Golden Entertainment, Inc. (GDEN) (“Golden Entertainment” or the “Company”), a leading distributed gaming operator and owner of taverns and casinos, today announced financial results for the fourth quarter and year ended December 31, 2016 as summarized below. For comparative purposes, the 2015 results as presented include unaudited results of Sartini Gaming, Inc. (“Sartini Gaming”), which merged with a subsidiary of Lakes Entertainment (the “Merger”) on July 31, 2015 to form Golden Entertainment. Consolidated Results (2016) and Combined Results (2015) (Unaudited, in thousands) Three Months Ended Twelve Months Ended December 31,2016 December 31,2015 % Change December 31,2016 December 31,2015(1) % Change Net Revenues Distributed Gaming $ 81,190 $ 63,277 28.3 % $ 305,792 $ 249,287 22.7 % Casinos 24,101 23,108 4.3 % 97,132 95,777 1.4 % Corporate and other 95 50 90.0 % 280 373 -24.9 % $ 105,386 $ 86,435 21.9 % $ 403,204 $ 345,437 16.7 % Net Income (Loss) Distributed Gaming $ 5,243 $ 6,316 -17.0 % $ 22,323 $ 25,096 -11.0 % Casinos 3,723 3,021 23.2 % 16,117 9,304 73.2 % Corporate and other 993 14,069 -92.9 % (22,140 ) (15,242 ) 45.3 % $ 9,959 $ 23,406 -57.5 % $ 16,300 $ 19,158 -14.9 % Adjusted EBITDA(2) Distributed Gaming $ 11,490 $ 8,971 28.1 % $ 43,555 $ 36,710 18.6 % Casinos 5,453 4,787 13.9 % 23,571 20,044 17.6 % Corporate and other (4,780 ) (4,333 ) 10.3 % (18,531 ) (16,337 ) 13.4 % $ 12,163 $ 9,425 29.1 % $ 48,595 $ 40,417 20.2 % (1) The combined financial information for the twelve months ended December 31, 2015 includes the Company’s audited consolidated statement of operations for the 2015 full year period and Sartini Gaming’s unaudited consolidated statement of operations for the seven months ended July 31, 2015. Combined select operating results have been prepared for illustrative purposes only and do not purport to be indicative of the results had the Merger occurred on the first day of such period. The combined results do not conform to SEC rules for pro forma financial information; however, we believe they provide investors with a meaningful comparison for the periods presented. (2) Adjusted EBITDA is a non-GAAP financial measure and definitions and disclosures, including reconciliations, are included at the end of the press release. Blake L. Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “Golden Entertainment’s record fourth quarter, including 21.9% net revenue and 29.1% Adjusted EBITDA growth, marked the conclusion to another successful and active year. Full year 2016 net revenues and Adjusted EBITDA were also records, growing 16.7% and 20.2% year-over-year over combined net revenues and combined adjusted EBITDA, respectively. Our strong fourth quarter and full year results reflect the ongoing expansion of our distributed gaming business, including the successful integration during the year of two acquisitions in Montana, where we now have a strong market position. In 2016, we also further grew our portfolio of wholly-owned taverns with five new openings and meaningfully improved the operating performance at our casinos.“Today, Golden Entertainment is a distributed gaming leader, with more than 10,000 devices at nearly 1,000 locations, including the largest footprint in Nevada and the second largest in Montana. Fourth quarter 2016 distributed gaming Adjusted EBITDA rose 28.1% year-over-year and benefited from the addition of approximately 2,900 gaming devices in Montana and five newly branded taverns in Las Vegas which opened during 2016. Last year’s Montana acquisitions extend our long-term record of success in building our distributed gaming business, and we are well positioned for organic and transaction-related growth in this market in 2017. In Nevada, we continue to transition our recurring-revenue, distributed gaming portfolio towards a greater percentage of higher margin, wholly-owned taverns. This is expected to increase our operating margin and allow for the re-allocation of capital and human resources to higher return opportunities. To this point, our market-leading Nevada taverns delivered 6.6% same store sales growth for 2016.“Our casino operations also performed well in the fourth quarter, with year-to-date Adjusted EBITDA rising 13.9% year-over-year over combined adjusted EBITDA, as we began to benefit from capital upgrades in Nevada and Maryland during the year. Our three casinos in Pahrump grew combined Adjusted EBITDA in 2016 despite construction disruptions, and our focus on disciplined operations led to a healthy rise in Adjusted EBITDA margins. At Rocky Gap Casino, we added gaming devices, updated the interior and expanded parking while refining our branding and marketing programs, leading to double digit Adjusted EBITDA growth in 2016 and healthy Adjusted EBITDA margin expansion. Importantly, Rocky Gap continued to grow revenues year-over-year despite the opening of a new casino property in Maryland in December 2016.“Looking forward, Golden Entertainment is well positioned for continued growth in 2017 and beyond. We are on schedule to open seven new Las Vegas taverns in 2017 and are already establishing a strong pipeline of new openings for 2018. As the largest branded tavern and distributed gaming operator in Nevada, we are a beneficiary of the state’s ongoing positive macroeconomic trends, and we expect our casinos to build on their strong fourth quarter momentum throughout 2017. Overall, our team remains focused on expanding our operations across existing and potential new markets, and we are evaluating strategic opportunities to add further scale to both our distributed gaming and casino businesses to create additional long-term value for shareholders.”Results for the Three Months Ended December 31, 2016Net revenues for the quarter were $105.4 million, compared to $86.4 million in the prior-year quarter, with the increase due primarily to the Company’s recently acquired Montana distributed gaming businesses and the opening of five new branded taverns in the Las Vegas Valley during 2016. Net revenues for the 2016 fourth quarter increased 21.9% compared to the prior year quarter.For the quarter, net income was $10.0 million, or $0.44 per diluted share, compared to $23.4 million, or $1.06 per diluted share, in the prior year quarter. The 2016 fourth quarter included a $5.1 million income tax benefit related to the release of a portion of the valuation allowance against deferred tax assets, while the prior year quarter benefited from a $23.6 million gain on the recovery of impaired notes receivable. During the fourth quarter of 2016, the Company incurred $0.6 million in preopening expenses compared to $0.3 million in the prior-year period. The results for the prior year quarter also included $0.9 million in Merger-related expenses.Adjusted EBITDA for the quarter was $12.2 million, an increase of 29.1% compared to $9.4 million in the prior year quarter, with the increase due primarily to the growth in the Company’s net revenues and a reduction in corporate expenses as a percentage of net revenues.Balance Sheet and LiquidityAs of December 31, 2016, the Company had cash and cash equivalents of $46.9 million and total outstanding debt of $185.7 million. Outstanding debt under the Company’s senior credit facility included $150 million in senior secured term loans and $30 million in borrowings under the Company’s revolving credit facility. As of December 31, 2016, the Company had $20 million of additional availability under its revolving credit facility. The full year weighted average effective interest rate on outstanding borrowings under these facilities was approximately 3.3%. Both the Company’s term loans and revolving credit facilities mature in July 2020.Charles H. Protell, Chief Strategy and Financial Officer, commented, “Given our portfolio of leading distributed gaming and casino assets, strong balance sheet and attractive cost of capital, we are well positioned to execute on our organic growth plan for 2017. We expect to fund planned 2017 capital expenditures of approximately $26 million as well as scheduled debt amortization of $12 million from operating cash flow. In addition, the Company continues to actively review strategic opportunities that could accelerate its growth profile while meaningfully increasing the Company’s financial scale.”Investor Conference Call and WebcastThe Company will host a webcast and conference call today, March 13, 2017 at 5:00 p.m. Eastern Time, to discuss the fourth quarter and full year 2016 results. The conference call may be accessed live by dialing 844/465-3054 or 480/685-5227 for international callers and entering the passcode 50816227. A replay will be available beginning at 8:00 p.m. ET on March 13, 2017 and may be accessed by dialing 855/859-2056 or 404/537-3406 for international callers; the passcode is 50816227. The replay will be available until March 16, 2017. The call will also be webcast live through the “Investors” section of the Company’s website, www.goldenent.com. A replay of the audio webcast will also be archived on the Company’s website, www.goldenent.com.If you have questions about Golden Entertainment or are interested in conducting a conference call with Golden Entertainment management, please contact JCIR at 212/835-8500 or gden@jcir.com.
18 March 2017
Weekly Superstock Scan 20 Mar 2017 - 24 Mar 2017 (1/2): Golden Entertainment, Inc (GDEN)
We will be seeing the first ever coverage on a US stock in this blog for the first time in 2017. And this week, we will be seeing not just one, two potential superstocks.
The first stock is one that I have posted on a year ago. Golden Entertainment, Inc (GDEN). Golden Entertainment, Inc (GDEN) is a diversified group of gaming companies that focus on distributed gaming (including tavern gaming) and casino and resort operations. On July 31, 2015, Sartini Gaming, Inc. merged with a subsidiary of Lakes Entertainment and the Company was subsequently renamed Golden Entertainment.
GDEN operates in two segments - distributed gaming and casinos. In the distributed gaming segment, GDEN operates gaming machine at grocery stores, convenience stores, restaurants, etc and operates 53 taverns with gaming machines. It is the largest operator of distributed gaming in Nevada. In the casinos segment, GDEN operates own and operate the Rocky Gap Casino Resort in Flintstone, Maryland and three casinos in Pahrump, Nevada: Pahrump Nugget Hotel Casino, Gold Town Casino and Lakeside Casino & RV Park.
Technical
Since I last posted on GDEN when it was trading at 11.82, the stock moved to a high of 14 and consolidated between $10.50 and $13.50 for the next 8 months. Last week, GDEN surged to close at $13.99 with more than two times its average trading volume after the release of a good set of Q4 2016 results.
Fundamental
Including the most recent quarter, GDEN has reported 5 consecutive quarters of year-on-year EPS growth. More importantly, the trailing 12 months EPS has turned from negative to positivesince 2016.
