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[FONT=&quot][h=1]Golden Entertainment to Acquire Two Laughlin, Nevada Casino Resorts in Accretive Transaction[/h]


Business WireJuly 16, 2018




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LAS VEGAS--(BUSINESS WIRE)--
Golden Entertainment, Inc. (GDEN) (“Golden” or the “Company”) today announced that it has entered into a definitive agreement with Marnell Gaming LLC, to acquire the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort in Laughlin, Nevada. The purchase price will be based on an 8.0x multiple of the combined trailing twelve months adjusted EBITDA of both properties as of November 2018, with a minimum price of $168 million and a maximum price of $190 million. Including expected cost synergies and cash acquired, the purchase price is expected to represent an implied trailing twelve months adjusted EBITDA multiple of 6.5x.
The purchase consideration will consist of $155 million of cash and the balance in restricted stock issued at a price of $28.54 per share.
The transaction will be financed with incremental debt under the Company’s credit facility and cash on hand. Pro forma for the transaction, the Company’s net leverage is expected to be below 5x at closing. The Company expects the acquisition to be cash flow positive and immediately accretive to operating results.
Blake Sartini, Chairman and Chief Executive Officer of Golden, said, "The acquisition of the Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort provides us with an exciting opportunity to expand our portfolio to nine wholly-owned casino resorts in Southern Nevada, solidifying our presence in this growing and attractive gaming market. The transaction is consistent with our strategy to grow our business in an accretive manner for shareholders and Golden is uniquely positioned to benefit immediately from cost synergies related to the acquisition of these properties.”
The Edgewater Hotel & Casino Resort and the Colorado Belle Hotel & Casino Resort collectively feature over 1,400 slot machines, 40 table games and 2,150 hotel rooms. The properties also feature eleven restaurants and dedicated entertainment venues including the Laughlin Event Center. The Laughlin Event Center is an outdoor arena with 12,000 seats and hosts multiple headline concerts and other events throughout the year. The two properties are adjacent to Golden’s current Laughlin property, the Aquarius Casino Resort, which features over 1,200 slot machines, over 30 table games and almost 2,000 hotel rooms. When combined, these three properties will be situated on 55 contiguous acres along the heart of the Laughlin Riverwalk.
Mr. Sartini added, “The Marnell family has a long history in the gaming industry including, designing, building and owning some of the most iconic resorts that now define the Las Vegas resort corridor. Over the past several years, Marnell Gaming has taken their expertise and created a significant hotel, casino and entertainment presence in Laughlin, and we are excited to build on these well positioned properties. As a result of this transaction, I am pleased to welcome Anthony Marnell III as a shareholder of Golden Entertainment.”
The transaction is expected to close in the first quarter of 2019, subject to customary closing conditions and the receipt of all required regulatory approvals.
Latham & Watkins LLP served as legal advisor to Golden Entertainment for the transaction. Holland & Hart LLP served as legal advisor to Marnell Gaming.






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Long term hold for me, and will accumulate on any weakness


