Golden Entertainment posts 79% decrease in net income for Q2

By Gambling Insider

Golden Entertainment has reported second quarter revenue of $289.4m, a 1% decrease from last year’s $292.5m.

For Q2, Golden’s top-line results remained relatively consistent year-on-year. However, this was offset by a modest cost hike, which in turn contributed to a decrease in profitability.

Total expenses for Q2 amounted to $244.8m, up 5%, while Golden’s second quarter net income came to $21.2m, a 79% drop when compared to last year’s $103m.

In addition, adjusted EBITDA fell from $91m to $75m, while Golden’s adjusted EBITDA margin fell from 31% to 26%.

But Golden’s Chairman and CEO, Blake Sartini, maintained a positive outlook, commenting: “Our operating discipline supported strong second quarter results and offset challenges in the current economic environment.

“We have maintained our adjusted EBITDA margin over the last four quarters as we continue to exceed 2019 performance levels.”

One area that did see revenue rise was Golden’s ‘Nevada Casino Resorts.’ This segment generated $107.5m, up from $106m. However, this increase came in spite of a drop in gaming revenue, which decreased by 8% to $46.1m.

On a half year basis, Golden produced $563m in revenue, a 6% rise from last year’s $532.2m. Again though, this was offset by rising costs.

Total expenses for H1 amounted to $485.5m, up from $445.8m, while net income dropped from $113.6m to $57.3m.

Sartini continued: “Since the beginning of 2021 we have reduced indebtedness by nearly $200m and since December 2021 we have repurchased almost $50m of our common stock.

“For the rest of the year, we expect to remain focused on maintaining the strength of our balance sheet and opportunistically returning capital to shareholders.”

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