A caveat will be that the fourth quarter represents the first period in which the year ago comparison also includes the full results of Sartini Gaming, which was merged with the subsidiary of the company in July 2015.
In the quarter, GDEN reported 21.9% net revenue and 29.1% adjusted EBITDA growth, representing the successful integration of the two companies.
Growing Base of Wholly-Owned Taverns
GDEN operates branded taverns that offer a casually upscale environment catering to local patrons offering food, beer and other alcoholic beverages and typically include 15 onsite gaming devices. Theses taverns offer an avenue to attract a strong mix of millennials and Gen X customers, as compared to traditional casinos that attract an older demographic.
In 2017, GDEN planned to open seven new taverns in Nevada. Their focus in the Nevada distributed business is to drive financial performance by shifting our mix towards higher margin, wholly-owned tavern allocations from chain store locations.
Multiple Path for Growth
Other than developing new taverns, GDEN has multiple paths for growth. These include acquiring smaller distributed gaming operators, reinvesting in existing casino properties and pioneering new distributed gaming Jurisdictions.
In particular, GDEN is experienced in acquisition and completed 15 acquisitions in the past 13 years.
Matrices
- High TTM P/E: with a TTM EPS of $0.50, GDEN is trading at 28 times TTM P/E. The upside may be limited by the current high valuation.
- High float: The float of GDEN is 10.12 million shares but the average trading volume is just 44.5 thousand shares. The float/volume ratio is very high at 227 times.
Risk Factors/ Things I do not like
http://thetraderdiaries.blogspot.sg/2017/03/weekly-superstock-scan-20-mar-2017-24.html
Weekly Superstock Scan 20 Mar 2017 - 24 Mar 2017 (1/2): Golden Entertainment, Inc (GDEN)
We will be seeing the first ever coverage on a US stock in this blog for the first time in 2017. And this week, we will be seeing not just one, two potential superstocks.
The first stock is one that I have posted on a year ago. Golden Entertainment, Inc (GDEN). Golden Entertainment, Inc (GDEN) is a diversified group of gaming companies that focus on distributed gaming (including tavern gaming) and casino and resort operations. On July 31, 2015, Sartini Gaming, Inc. merged with a subsidiary of Lakes Entertainment and the Company was subsequently renamed Golden Entertainment.
GDEN operates in two segments - distributed gaming and casinos. In the distributed gaming segment, GDEN operates gaming machine at grocery stores, convenience stores, restaurants, etc and operates 53 taverns with gaming machines. It is the largest operator of distributed gaming in Nevada. In the casinos segment, GDEN operates own and operate the Rocky Gap Casino Resort in Flintstone, Maryland and three casinos in Pahrump, Nevada: Pahrump Nugget Hotel Casino, Gold Town Casino and Lakeside Casino & RV Park.
Technical
Fundamental
A caveat will be that the fourth quarter represents the first period in which the year ago comparison also includes the full results of Sartini Gaming, which was merged with the subsidiary of the company in July 2015.
In the quarter, GDEN reported 21.9% net revenue and 29.1% adjusted EBITDA growth, representing the successful integration of the two companies.
Growing Base of Wholly-Owned Taverns
Multiple Path for Growth
Other than developing new taverns, GDEN has multiple paths for growth. These include acquiring smaller distributed gaming operators, reinvesting in existing casino properties and pioneering new distributed gaming Jurisdictions.
In particular, GDEN is experienced in acquisition and completed 15 acquisitions in the past 13 years.
Matrices
- High TTM P/E: with a TTM EPS of $0.50, GDEN is trading at 28 times TTM P/E. The upside may be limited by the current high valuation.
- High float: The float of GDEN is 10.12 million shares but the average trading volume is just 44.5 thousand shares. The float/volume ratio is very high at 227 times.
Risk Factors/ Things I do not like
- Competition from online gaming- Various forms of internet gaming have been approved in Nevada, and legislation permitting internet gaming has been proposed by the federal government and other states. The expansion of internet gaming in Nevada and other jurisdictions could result in significant additional competition
- High debt- GDEN has $46.9 million of cash and cash equivalents at year end, total debt outstanding of $185.7 million including $150 million at senior secured term loans and $30 million of revolver borrowing.
http://thetraderdiaries.blogspot.sg/2017/03/weekly-superstock-scan-20-mar-2017-24.html
Matrices
- High TTM P/E: with a TTM EPS of $0.50, GDEN is trading at 28 times TTM P/E. The upside may be limited by the current high valuation.
- High float: The float of GDEN is 10.12 million shares but the average trading volume is just 44.5 thousand shares. The float/volume ratio is very high at 227 times.
Do you know Eldorado's stats?
- High TTM P/E: with a TTM EPS of $0.50, GDEN is trading at 28 times TTM P/E. The upside may be limited by the current high valuation.
- High float: The float of GDEN is 10.12 million shares but the average trading volume is just 44.5 thousand shares. The float/volume ratio is very high at 227 times.
Do you know Eldorado's stats?
@MarioGabelli:
$GDEN Opening "2 New" - Micro Casino / Taverns in Las Vegas
Units Number: #55 -&- #56
goo.gl/hW7GSt
New PT's Gold taverns coming soon to Southern Nevada: Valley View & Martin and Decatur & Silverado. Nos. 55 & 56 in Nevada for @GDENOfficialpic.twitter.com/Xhr8X523E2
$GDEN Opening "2 New" - Micro Casino / Taverns in Las Vegas
Units Number: #55 -&- #56
goo.gl/hW7GSt
New PT's Gold taverns coming soon to Southern Nevada: Valley View & Martin and Decatur & Silverado. Nos. 55 & 56 in Nevada for @GDENOfficialpic.twitter.com/Xhr8X523E2
Via @FantiniResearch - Maryland gaming bill signed by the governor gives @GDENOfficial a 10% tax break on slot revenue for buying machinespic.twitter.com/D2jAZxYnp4
earnings 5/4
Rocky Gap Casino Resort captures nine first place magazine honors
ROCKY GAP — Rocky Gap Casino Resort, a subsidiary of Las Vegas-based Golden Entertainment Inc., earned nine first place honors in Casino Player Magazine in the publication’s Best of Dining & Nightlife Awards Program.
Rocky Gap earned the recognition through a vote of the magazine’s readership in a competition that included Maryland’s six gaming properties.
Rocky Gap took first place in the following categories:
Best Buffet, Lakeside Restaurant; Best Seafood, Lakeside Restaurant; Best Burger Joint, LB’s Place; Best Coffee Shop, Little Munch; Best Outdoor Dining, Signatures Bar & Grill; Best Place to People Watch, On The Rocks; Best View, Lakeside Restaurant; and Best Place for Cocktails, On The Rocks.
Rocky Gap also earned first place for Best Overall Service.
Skylar Dice, general manager of the Rocky Gap Casino Resort, thanked the property’s guests who voted in the magazine’s survey. Dice also credited the resort’s team members, whose efforts in guest relations led to having the best overall service, topping the list of all Maryland casinos.
“We are proud of these honors because our restaurants, nightlife attractions and guest service successfully competed against all other casinos in Maryland,” Dice said. “These awards directly reflect the efforts of Rocky Gap’s approximately 465 team members.”
CUMBERLAND TIMES-NEWS, ctn@times-news.comhttp://www.times-news.com/news/business/rocky-gap-casino-resort-captures-nine-first-place-magazine-honors/article_a66dbc91-0e84-54ba-8a99-ad882b5e816d.html
Rocky Gap Casino Resort captures nine first place magazine honors
- CUMBERLAND TIMES-NEWS, ctn@times-news.com
CUMBERLAND TIMES-NEWS - Apr 16, 2017
ROCKY GAP — Rocky Gap Casino Resort, a subsidiary of Las Vegas-based Golden Entertainment Inc., earned nine first place honors in Casino Player Magazine in the publication’s Best of Dining & Nightlife Awards Program.
Rocky Gap earned the recognition through a vote of the magazine’s readership in a competition that included Maryland’s six gaming properties.
Rocky Gap took first place in the following categories:
Best Buffet, Lakeside Restaurant; Best Seafood, Lakeside Restaurant; Best Burger Joint, LB’s Place; Best Coffee Shop, Little Munch; Best Outdoor Dining, Signatures Bar & Grill; Best Place to People Watch, On The Rocks; Best View, Lakeside Restaurant; and Best Place for Cocktails, On The Rocks.
Rocky Gap also earned first place for Best Overall Service.
Skylar Dice, general manager of the Rocky Gap Casino Resort, thanked the property’s guests who voted in the magazine’s survey. Dice also credited the resort’s team members, whose efforts in guest relations led to having the best overall service, topping the list of all Maryland casinos.
“We are proud of these honors because our restaurants, nightlife attractions and guest service successfully competed against all other casinos in Maryland,” Dice said. “These awards directly reflect the efforts of Rocky Gap’s approximately 465 team members.”
CUMBERLAND TIMES-NEWS, ctn@times-news.comhttp://www.times-news.com/news/business/rocky-gap-casino-resort-captures-nine-first-place-magazine-honors/article_a66dbc91-0e84-54ba-8a99-ad882b5e816d.html
ROCKY GAP CASINO – RESORT PROPERTY
Posted on April 26, 2017 manager
The entire Rocky Gap Casino Resort complex is owned by: Golden Entertainment, Inc.
Video Reference Link Click HERE
About: The Rocky Gap Casino Resort
Rocky Gap Casino Resort is a AAA / 4-Diamond Award® -and- TripAdvisor Certificate of Excellence award winning resort
The Resort sits on 243-acres of waterfront lakeside property that is located in Rocky Gap State Park near Cumberland, Maryland
The resort features 210 hotel rooms -&- 18 Luxury Suites
The Rocky Gap Casino is located in the 6 story “Lodge Themed” main hotel buiding complex
The casino offers 634 slot machines.. 18 table games -and- 2 Large casino bars.
