American land based casino operator Golden Entertainment Inc has reported a 3.9% year-on-year rise in its net revenues during the third quarter of 2017.
In its third financial report of 2017 the company reported net revenues of $108.3m, beating the quarter three 2016 total of $104.2m, while company net income grew by a whopping 557.1%, rising from the $1.3m reported in quarter three 2016 to $8.6m.
Adjusted earnings before interest taxation depreciation and amortisation jumped 20.1% to $15m from a Q3 2016 amount of $12.5m.
Golden Entertainment group owns four casinos, 56 bars, approximately 12,000 gaming devices and 25 table games in Nevada, Maryland and Montana operating in over 1,000 different gaming locations all across the USA.
Blake L. Sartini, Chairman and Chief Executive Officer of Golden Entertainment said: “Our distributed gaming and casino businesses continue to deliver strong financial results, with the 2017 third quarter benefiting from 6.5% Adjusted EBITDA growth in our distributed gaming business and a 37.1% rise in Adjusted EBITDA from our casino business.
In total, Golden Entertainment generated third quarter 2017 consolidated Adjusted EBITDA growth of 20.1%, marking our third consecutive quarter of double digit Adjusted EBITDA growth this year.”
Earlier this year the company agreed an $850m deal to purchase three properties in Las Vegas including the Stratosphere Casino, Hotel & Tower, Arizona Charlie’s Decatur and Arizona Charlie’s Boulder, as well as a fourth property, the Aquarius Casino Resort in Laughlin from the American Casino & Entertainment Properties group.
In order to finance the $781m cash part of the deal, Golden Entertainment have agreed refinancing deals with major US banks including JP Morgan Chase, Credit Suisse, Morgan Stanley and Macquarie Capital for a total of $1.1bn. Nevada regulators okayed the $850m acquisition deal only last month.
Sartini added: “I am delighted to welcome the American team to the Golden Entertainment family. Looking toward the balance of 2017 and 2018, we are excited by the growth prospects for our entire portfolio of casino properties and distributed gaming operations which together support our goal of further enhancing shareholder value.”
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