanwhile grew 13% to $67.3, with the Adjusted EBITDA margin at 25% for both periods.

Adjusted EBITDA for Nevada Casino Resorts for Q1 2022 was $33.6m, with Nevada Locals Casinos posting a figure of $20m. Maryland Casino Resort Adjusted EBITDA was $5.6m, while the figure for Distributed Gaming was $22.1m.

“Our record first quarter results reflect a continuation of the strong financial performance we delivered over 2021,” said Golden Entertainment Chairman and CEO Blake Sartini.

“Our strong cash flow has allowed us to reduce debt while returning capital to shareholders through our share repurchase program. Since the beginning of 2021 we have reduced indebtedness by $158m and since December 2021 we have also repurchased more than $25m of our common stock.

“We expect to remain focused on returning capital to shareholders as the strength in our business continues.”

Golden Entertainment currently owns 10 casinos; nine in Southern Nevada and one in Maryland. The company operates video gaming devices at over 1,000 locations, and owns 65 traditional taverns in Nevada.


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