The Resort is attached to the only – 18 hole – “Jack Nicklaus Signature” – Golf Course in the state of Maryland
The Rocky Gap Lodge offers a wealth of amenities and activities for visitors of all ages including:
A conference center, business services / internet lounge, a Full Service Spa, Fitness Center, Tennis , Indoor Pool,
4 restaurants, a large Entertainment Club, miles of hiking trails, horse back riding, incredible mountain views,
complimentary valet parking, individual parking, and numerous outdoor recreational and water activities.
[h=1]Maryland Governor Hogan Signs into Law .. Senate Bill #495[/h]Posted on April 26, 2017 manager
http://www.facebook.com/sharer/shar...and-governor-hogan-signs-law-senate-bill-495/ https://twitter.com/share?url=http:...and-governor-hogan-signs-law-senate-bill-495/ https://plus.google.com/share?url=h...and-governor-hogan-signs-law-senate-bill-495/ http://pinterest.com/pin/create/but...and-governor-hogan-signs-law-senate-bill-495/
http://www.linkedin.com/shareArticl...and-governor-hogan-signs-law-senate-bill-495/
Maryland Governor Hogan signs “SB-495” into “LAW” ==> Senate Bill #495
SB #495 law gives Golden Entertainment’s – “ROCKY GAP CASINO” –
A -10.00% TAX REDUCTION on their Slot Machine gaming revenues
In return ..
Golden Entertainment will have to purchase the slot machines currently on the floor of their casino
at a greatly reduced and depreciated rate
In addition … The State of Maryland will pay GDEN nearly $1 million … For breaking their “Slots Ownership Contract” 2 years early
I am hearing the re-purchase is in the $5-$6 million range
This Governor’s “Pen Stroke”… Is expected to have a positive and dramatic impact on Rocky Gap’s overall EBITDA
Bills Signed into Law by the Maryland Governor -on- April 18, 2017
SB #495 – Signed into Law -&- Autorized by Governor Larry Hogan
EFFECTIVE: JULY 1, 2017
Budget and Taxation Committee -&- Lottery/Gaming Control Agency
Pertaining to: GAMING -&- VIDEO LOTTERY TERMINALS
TRANSFER OF OWNERSHIP and LOCAL IMPACT TAX GRANTS
Requiring specified video lottery facilities located in Worcester County and Allegany County
to own or lease specified video lottery terminals and associated equipment and software
by March 31, 2020; and altering the distribution of specified proceeds of video lottery terminals
at specified video lottery facilities.
[h=2]Post navigation[/h] ROCKY GAP CASINO – RESORT PROPERTY
Posted on April 26, 2017 manager
The entire Rocky Gap Casino Resort complex is owned by: Golden Entertainment, Inc.
Video Reference Link Click HERE
About: The Rocky Gap Casino Resort
Rocky Gap Casino Resort is a AAA / 4-Diamond Award® -and- TripAdvisor Certificate of Excellence award winning resort
The Resort sits on 243-acres of waterfront lakeside property that is located in Rocky Gap State Park near Cumberland, Maryland
The resort features 210 hotel rooms -&- 18 Luxury Suites
The Rocky Gap Casino is located in the 6 story “Lodge Themed” main hotel buiding complex
The casino offers 634 slot machines.. 18 table games -and- 2 Large casino bars.
The Resort is attached to the only – 18 hole – “Jack Nicklaus Signature” – Golf Course in the state of Maryland
The Rocky Gap Lodge offers a wealth of amenities and activities for visitors of all ages including:
A conference center, business services / internet lounge, a Full Service Spa, Fitness Center, Tennis , Indoor Pool,
4 restaurants, a large Entertainment Club, miles of hiking trails, horse back riding, incredible mountain views,
complimentary valet parking, individual parking, and numerous outdoor recreational and water activities.
[h=1]Maryland Governor Hogan Signs into Law .. Senate Bill #495[/h]Posted on April 26, 2017 manager
http://www.facebook.com/sharer/shar...and-governor-hogan-signs-law-senate-bill-495/ https://twitter.com/share?url=http:...and-governor-hogan-signs-law-senate-bill-495/ https://plus.google.com/share?url=h...and-governor-hogan-signs-law-senate-bill-495/ http://pinterest.com/pin/create/but...and-governor-hogan-signs-law-senate-bill-495/
http://www.linkedin.com/shareArticl...and-governor-hogan-signs-law-senate-bill-495/
Maryland Governor Hogan signs “SB-495” into “LAW” ==> Senate Bill #495
SB #495 law gives Golden Entertainment’s – “ROCKY GAP CASINO” –
A -10.00% TAX REDUCTION on their Slot Machine gaming revenues
In return ..
Golden Entertainment will have to purchase the slot machines currently on the floor of their casino
at a greatly reduced and depreciated rate
In addition … The State of Maryland will pay GDEN nearly $1 million … For breaking their “Slots Ownership Contract” 2 years early
I am hearing the re-purchase is in the $5-$6 million range
This Governor’s “Pen Stroke”… Is expected to have a positive and dramatic impact on Rocky Gap’s overall EBITDA
Bills Signed into Law by the Maryland Governor -on- April 18, 2017
SB #495 – Signed into Law -&- Autorized by Governor Larry Hogan
EFFECTIVE: JULY 1, 2017
Budget and Taxation Committee -&- Lottery/Gaming Control Agency
Pertaining to: GAMING -&- VIDEO LOTTERY TERMINALS
TRANSFER OF OWNERSHIP and LOCAL IMPACT TAX GRANTS
Requiring specified video lottery facilities located in Worcester County and Allegany County
to own or lease specified video lottery terminals and associated equipment and software
by March 31, 2020; and altering the distribution of specified proceeds of video lottery terminals
at specified video lottery facilities.
[h=2]Post navigation[/h] ROCKY GAP CASINO – RESORT PROPERTY
Time to catch ERI
Golden Entertainment’s First Quarter Net Revenue Rises 17.1% to a Record $106.6 Million, Net Income Rises 138.6% to $5.3 Million and Adjusted EBITDA Rises 28.6% to $13.6 Million
Business WireMay 9, 2017
LAS VEGAS--(BUSINESS WIRE)--
Golden Entertainment, Inc. (GDEN) (“Golden Entertainment” or the “Company”), today announced financial results for the first quarter ended March 31, 2017, as summarized below.
___________________
Blake L. Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “Golden Entertainment’s record 2017 first quarter financial results were driven by significant year-over-year growth across our distributed gaming and casino businesses. We generated first quarter consolidated net revenue and net income growth of 17.1% and 138.6%, respectively, and reflecting the strong operating leverage in our model, Adjusted EBITDA rose 28.6%. The first quarter 2017 financial performance of our distributed gaming segment benefited from last year’s Montana acquisitions as well as contributions from our new tavern openings. In March, we opened the first of our seven planned taverns for this year and our three casinos in Pahrump and Rocky Gap continued to benefit from our recent investments.
“Looking ahead to the balance of 2017, Golden Entertainment remains fully focused on scaling our business and positioning the Company for continued growth. We remain on schedule to open a total of seven new Las Vegas taverns in 2017 and believe these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada. In addition, the Governor of Maryland recently signed a bill into law that will provide us with a 10% reduction in the slot tax conditioned on our purchase of the currently State-owned slot machines at our Rocky Gap casino resort. Once the games are purchased, we expect property Adjusted EBITDA to increase approximately $3 million on an annualized basis. We intend to complete the purchase of these machines by July 1, 2017.
“With the strong start to 2017 and prospects for continued growth, our team continues to evaluate strategic opportunities to further expand our distributed gaming and casino businesses to support our goal of further enhancing shareholder value.”
Results for the Three Months Ended March 31, 2017
Beginning with the first quarter of 2017, the Company is now disclosing net revenue, net income and Adjusted EBITDA for both of its Nevada and Montana distributed gaming businesses as well as for its Nevada and Maryland casino operations.
Consolidated net revenues for the 2017 first quarter were $106.6 million, compared to $91.0 million in the prior-year quarter. The increase in net revenues was driven primarily by the inclusion of a full quarter of revenue from the Company’s Montana distributed gaming business versus the prior-year period, which included a partial quarter of revenue from only one of the acquired Montana operations. The Company’s Nevada distributed gaming business grew net revenue 3.9% year-over-year to $67.1 million. Net revenues for the Company’s Nevada and Maryland casino operations grew 4.2% and 11.2%, respectively, over the prior-year period to $9.1 million and $15.2 million, respectively.
For the first quarter of 2017, net income was $5.3 million, or $0.23 per diluted share, compared to $2.2 million, or $0.10 per diluted share, in the prior-year quarter. During the first quarter of 2017, the Company incurred $0.3 million in preopening expenses compared to $0.6 million in the prior-year period. Golden’s Nevada distributed gaming business grew net income 33.0% year-over-year while net income for the Company’s Nevada and Maryland casino operations grew 45.7% and 68.5%, respectively, year-over-year.
Adjusted EBITDA for the 2017 first quarter was $13.6 million, compared to $10.5 million for the prior-year period. The increase in Adjusted EBITDA was driven primarily by the growth in consolidated net revenue, continued operating enhancements at the Company’s casino businesses, a full quarter of results from the Montana distributed gaming operations and operating leverage. Golden’s Nevada distributed gaming business grew Adjusted EBITDA 16.5% year-over-year while Adjusted EBITDA for the Company’s Nevada and Maryland casino operations grew 24.6% and 39.6%, respectively, year-over-year.
Balance Sheet and Liquidity
As of March 31, 2017, the Company had cash and cash equivalents of $45.2 million and total outstanding debt of approximately $181 million. Outstanding debt under the Company’s senior credit facility included $147 million in senior secured term loans and $27 million in borrowings under the Company’s revolving credit facility. As of March 31, 2017, the Company had $23 million of additional availability under its revolving credit facility. The weighted average effective interest rate on outstanding borrowings under these facilities for the quarter was approximately 3.3%. Both the Company’s term loans and revolving credit facilities mature in July 2020.
Charles H. Protell, Chief Strategy Officer and Chief Financial Officer, commented, “Our record first quarter of 2017 financial performance allowed us to further reinvest in our business and reduce leverage. We reduced total borrowings on our credit facility by $6.0 million while completing $5.7 million of capital expenditures across our businesses. In addition to our organic reinvestment plan, we continue to evaluate strategic opportunities to grow both our casino and distributed gaming businesses in 2017 and beyond.”
Investor Conference Call and Webcast
The Company will host a webcast and conference call today, May 9, 2017 at 5:00 p.m. Eastern Time, to discuss the first quarter 2017 results. The conference call may be accessed live by dialing 844/465-3054 or 480/685-5227 for international callers and entering the passcode 6829188. A replay will be available beginning at 8:00 p.m. ET on May 9, 2017 and may be accessed by dialing 855/859-2056 or 404/537-3406 for international callers; the passcode is 6829188. The replay will be available until May 12, 2017. The call will also be webcast live through the “Investors” section of the Company’s website, www.goldenent.com. A replay of the audio webcast will also be archived on the Company’s website, www.goldenent.com.
If you have questions about Golden Entertainment or are interested in conducting a conference call with Golden Entertainment management, please contact JCIR at 212/835-8500 or gden@jcir.com.
Golden Entertainment’s First Quarter Net Revenue Rises 17.1% to a Record $106.6 Million, Net Income Rises 138.6% to $5.3 Million and Adjusted EBITDA Rises 28.6% to $13.6 Million
Business WireMay 9, 2017
LAS VEGAS--(BUSINESS WIRE)--
Golden Entertainment, Inc. (GDEN) (“Golden Entertainment” or the “Company”), today announced financial results for the first quarter ended March 31, 2017, as summarized below.
| Three Months Ended | |||||||||||||
| March 31, 2017 | March 31, 2016 | % Change | |||||||||||
| (Unaudited, in thousands) | |||||||||||||
| Net revenues | |||||||||||||
| Nevada Distributed Gaming | $ | 67,078 | $ | 64,552 | 3.9 | % | |||||||
| Montana Distributed Gaming [SUP](1)[/SUP] | 15,181 | 4,032 | 276.5 | % | |||||||||
| Total Distributed Gaming | 82,259 | 68,584 | 19.9 | % | |||||||||
| Nevada Casinos | 9,093 | 8,730 | 4.2 | % | |||||||||
| Maryland Casino | 15,215 | 13,683 | 11.2 | % | |||||||||
| Total Casinos | 24,308 | 22,413 | 8.5 | % | |||||||||
| Corporate and other | 79 | 37 | 113.5 | % | |||||||||
| Net revenues | $ | 106,646 | $ | 91,034 | 17.1 | % | |||||||
| Net income (loss) | |||||||||||||
| Nevada Distributed Gaming | $ | 7,529 | $ | 5,660 | 33.0 | % | |||||||
| Montana Distributed Gaming [SUP](1)[/SUP] | 692 | 267 | 159.2 | % | |||||||||
| Total Distributed Gaming | 8,221 | 5,927 | 38.7 | % | |||||||||
| Nevada Casinos | 2,046 | 1,404 | 45.7 | % | |||||||||
| Maryland Casino | 2,681 | 1,591 | 68.5 | % | |||||||||
| Total Casinos | 4,727 | 2,995 | 57.8 | % | |||||||||
| Corporate and other | (7,606 | ) | (6,683 | ) | 13.8 | % | |||||||
| Net income | $ | 5,342 | $ | 2,239 | 138.6 | % | |||||||
| Adjusted EBITDA [SUP](2)[/SUP] | |||||||||||||
| Nevada Distributed Gaming | $ | 11,000 | $ | 9,440 | 16.5 | % | |||||||
| Montana Distributed Gaming [SUP](1)[/SUP] | 2,106 | 781 | 169.7 | % | |||||||||
| Total Distributed Gaming | 13,106 | 10,221 | 28.2 | % | |||||||||
| Nevada Casinos | 2,891 | 2,321 | 24.6 | % | |||||||||
| Maryland Casino | 3,411 | 2,443 | 39.6 | % | |||||||||
| Total Casinos | 6,302 | 4,764 | 32.3 | % | |||||||||
| Corporate and other | (5,839 | ) | (4,437 | ) | 31.6 | % | |||||||
| Adjusted EBITDA | $ | 13,569 | $ | 10,548 | 28.6 | % |
___________________
| (1) | Represents the results from the Montana distributed gaming businesses acquired in January and April 2016 from their respective acquisition dates. | |
| (2) | Adjusted EBITDA is a non-GAAP financial measure and definitions and disclosures, including reconciliations, are included at the end of the press release. |
Blake L. Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “Golden Entertainment’s record 2017 first quarter financial results were driven by significant year-over-year growth across our distributed gaming and casino businesses. We generated first quarter consolidated net revenue and net income growth of 17.1% and 138.6%, respectively, and reflecting the strong operating leverage in our model, Adjusted EBITDA rose 28.6%. The first quarter 2017 financial performance of our distributed gaming segment benefited from last year’s Montana acquisitions as well as contributions from our new tavern openings. In March, we opened the first of our seven planned taverns for this year and our three casinos in Pahrump and Rocky Gap continued to benefit from our recent investments.
“Looking ahead to the balance of 2017, Golden Entertainment remains fully focused on scaling our business and positioning the Company for continued growth. We remain on schedule to open a total of seven new Las Vegas taverns in 2017 and believe these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada. In addition, the Governor of Maryland recently signed a bill into law that will provide us with a 10% reduction in the slot tax conditioned on our purchase of the currently State-owned slot machines at our Rocky Gap casino resort. Once the games are purchased, we expect property Adjusted EBITDA to increase approximately $3 million on an annualized basis. We intend to complete the purchase of these machines by July 1, 2017.
“With the strong start to 2017 and prospects for continued growth, our team continues to evaluate strategic opportunities to further expand our distributed gaming and casino businesses to support our goal of further enhancing shareholder value.”
Results for the Three Months Ended March 31, 2017
Beginning with the first quarter of 2017, the Company is now disclosing net revenue, net income and Adjusted EBITDA for both of its Nevada and Montana distributed gaming businesses as well as for its Nevada and Maryland casino operations.
Consolidated net revenues for the 2017 first quarter were $106.6 million, compared to $91.0 million in the prior-year quarter. The increase in net revenues was driven primarily by the inclusion of a full quarter of revenue from the Company’s Montana distributed gaming business versus the prior-year period, which included a partial quarter of revenue from only one of the acquired Montana operations. The Company’s Nevada distributed gaming business grew net revenue 3.9% year-over-year to $67.1 million. Net revenues for the Company’s Nevada and Maryland casino operations grew 4.2% and 11.2%, respectively, over the prior-year period to $9.1 million and $15.2 million, respectively.
For the first quarter of 2017, net income was $5.3 million, or $0.23 per diluted share, compared to $2.2 million, or $0.10 per diluted share, in the prior-year quarter. During the first quarter of 2017, the Company incurred $0.3 million in preopening expenses compared to $0.6 million in the prior-year period. Golden’s Nevada distributed gaming business grew net income 33.0% year-over-year while net income for the Company’s Nevada and Maryland casino operations grew 45.7% and 68.5%, respectively, year-over-year.
Adjusted EBITDA for the 2017 first quarter was $13.6 million, compared to $10.5 million for the prior-year period. The increase in Adjusted EBITDA was driven primarily by the growth in consolidated net revenue, continued operating enhancements at the Company’s casino businesses, a full quarter of results from the Montana distributed gaming operations and operating leverage. Golden’s Nevada distributed gaming business grew Adjusted EBITDA 16.5% year-over-year while Adjusted EBITDA for the Company’s Nevada and Maryland casino operations grew 24.6% and 39.6%, respectively, year-over-year.
Balance Sheet and Liquidity
As of March 31, 2017, the Company had cash and cash equivalents of $45.2 million and total outstanding debt of approximately $181 million. Outstanding debt under the Company’s senior credit facility included $147 million in senior secured term loans and $27 million in borrowings under the Company’s revolving credit facility. As of March 31, 2017, the Company had $23 million of additional availability under its revolving credit facility. The weighted average effective interest rate on outstanding borrowings under these facilities for the quarter was approximately 3.3%. Both the Company’s term loans and revolving credit facilities mature in July 2020.
Charles H. Protell, Chief Strategy Officer and Chief Financial Officer, commented, “Our record first quarter of 2017 financial performance allowed us to further reinvest in our business and reduce leverage. We reduced total borrowings on our credit facility by $6.0 million while completing $5.7 million of capital expenditures across our businesses. In addition to our organic reinvestment plan, we continue to evaluate strategic opportunities to grow both our casino and distributed gaming businesses in 2017 and beyond.”
Investor Conference Call and Webcast
The Company will host a webcast and conference call today, May 9, 2017 at 5:00 p.m. Eastern Time, to discuss the first quarter 2017 results. The conference call may be accessed live by dialing 844/465-3054 or 480/685-5227 for international callers and entering the passcode 6829188. A replay will be available beginning at 8:00 p.m. ET on May 9, 2017 and may be accessed by dialing 855/859-2056 or 404/537-3406 for international callers; the passcode is 6829188. The replay will be available until May 12, 2017. The call will also be webcast live through the “Investors” section of the Company’s website, www.goldenent.com. A replay of the audio webcast will also be archived on the Company’s website, www.goldenent.com.
If you have questions about Golden Entertainment or are interested in conducting a conference call with Golden Entertainment management, please contact JCIR at 212/835-8500 or gden@jcir.com.
[h=1]Golden Entertainment reports strong revenue, net income[/h]
The former Beano's Casino at 7200 E. Lake Mead Blvd., is now Golden Entertainment PT’s Tavern. Golden Entertainment renovation and rebranded Beano’s facility on West Lake Mead. Jeff Scheid/Las Vegas ***************) @jeffscheid
By Richard N. Velotta Las Vegas ***************
May 9, 2017 - 4:22 pm
The former Beano's Casino at 7200 E. Lake Mead Blvd., is now Golden Entertainment PT’s Tavern. Golden Entertainment renovation and rebranded Beano’s facility on West Lake Mead. Jeff Scheid/Las Vegas ***************) @jeffscheid
Las Vegas-based Golden Entertainment Inc., parent company of the PT’s Pub and Sierra Gold tavern chains, had record revenue in the first quarter and more than doubled net income over last year year, the company reported Tuesday.
The company reported net revenue of $106.5 million for the quarter that ended March 31 and the $5.3 million net income was 138.6 percent ahead of profits for the first quarter of 2016. Golden also saw adjusted cash flow climb 28.6 percent for the quarter.
The results beat Wall Street estimates for revenue and income.
Company executives attributed the increases to the acquisitions in their Montana slot route last year and the opening of the first of seven new Southern Nevada taverns in March.
Chairman and CEO Blake Sartini said the future bodes well with the opening of the additional six pubs as well as a legislative change in Maryland that will benefit the company.
“Looking ahead to the balance of 2017, Golden Entertainment remains fully focused on scaling our business and positioning the company for continued growth,” Sartini said in a statement accompanying the company’s earnings announcement.
“We remain on schedule to open a total of seven new Las Vegas taverns in 2017 and believe these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada,” he said.
Sartini said positive movement in Nevada’s economy has driven his optimism, citing the fast-growing job market, the region’s healthy tourism and convention industry and the anticipation of expansion in local tourism infrastructure.
In Maryland, where Golden operates the Rocky Gap Casino Resort in Flintstone, the company should benefit from new legislation that will provide the company with a 10 percent reduction in slot taxes.
Gov. Larry Hogan last month signed legislation that enables the tax break to companies that purchase state-owned slot machines.
Golden plans to acquire the Rocky Gap machines by July 1, which Sartini said would increase cash flow by $3 million on an annualized basis.
Golden Entertainment stock closed up 11 cents, 0.7 percent, to $15.18 in average trading Tuesday.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
Golden by the numbers
First quarter earnings:
1Q 2017 1Q 2016
Net revenue $106.6 million $91 million
Net income $5.3 million $2.2 million
Earnings per share 23 cents 10 cents
Golden by the numbers
First quarter earnings:
1Q 2017 1Q 2016
Net revenue $106.6 million $91 million
Net income $5.3 million $2.2 million
Earnings per share 23 cents 10 cents https://www.reviewjournal.com/busin...ertainment-reports-strong-revenue-net-income/
By Richard N. Velotta Las Vegas ***************
May 9, 2017 - 4:22 pm
Las Vegas-based Golden Entertainment Inc., parent company of the PT’s Pub and Sierra Gold tavern chains, had record revenue in the first quarter and more than doubled net income over last year year, the company reported Tuesday.
The company reported net revenue of $106.5 million for the quarter that ended March 31 and the $5.3 million net income was 138.6 percent ahead of profits for the first quarter of 2016. Golden also saw adjusted cash flow climb 28.6 percent for the quarter.
The results beat Wall Street estimates for revenue and income.
Company executives attributed the increases to the acquisitions in their Montana slot route last year and the opening of the first of seven new Southern Nevada taverns in March.
Chairman and CEO Blake Sartini said the future bodes well with the opening of the additional six pubs as well as a legislative change in Maryland that will benefit the company.
“Looking ahead to the balance of 2017, Golden Entertainment remains fully focused on scaling our business and positioning the company for continued growth,” Sartini said in a statement accompanying the company’s earnings announcement.
“We remain on schedule to open a total of seven new Las Vegas taverns in 2017 and believe these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada,” he said.
Sartini said positive movement in Nevada’s economy has driven his optimism, citing the fast-growing job market, the region’s healthy tourism and convention industry and the anticipation of expansion in local tourism infrastructure.
In Maryland, where Golden operates the Rocky Gap Casino Resort in Flintstone, the company should benefit from new legislation that will provide the company with a 10 percent reduction in slot taxes.
Gov. Larry Hogan last month signed legislation that enables the tax break to companies that purchase state-owned slot machines.
Golden plans to acquire the Rocky Gap machines by July 1, which Sartini said would increase cash flow by $3 million on an annualized basis.
Golden Entertainment stock closed up 11 cents, 0.7 percent, to $15.18 in average trading Tuesday.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
Golden by the numbers
First quarter earnings:
1Q 2017 1Q 2016
Net revenue $106.6 million $91 million
Net income $5.3 million $2.2 million
Earnings per share 23 cents 10 cents
Golden by the numbers
First quarter earnings:
1Q 2017 1Q 2016
Net revenue $106.6 million $91 million
Net income $5.3 million $2.2 million
Earnings per share 23 cents 10 cents https://www.reviewjournal.com/busin...ertainment-reports-strong-revenue-net-income/
and you all thought we were in it for the one time dividend
Golden Entertainment rides LV to strong first quarter, eyes new markets
Aaron Stanley, CDC Gaming Reports · May 10, 2017 at 8:44 am
Share4
Las Vegas-based Golden Entertainment rode a strengthening southern Nevada economy and improved performance in its Montana and Maryland operations to record first quarter revenues.
Net revenues grew 17 percent year-over-year from $91 million to $107 million, with the jump being attributed to a full quarter of revenue from newly acquired distributed gaming routes in Montana.
<div class="dfad dfad_pos_1 dfad_first" id="ad-aligncenter_ad_48283"><a target="_blank" href="http://bit.ly/2lrW7Tl"><img src="http://cdn2.cdcgamingreports.com/wp-content/uploads/clublinq-mobile.jpg" alt="clublinq-mobile" width="728" height="90" class="alignnone size-full wp-image-48277" /></a></div> Distributed gaming revenue in Nevada was up 4 percent to $67 million, while the first full quarter of Montana revenue checked in at $15 million. Total casino revenues from Nevada and Maryland were up 9 percent to $24 million.
“Golden Entertainment’s record 2017 first quarter financial results were driven by significant year-over-year growth across our distributed gaming and casino businesses,” said Blake Sartini, chief executive officer.
Total adjusted EBITDA for the quarter grew 29 percent from $10.5 million to $13.6 million and net income more than doubled to $5.3 million. Both came on the heels of double digit increases in both categories across all segments. Earnings per share checked in at $0.23 per share, up from $0.10 in the prior year quarter.
“The first quarter 2017 financial performance of our distributed gaming segment benefited from last year’s Montana acquisitions as well as contributions from our new tavern openings,” Sartini added. “In March, we opened the first of our seven planned taverns for this year and our three casinos in Pahrump and Rocky Gap continued to benefit from our recent investments.”
Golden’s biggest driver in Nevada remains its wholly-branded tavern business. It opened its 54th store in the first quarter and plans to unveil six more by the end of the year.
“Our continued investment in branded taverns is an attractive way to drive high return growth and further participate in the health of the Nevada economy,” Sartini said, adding that “these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada.”
On a conference call with investors, Golden executives touted the resilience of the post-recession Las Vegas economy. Tourist visitation and convention business remains strong, unemployment is down below 5 percent and there are a number of significant construction projects in the works that will improve area infrastructure.
“With these developments and the continued economic strength of Nevada, we remain very excited about our distributed gaming operations and continue to invest in this market,” said Sartini.
The company also detailed for the first time its interests in new distributed gaming markets.
“We remain optimistic about the long term growth prospects of our Montana operations and see ourselves as a key consolidator of what remains a fragmented distributed gaming market – not only in Nevada but also across the country,” said Charles Protell, the company’s chief strategy and financial officer.
Protell added that Golden was closely eyeing Pennsylvania – which is currently debating a gambling expansion package that could potentially include video gaming terminals – as a potential jurisdiction for expansion.
“We’re heavily involved and focused on [Pennsylvania]. We‘re hopeful that something happens this calendar this year for enactment on January 1, but obviously the bills are still being debated as we speak.”
“While it’s hard to handicap the probability of legislation passing this year, we think the odds are favorable,” said John DeCree of Union Gaming in a research note. “Distributed gaming in Pennsylvania would be a substantial opportunity for Golden that we believe is not included in valuation today.”
Rocky Gap Casino, situated in rural western Maryland, pulled off a surprisingly strong quarter – growing revenues by 11 percent to $15 million on the heels of a fresh renovation.
“Our recently completed investments at Rocky Gap led to solid year-over-year revenue and EBITDA growth despite a new property opening in Maryland late last year,” Sartini said.
Rocky Gap will also benefit from a new law, signed in April that will allow casinos in Maryland to purchase gaming machines on their property from the state in exchange for a 10 percent discount on slot revenues. Such a development is projected to increase EBITDA at the property by $3 million annually.
The company also improved its balance sheet and leverage profile during the quarter.
“We reduced total borrowings on our credit facility by $6.0 million while completing $5.7 million of capital expenditures across our businesses,” said Protell. “In addition to our organic reinvestment plan, we continue to evaluate strategic opportunities to grow both our casino and distributed gaming businesses in 2017 and beyond.”
For its balance sheet, Golden concluded the first quarter with $45 million in cash against total debt of $181 million. http://www.cdcgamingreports.com/gol...-lv-to-strong-first-quarter-eyes-new-markets/
Golden Entertainment rides LV to strong first quarter, eyes new markets
Aaron Stanley, CDC Gaming Reports · May 10, 2017 at 8:44 am
Share4
Las Vegas-based Golden Entertainment rode a strengthening southern Nevada economy and improved performance in its Montana and Maryland operations to record first quarter revenues.
Net revenues grew 17 percent year-over-year from $91 million to $107 million, with the jump being attributed to a full quarter of revenue from newly acquired distributed gaming routes in Montana.
<div class="dfad dfad_pos_1 dfad_first" id="ad-aligncenter_ad_48283"><a target="_blank" href="http://bit.ly/2lrW7Tl"><img src="http://cdn2.cdcgamingreports.com/wp-content/uploads/clublinq-mobile.jpg" alt="clublinq-mobile" width="728" height="90" class="alignnone size-full wp-image-48277" /></a></div> Distributed gaming revenue in Nevada was up 4 percent to $67 million, while the first full quarter of Montana revenue checked in at $15 million. Total casino revenues from Nevada and Maryland were up 9 percent to $24 million.
“Golden Entertainment’s record 2017 first quarter financial results were driven by significant year-over-year growth across our distributed gaming and casino businesses,” said Blake Sartini, chief executive officer.
Total adjusted EBITDA for the quarter grew 29 percent from $10.5 million to $13.6 million and net income more than doubled to $5.3 million. Both came on the heels of double digit increases in both categories across all segments. Earnings per share checked in at $0.23 per share, up from $0.10 in the prior year quarter.
“The first quarter 2017 financial performance of our distributed gaming segment benefited from last year’s Montana acquisitions as well as contributions from our new tavern openings,” Sartini added. “In March, we opened the first of our seven planned taverns for this year and our three casinos in Pahrump and Rocky Gap continued to benefit from our recent investments.”
Golden’s biggest driver in Nevada remains its wholly-branded tavern business. It opened its 54th store in the first quarter and plans to unveil six more by the end of the year.
“Our continued investment in branded taverns is an attractive way to drive high return growth and further participate in the health of the Nevada economy,” Sartini said, adding that “these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada.”
On a conference call with investors, Golden executives touted the resilience of the post-recession Las Vegas economy. Tourist visitation and convention business remains strong, unemployment is down below 5 percent and there are a number of significant construction projects in the works that will improve area infrastructure.
“With these developments and the continued economic strength of Nevada, we remain very excited about our distributed gaming operations and continue to invest in this market,” said Sartini.
The company also detailed for the first time its interests in new distributed gaming markets.
“We remain optimistic about the long term growth prospects of our Montana operations and see ourselves as a key consolidator of what remains a fragmented distributed gaming market – not only in Nevada but also across the country,” said Charles Protell, the company’s chief strategy and financial officer.
Protell added that Golden was closely eyeing Pennsylvania – which is currently debating a gambling expansion package that could potentially include video gaming terminals – as a potential jurisdiction for expansion.
“We’re heavily involved and focused on [Pennsylvania]. We‘re hopeful that something happens this calendar this year for enactment on January 1, but obviously the bills are still being debated as we speak.”
“While it’s hard to handicap the probability of legislation passing this year, we think the odds are favorable,” said John DeCree of Union Gaming in a research note. “Distributed gaming in Pennsylvania would be a substantial opportunity for Golden that we believe is not included in valuation today.”
Rocky Gap Casino, situated in rural western Maryland, pulled off a surprisingly strong quarter – growing revenues by 11 percent to $15 million on the heels of a fresh renovation.
“Our recently completed investments at Rocky Gap led to solid year-over-year revenue and EBITDA growth despite a new property opening in Maryland late last year,” Sartini said.
Rocky Gap will also benefit from a new law, signed in April that will allow casinos in Maryland to purchase gaming machines on their property from the state in exchange for a 10 percent discount on slot revenues. Such a development is projected to increase EBITDA at the property by $3 million annually.
The company also improved its balance sheet and leverage profile during the quarter.
“We reduced total borrowings on our credit facility by $6.0 million while completing $5.7 million of capital expenditures across our businesses,” said Protell. “In addition to our organic reinvestment plan, we continue to evaluate strategic opportunities to grow both our casino and distributed gaming businesses in 2017 and beyond.”
For its balance sheet, Golden concluded the first quarter with $45 million in cash against total debt of $181 million. http://www.cdcgamingreports.com/gol...-lv-to-strong-first-quarter-eyes-new-markets/
Golden Entertainment Glitters Beneath The Radar Now, But Could Spike This Year
May 15, 2017 2:31 PM ET|
2 comments|
| About: Golden Entertainment, Inc. (GDEN)by: Howard Jay Klein
Howard Jay Klein
Gaming, special situations, long/short equity, momentum
Premium
The House Edge
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(1,186 followers)
Summary
This diverse, small-cap gaming company posted a solid 1Q17 performance on all units including its cannibalization-challenged Maryland casino.
It owns four casinos, operates 12,000 tavern and casino slots out of 980 route and resort locations.
It is well positioned to compete for a license to operate in the potential 40,000 machine market in Pennsylvania.
Note: This research was published exclusive to House Edge members on Friday May 12 and was embargoed to this site until after today's market opening. At our call the stock was $16. It closed that day at $17.92 reflecting a spike to which I believe our post was a key contributor. SA readers will note I am still guiding the stock to $20.
Golden Entertainment Inc. (NASDAQ:GDEN) has been more than a blip on our radar screen for a while now but the intriguing price and prospects we believe have still largely eluded the majority of gaming stock investors and by extension the market for small-cap gems in general. We think it's more than worth a hard look by our House Edge members now.
Even without high visibility catalysts, the stock is undervalued primarily because it's somewhat harder to understand than most gaming companies. It's not a big time operator of visible Las Vegas strip resorts, a geographically broad-based US regional, or even a powerhouse in the Las Vegas locals casino resort market. Because of this diversity it's a bit hard to understand since so much of its revenue comes from the legacy slot route business unfamiliar to most investors outside of Nevada.
Golden owns four casinos (in Nevada, Montana and Maryland.) But the bulk of its revenue comes from 54 owned and operated food and beverage taverns in Nevada plus operation of 10,500 slot machines in 980 route locations throughout the state. Those locations are bars, supermarkets, transportation terminals, delis, etc. Across all its business units it runs 12,000 slots. You can't easily understand its business because it appears on the surface to lack a central focus. And as the sage of Omaha has repeated over the years: Don't buy a stock unless you understand its business. And that takes study.
Let's try to unscramble the company so you can understand its business and the strong potential upside we see at its current trade.
Here's a quick look at the basics:
Price at House Edge marketplace writing last Friday: $16. Price at opening today: $17.92
Market cap: $361m
52-week trading range: $8.65 t $16.67. Now near the high it's clear that the market believes the good news about the company is already baked into the trade. We've looked at the company, its management and prospects and attach a more bullish price target on the stock - sans any new catalysts - at $20. The prospect of a significant catalyst not yet baked in is where the magic sauce could lie. We'll examine it later in this research.
For perspective, the company's 2016 annual revenue was $403m throwing off an EPS of $0.73 and paying a $1.71 dividend.
The stock is thinly traded, averaging 45,000 shares a day. Its ownership profile is likewise relatively modest for a gaming stock at 28% of the outstanding held by 72 institutions with 104 million shares.
1Q17 results were strong
Net revenue growth for the quarter: 17.1%
EBITDA growth was 28.6%
P/E ratio: 22.25
EPS (NYSE:TTM) $0.73
Earnings growth: 24%
Industry peers: 19.40%
Highlights we like
This quarter generated record revenues of $106 million with EBITDA rising to $12.6 million, up 28.6% YoY. Of this $24.3 million was generated by the casinos, up 8.5% YoY, churning out an EBITDA of $6.3 million, up 32.3% YoY. The company's Rocky Gap casino in Flintstone, Maryland net revenue grew 11.2% YoY to $15 million, while EBITDA rose 39.6% YoY to $3.4 million. This upside was achieved despite the December '16 entry into the Maryland market of the huge, MGM (NYSE:MGM) National Harbor integrated Resort whose blistering gaming revenue yield is moving at around $50 million a month clip and cannibalizing its major competitors like Caesars (NASDAQ:CZR) Horseshoe in Baltimore and suburban Maryland Live!
The reason? Golden Management made a smart call when choosing the original location, way off in the extreme western part of the state where it did not have to compete head to head with casinos within the metro Baltimore area. From first legalization, in 2004, the State of Maryland maintained ownership of all the slot machines in authorized casinos. In this last legislative session there has been reform. Operators are now permitted to buy back the machines from the state in exchange for a 10% reduction in the gaming tax on slot win.
Golden expects to exercise this right by July. It will buy back its slots, which it says will be $3 million accretive to EBITDA with a payback over three years against the total paid to the state. Golden's latest balance sheet shows $45 million in cash on the books against $181 million of debt. Due to its strong cash flows and despite its $1.71 dividend payout, plus capex of $5.7 million, the company announced it had still managed to reduce total borrowings under its current credit facilities by $6 million and expects to continue cutting its debt. Its average win per day per machine across its system is $127, a good number considering the diverse markets it serves. A top resort performer on the strip like Wynn averages $256 a day while the mass focused Fitzgerald's slots take in around $81 a day. So Golden's win falls within the range's middle from a variety of stores serving varying population densities.
Golden opened its 54th owned and operated Nevada tavern in Q! and expects to launch 16 more locations by year's end. Management points out, as to other operators in the locals casino sector, that the statewide unemployment rate that reached a peak at 13.7% during the 2008/9 recession, has now fallen to 4.8%, making Nevada one of the fastest job growth states in the nation. Add the large number of retirees fleeing high tax states like California, and you have a growing demographic mix that augers very bullish for companies like Golden.
Conclusion: If no major catalyst develops going forward other than continuing evidence of a well managed, profitable, and stable company building it growth profile, GDEN would be a buy, but a catalyst is looming and it could be a biggie.
The tavern slot world: Could Pennsylvania be ready to enter?
The state of Illinois currently as of 1Q17 has 5,932 video slot terminals in licensed taverns winning an average of $127 a day in the four years since legalization.
Now the State of Pennsylvania is considering legislation to legalize 40,000 tavern slots. The bill which, like all gaming bills, has been through many stops and starts since inception, appears to be gaining momentum according to local sources in the state capitol.
Golden's 1Q17 earnings release indicated the company spends between $500,000 to $1,000,000 a year on lobbying in states where tavern slot legalization bills are being considered by lawmakers. It's a political process so there is no telling where it may go or when but clearly it is moving ahead. If the bill should finally pass either in this year or next year's sessions, we believe Golden could be a serious bidder for a license as a tavern/slot operator, or if the statute authorizes distributors, as a route operator.
Any such development would rank as a major catalyst for Golden stock on the news of passage. We believe depending on the nature of the law and the level of participation a Golden license would imply that the stock could move up 40%. There are no certainties here but even assuming Golden gets a Pennsylvania licensing module or none at all, the downside risk to the stock is minimal. Based on its current trading range it presents a well-managed, diversified, eager for sensible expansion kind of small cap gaming company we think is worth a good, hard look by investors now.
The risk/yield ratio to us makes sense at its current trade. And we think part of the reason is simply that investors don't understand the company's business model.
Author's note: All my gaming stocks are held in a blind trust for my children and grandchildren as a matter of policy so as to avoid any potential conflict of interest with my consulting business in the casino space. This applies to clients, past, present or future.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
May 15, 2017 2:31 PM ET|
2 comments|
| About: Golden Entertainment, Inc. (GDEN)by: Howard Jay Klein
Howard Jay Klein
Gaming, special situations, long/short equity, momentum
Premium
The House Edge
Get email alerts
(1,186 followers)
Summary
This diverse, small-cap gaming company posted a solid 1Q17 performance on all units including its cannibalization-challenged Maryland casino.
It owns four casinos, operates 12,000 tavern and casino slots out of 980 route and resort locations.
It is well positioned to compete for a license to operate in the potential 40,000 machine market in Pennsylvania.
Note: This research was published exclusive to House Edge members on Friday May 12 and was embargoed to this site until after today's market opening. At our call the stock was $16. It closed that day at $17.92 reflecting a spike to which I believe our post was a key contributor. SA readers will note I am still guiding the stock to $20.
Golden Entertainment Inc. (NASDAQ:GDEN) has been more than a blip on our radar screen for a while now but the intriguing price and prospects we believe have still largely eluded the majority of gaming stock investors and by extension the market for small-cap gems in general. We think it's more than worth a hard look by our House Edge members now.
Even without high visibility catalysts, the stock is undervalued primarily because it's somewhat harder to understand than most gaming companies. It's not a big time operator of visible Las Vegas strip resorts, a geographically broad-based US regional, or even a powerhouse in the Las Vegas locals casino resort market. Because of this diversity it's a bit hard to understand since so much of its revenue comes from the legacy slot route business unfamiliar to most investors outside of Nevada.
Golden owns four casinos (in Nevada, Montana and Maryland.) But the bulk of its revenue comes from 54 owned and operated food and beverage taverns in Nevada plus operation of 10,500 slot machines in 980 route locations throughout the state. Those locations are bars, supermarkets, transportation terminals, delis, etc. Across all its business units it runs 12,000 slots. You can't easily understand its business because it appears on the surface to lack a central focus. And as the sage of Omaha has repeated over the years: Don't buy a stock unless you understand its business. And that takes study.
Let's try to unscramble the company so you can understand its business and the strong potential upside we see at its current trade.
Here's a quick look at the basics:
Price at House Edge marketplace writing last Friday: $16. Price at opening today: $17.92
Market cap: $361m
52-week trading range: $8.65 t $16.67. Now near the high it's clear that the market believes the good news about the company is already baked into the trade. We've looked at the company, its management and prospects and attach a more bullish price target on the stock - sans any new catalysts - at $20. The prospect of a significant catalyst not yet baked in is where the magic sauce could lie. We'll examine it later in this research.
For perspective, the company's 2016 annual revenue was $403m throwing off an EPS of $0.73 and paying a $1.71 dividend.
The stock is thinly traded, averaging 45,000 shares a day. Its ownership profile is likewise relatively modest for a gaming stock at 28% of the outstanding held by 72 institutions with 104 million shares.
1Q17 results were strong
Net revenue growth for the quarter: 17.1%
EBITDA growth was 28.6%
P/E ratio: 22.25
EPS (NYSE:TTM) $0.73
Earnings growth: 24%
Industry peers: 19.40%
Highlights we like
This quarter generated record revenues of $106 million with EBITDA rising to $12.6 million, up 28.6% YoY. Of this $24.3 million was generated by the casinos, up 8.5% YoY, churning out an EBITDA of $6.3 million, up 32.3% YoY. The company's Rocky Gap casino in Flintstone, Maryland net revenue grew 11.2% YoY to $15 million, while EBITDA rose 39.6% YoY to $3.4 million. This upside was achieved despite the December '16 entry into the Maryland market of the huge, MGM (NYSE:MGM) National Harbor integrated Resort whose blistering gaming revenue yield is moving at around $50 million a month clip and cannibalizing its major competitors like Caesars (NASDAQ:CZR) Horseshoe in Baltimore and suburban Maryland Live!
The reason? Golden Management made a smart call when choosing the original location, way off in the extreme western part of the state where it did not have to compete head to head with casinos within the metro Baltimore area. From first legalization, in 2004, the State of Maryland maintained ownership of all the slot machines in authorized casinos. In this last legislative session there has been reform. Operators are now permitted to buy back the machines from the state in exchange for a 10% reduction in the gaming tax on slot win.
Golden expects to exercise this right by July. It will buy back its slots, which it says will be $3 million accretive to EBITDA with a payback over three years against the total paid to the state. Golden's latest balance sheet shows $45 million in cash on the books against $181 million of debt. Due to its strong cash flows and despite its $1.71 dividend payout, plus capex of $5.7 million, the company announced it had still managed to reduce total borrowings under its current credit facilities by $6 million and expects to continue cutting its debt. Its average win per day per machine across its system is $127, a good number considering the diverse markets it serves. A top resort performer on the strip like Wynn averages $256 a day while the mass focused Fitzgerald's slots take in around $81 a day. So Golden's win falls within the range's middle from a variety of stores serving varying population densities.
Golden opened its 54th owned and operated Nevada tavern in Q! and expects to launch 16 more locations by year's end. Management points out, as to other operators in the locals casino sector, that the statewide unemployment rate that reached a peak at 13.7% during the 2008/9 recession, has now fallen to 4.8%, making Nevada one of the fastest job growth states in the nation. Add the large number of retirees fleeing high tax states like California, and you have a growing demographic mix that augers very bullish for companies like Golden.
Conclusion: If no major catalyst develops going forward other than continuing evidence of a well managed, profitable, and stable company building it growth profile, GDEN would be a buy, but a catalyst is looming and it could be a biggie.
The tavern slot world: Could Pennsylvania be ready to enter?
The state of Illinois currently as of 1Q17 has 5,932 video slot terminals in licensed taverns winning an average of $127 a day in the four years since legalization.
Now the State of Pennsylvania is considering legislation to legalize 40,000 tavern slots. The bill which, like all gaming bills, has been through many stops and starts since inception, appears to be gaining momentum according to local sources in the state capitol.
Golden's 1Q17 earnings release indicated the company spends between $500,000 to $1,000,000 a year on lobbying in states where tavern slot legalization bills are being considered by lawmakers. It's a political process so there is no telling where it may go or when but clearly it is moving ahead. If the bill should finally pass either in this year or next year's sessions, we believe Golden could be a serious bidder for a license as a tavern/slot operator, or if the statute authorizes distributors, as a route operator.
Any such development would rank as a major catalyst for Golden stock on the news of passage. We believe depending on the nature of the law and the level of participation a Golden license would imply that the stock could move up 40%. There are no certainties here but even assuming Golden gets a Pennsylvania licensing module or none at all, the downside risk to the stock is minimal. Based on its current trading range it presents a well-managed, diversified, eager for sensible expansion kind of small cap gaming company we think is worth a good, hard look by investors now.
The risk/yield ratio to us makes sense at its current trade. And we think part of the reason is simply that investors don't understand the company's business model.
Author's note: All my gaming stocks are held in a blind trust for my children and grandchildren as a matter of policy so as to avoid any potential conflict of interest with my consulting business in the casino space. This applies to clients, past, present or future.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Coming this week - our newest Pt's Gold will be unveiled in Las Vegas off Valley View and West Martin. Our 55th Nevada tavern @PTsEntGrppic.twitter.com/i4ZIIHR9Qk
Golden Entertainment, parent company of the PT’s Pub and Sierra Gold tavern chains, had record first-quarter revenue and more than doubled its net income over last year. The favorable quarter is keeping Golden on track to invest in more taverns in Las Vegas.
“We remain on schedule to open a total of seven new Las Vegas taverns in 2017 and believe these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada,” said Blake Sartini, the company’s chairman and CEO.
Shares of Golden Entertainment are up 41 percent this year, while Boyd shares have risen 27 percent. Red Rock has lagged, gaining 3.4 percent. https://www.reviewjournal.com/business/casinos-gaming/gaming-stocks-outperforming-tech-in-2017/
“We remain on schedule to open a total of seven new Las Vegas taverns in 2017 and believe these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada,” said Blake Sartini, the company’s chairman and CEO.
Shares of Golden Entertainment are up 41 percent this year, while Boyd shares have risen 27 percent. Red Rock has lagged, gaining 3.4 percent. https://www.reviewjournal.com/business/casinos-gaming/gaming-stocks-outperforming-tech-in-2017/
Casino Stocks to Buy Now
Ryan McQueeney
ZacksJune 6, 2017
Perhaps it’s because trading stocks can often mirror the thrill of winning big at the blackjack tables, or maybe it’s because Las Vegas conjures images of the world’s most flashy brands and businessmen. Regardless of the reason, it’s clear that casino stocks are always among the most popular on Wall Street
Luckily for investors, now is also a great time to be buying casino stocks, as continued domestic strength and a great recovery in Macau have led to rising share prices. In fact, the overall gaming industry currently sits in the top 26% of the Zacks Industry Rank.
With casino stocks this hot right now, investors are not going to want to miss out. Luckily, we can use Zacks’ proven stock-picking methods to find solid stocks in any industry. Check out these highly-ranked casino stocks today:
1. Wynn Resorts (WYNN)
Led by the legendary Steve Wynn, this iconic gaming brand once again posted impressive earnings results in the most recent quarter. Wynn reported earnings of $1.24 per share and revenues of $1.48 billion, surpassing our respective consensus estimates of $0.74 and $1.34 billion. The company’s new Macau resort, the Wynn Palace, marked its second full quarter of operations, lifting total revenue figures 48% on a year-over-year basis.
Since the report, we’ve seen a flurry of earnings estimate revision activity for WYNN, lifting its current-quarter Zacks Consensus Estimate by 31 cents and giving the stock a Zacks Rank #1 (Strong Buy). And looking down the road, Wynn is positioned well in Macau and Vegas; the company just finalized plans for the Le Reve which it has designed to be the preeminent luxury hotel and destination casino resort in Sin City.
2. Melco Crown Entertainment (MLCO)
Melco Crown was another casino giant that really impressed in the most recent earnings season. The company, which gets the majority of its revenue from Macau, posted adjusted earnings of $0.24 per share, crushing the Zacks Consensus Estimate of $0.08. Revenues of $1.28 billion also topped our consensus estimate and soared 15.7% year-over-year.
Revenues in Macau grew 24% in the month of May, beating estimates and marking the tenth-straight month of growth in the region. This is great news for Melco Crown, which has steadily risen all year. Indeed, shares are up 40% year-to-date. Nevertheless, this Zacks Rank #1 (Strong Buy) stock is poised to break even higher.
3. Golden Entertainment (GDEN)
Formed in 2015 after the merger of Golden Gaming and Lakes Entertainment, Golden Entertainment is a regional casino and tavern operator that has been on an absolutely insane run this year, with shares gaining nearly 45% so far.
And while some investors may say that means GDEN is trading at a premium, all signs point to continued growth for this stock. Shares could certainly still march higher, as indicated by its Zacks Rank #2 (Buy) ranking, and it is fundamentally sound, evidenced by its “A” grades for Value and Growth.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!https://finance.yahoo.com/news/3-casino-stocks-buy-now-180006677.html
Ryan McQueeney
ZacksJune 6, 2017
Perhaps it’s because trading stocks can often mirror the thrill of winning big at the blackjack tables, or maybe it’s because Las Vegas conjures images of the world’s most flashy brands and businessmen. Regardless of the reason, it’s clear that casino stocks are always among the most popular on Wall Street
Luckily for investors, now is also a great time to be buying casino stocks, as continued domestic strength and a great recovery in Macau have led to rising share prices. In fact, the overall gaming industry currently sits in the top 26% of the Zacks Industry Rank.
With casino stocks this hot right now, investors are not going to want to miss out. Luckily, we can use Zacks’ proven stock-picking methods to find solid stocks in any industry. Check out these highly-ranked casino stocks today:
1. Wynn Resorts (WYNN)
Led by the legendary Steve Wynn, this iconic gaming brand once again posted impressive earnings results in the most recent quarter. Wynn reported earnings of $1.24 per share and revenues of $1.48 billion, surpassing our respective consensus estimates of $0.74 and $1.34 billion. The company’s new Macau resort, the Wynn Palace, marked its second full quarter of operations, lifting total revenue figures 48% on a year-over-year basis.
Since the report, we’ve seen a flurry of earnings estimate revision activity for WYNN, lifting its current-quarter Zacks Consensus Estimate by 31 cents and giving the stock a Zacks Rank #1 (Strong Buy). And looking down the road, Wynn is positioned well in Macau and Vegas; the company just finalized plans for the Le Reve which it has designed to be the preeminent luxury hotel and destination casino resort in Sin City.
2. Melco Crown Entertainment (MLCO)
Melco Crown was another casino giant that really impressed in the most recent earnings season. The company, which gets the majority of its revenue from Macau, posted adjusted earnings of $0.24 per share, crushing the Zacks Consensus Estimate of $0.08. Revenues of $1.28 billion also topped our consensus estimate and soared 15.7% year-over-year.
Revenues in Macau grew 24% in the month of May, beating estimates and marking the tenth-straight month of growth in the region. This is great news for Melco Crown, which has steadily risen all year. Indeed, shares are up 40% year-to-date. Nevertheless, this Zacks Rank #1 (Strong Buy) stock is poised to break even higher.
3. Golden Entertainment (GDEN)
Formed in 2015 after the merger of Golden Gaming and Lakes Entertainment, Golden Entertainment is a regional casino and tavern operator that has been on an absolutely insane run this year, with shares gaining nearly 45% so far.
And while some investors may say that means GDEN is trading at a premium, all signs point to continued growth for this stock. Shares could certainly still march higher, as indicated by its Zacks Rank #2 (Buy) ranking, and it is fundamentally sound, evidenced by its “A” grades for Value and Growth.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!https://finance.yahoo.com/news/3-casino-stocks-buy-now-180006677.html
Newest PT’s Gold continues Golden Entertainment tavern expansion plans
CDC Newswire · June 8, 2017 at 11:19 am
Share
LAS VEGAS (June 8, 2017) – Golden Entertainment, Inc. announced today it opened a new PT’s Gold in south Las Vegas, the third all-new tavern the company has unveiled in Southern Nevada this year.
The newest PT’s Gold is at 4880 West Silverado Ranch Road, near Decatur Boulevard. The tavern is four miles from the Southern Highlands residential community.
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The two taverns that opened previously are PT’s Gold on the corner of Valley View and West Martin Drive, which opened a week ago, and PT’s Gold on Buffalo Drive near Warm Springs, which was unveiled in March.
PT’s Gold features award-winning dining choices, beverage options, and entertainment attractions that have made PT’s a popular destination for local patrons. The new PT’s Gold has 15 bar top video gaming devices, 25 high-definition televisions and will employ 20 team members.
Blake L. Sartini II, senior vice president of distributed gaming for Golden Entertainment, said the new tavern’s location fits the company’s development strategy of placing entertainment and dining options in a growing area.
“Golden Entertainment is committed to Nevada and our strategic development plan to operate 60 traditional taverns by the end of 2017,” Sartini said. “We fully believe in the vibrancy of the Las Vegas locals market and are proud to employ more than 800 team members in our Nevada taverns.”
The PT’s Gold menu features a wide selection of appetizers, pizzas, salads, sandwiches and entrees. The beverage selection includes featured beers produced by PT’s Brewing Company. PT’s award-winning happy hour takes place daily from 5 p.m. to 7 p.m., and 12 a.m. to 2 a.m. During happy hour, all PTEG taverns offer 50 percent off drinks and pizzas and select appetizers for $5. PT’s Gold is part of the Golden Rewards player loyalty program and the Beer & Bites dining loyalty program.
Check out the menu here. For information, please call (702) 840-3883.
The company’s tavern brands include PT’s Pub, PT’s Gold, PT’s Ranch, PT’s Brewing Co., Sean Patrick’s, Sierra Gold and SG Bar.
About Golden Entertainment, Inc.
Golden Entertainment, Inc. owns and operates gaming properties across two divisions – distributed gaming and resort and casino operations. Golden Entertainment operates approximately 12,000 gaming devices and nearly 30 table games in Nevada, Maryland and Montana. The Company owns four casino properties, more than 50 taverns and operates approximately 960 distributed gaming locations in multiple jurisdictions. Golden Entertainment is focused on maximizing the value of its portfolio by leveraging its scale, leadership position and proven management capabilities across its two divisions. For more information, visit www.goldenent.com.
_________
Media Contact: Howard Stutz of Golden Entertainment
(702) 495-4490
hstutz@goldenent.com
CDC Newswire · June 8, 2017 at 11:19 am
Share
LAS VEGAS (June 8, 2017) – Golden Entertainment, Inc. announced today it opened a new PT’s Gold in south Las Vegas, the third all-new tavern the company has unveiled in Southern Nevada this year.
The newest PT’s Gold is at 4880 West Silverado Ranch Road, near Decatur Boulevard. The tavern is four miles from the Southern Highlands residential community.
t;
The two taverns that opened previously are PT’s Gold on the corner of Valley View and West Martin Drive, which opened a week ago, and PT’s Gold on Buffalo Drive near Warm Springs, which was unveiled in March.
PT’s Gold features award-winning dining choices, beverage options, and entertainment attractions that have made PT’s a popular destination for local patrons. The new PT’s Gold has 15 bar top video gaming devices, 25 high-definition televisions and will employ 20 team members.
Blake L. Sartini II, senior vice president of distributed gaming for Golden Entertainment, said the new tavern’s location fits the company’s development strategy of placing entertainment and dining options in a growing area.
“Golden Entertainment is committed to Nevada and our strategic development plan to operate 60 traditional taverns by the end of 2017,” Sartini said. “We fully believe in the vibrancy of the Las Vegas locals market and are proud to employ more than 800 team members in our Nevada taverns.”
The PT’s Gold menu features a wide selection of appetizers, pizzas, salads, sandwiches and entrees. The beverage selection includes featured beers produced by PT’s Brewing Company. PT’s award-winning happy hour takes place daily from 5 p.m. to 7 p.m., and 12 a.m. to 2 a.m. During happy hour, all PTEG taverns offer 50 percent off drinks and pizzas and select appetizers for $5. PT’s Gold is part of the Golden Rewards player loyalty program and the Beer & Bites dining loyalty program.
Check out the menu here. For information, please call (702) 840-3883.
The company’s tavern brands include PT’s Pub, PT’s Gold, PT’s Ranch, PT’s Brewing Co., Sean Patrick’s, Sierra Gold and SG Bar.
About Golden Entertainment, Inc.
Golden Entertainment, Inc. owns and operates gaming properties across two divisions – distributed gaming and resort and casino operations. Golden Entertainment operates approximately 12,000 gaming devices and nearly 30 table games in Nevada, Maryland and Montana. The Company owns four casino properties, more than 50 taverns and operates approximately 960 distributed gaming locations in multiple jurisdictions. Golden Entertainment is focused on maximizing the value of its portfolio by leveraging its scale, leadership position and proven management capabilities across its two divisions. For more information, visit www.goldenent.com.
_________
Media Contact: Howard Stutz of Golden Entertainment
(702) 495-4490
hstutz@goldenent.com