Golden Entertainment Reports Second Quarter Results




Business WireAugust 8, 2018









LAS VEGAS--(BUSINESS WIRE)--
Second Quarter highlights:
- Increased revenues, net income, Adjusted EBITDA and EBITDA Margin
- Stratosphere renovations on schedule and on budget
- Reiterating full year Adjusted EBITDA guidance
Golden Entertainment, Inc. (GDEN) (“Golden Entertainment” or the “Company”) today reported financial results for the second quarter ended June 30, 2018.
Blake L. Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “We are pleased with our second quarter results which saw revenue growth across both our casino and distributed gaming segments. Our strong financial performance was driven by our diversified portfolio, with particular strength from our Las Vegas Locals properties, our existing casino resort in Laughlin and our Rocky Gap property in Maryland. During the quarter, we were excited to begin our Phase I renovations to the Stratosphere, which we expect to be completed by year end. We also look forward to expanding our casino portfolio with our pending acquisition of two Laughlin casino resorts from Marnell Gaming, which is expected to close in the first quarter of 2019. This acquisition will allow us to benefit from operating synergies immediately after closing while increasing our presence in Southern Nevada, which we believe is one of the most attractive gaming markets in the country.”
The Company reported second-quarter revenues of $216.5 million, up from $109.9 million in the second quarter of 2017. Net income for the second quarter of 2018 was $3.6 million or $0.13 per share, compared to net income of $1.7 million or $0.08 per share in the second quarter of 2017. Adjusted EBITDA was $46.3 million for the second quarter compared to $15.0 million for the second quarter of 2017.
Adjusted EBITDA was up 13.6% and Adjusted EBITDA margin improved 230 basis points when compared to Combined Adjusted EBITDA and Combined Adjusted EBITDA margin for second quarter of 2017 including the results of American Casino & Entertainment Properties, LLC (“American”), which was acquired in October 2017.
Casinos
Casino segment revenues rose to $130.9 million in the second quarter of 2018 compared to $26.2 million in the second quarter of 2017. Including the results of American for the second quarter of 2017, Combined Revenues would have been $129.5 million. Casino segment Adjusted EBITDA rose to $42.2 million compared to $6.9 million in the same quarter in 2017. Adjusted EBITDA rose 10.3% when compared to the Combined Adjusted EBITDA of $38.2 million which includes the results of American for the second quarter of 2017.
For our Nevada Casinos, second quarter revenues were $112.9 million, slightly up from Combined Revenues for the segment in the prior year period on a same property basis, while Adjusted EBITDA of $36.5 million was up 8.4% from Combined Adjusted EBITDA for the segment in the prior year period. This growth was primarily due to the effectiveness of our operational changes as well as particular strength from our Las Vegas Locals properties and our existing Laughlin resort.
Our Rocky Gap Resort in Maryland saw increases in revenue of 3.8% to $18.0 million for the quarter, while Adjusted EBITDA increased 24.2% to $5.7 million which was in part due to the property’s tax rate on slot revenue being reduced in July 2017.
Distributed Gaming
Distributed Gaming segment revenues increased to $85.4 million, up 2.1% from $83.6 million in the second quarter of 2017. Adjusted EBITDA declined 4.7% to $12.8 million, from $13.5 million in the same period 2017.
In our Nevada distributed gaming business, total revenues during the second quarter were $69.5 million, a year-over-year increase of 1.7%. Adjusted EBITDA of $10.6 million was down 5.7% compared to last year as our EBITDA growth in our wholly-owned tavern portfolio continued to be offset by weaker contribution from our chain store locations.
Our Montana distributed business generated revenues of $15.9 million in the second quarter, an increase of 4.2% compared to last year. Adjusted EBITDA for the Montana distributed business was $2.2 million for the second quarter.
Stratosphere Renovations Update
Phase I of the Stratosphere renovations began in May, with the project proceeding on time to be completed by year end and on budget of approximately $32 million. Phase I includes the renovation of 317 rooms, the installation of state-of-the-art exterior signage and lighting, as well as the addition of a unique gastro brewery connected to a newly renovated sports book. We expect approximately 250 of these renovated rooms to be in service in September, with the balance completed in the fourth quarter.

When our Stratosphere renovations are complete, we will have remodeled 1,133 rooms, refreshed the interior and exterior of the property, provided guests with new premium food and beverage outlets and added attractive group meeting space. Our total budget for the Stratosphere renovations remains at $140 million, and is expected to be completed by mid-2021.
Balance Sheet & Liquidity
As of June 30, 2018, the Company had cash and cash equivalents of approximately $140 million and total outstanding debt of approximately $1 billion. There were no outstanding borrowings under the Company’s $140 million revolving credit facility. At the end of the second quarter, the Company’s net leverage ratio (total debt less cash to Adjusted EBITDA for the 12 months ended June 30, 2018) was 5.2x.
Full-Year 2018 Guidance
For the full year 2018, Golden Entertainment is maintaining its guidance for total Adjusted EBITDA to be $184 million to $190 million. The Company continues to expect to end the year with a net leverage ratio below 4.75x.
Investor Conference Call and Webcast
The Company will host a webcast and conference call today, August 8, 2018 at 5:00 p.m. Eastern Time, to discuss the second quarter 2018 results. The conference call may be accessed live by dialing (844) 465-3054 or (480) 685-5227 for international callers and entering the passcode 2089229. A replay will be available beginning at 8:00 p.m. ET on August 8, 2018 and may be accessed by dialing (855) 859-2056 or (404) 537-3406 for international callers; the passcode is 2089229. The replay will be available until August 11, 2018. 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.







 

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Golden Entertainment and William Hill expand partnership

Oct. 2, 2018 7:58 PM ET|By: Clark Schultz, SA News Editor

Golden Entertainment (NASDAQ:GDEN) announces that it entered into a long-term agreement with bookmaker William Hill (OTCPK:WIMHF, OTCPK:WIMHY) to manage the company’s race and sports operations in Nevada, Maryland and Montana.
The new agreement expands upon Golden Entertainment’s existing deal with William Hill that covers the race and sports book at Pahrump Nugget Hotel & Gambling Hall,as well as deposit kiosks at about 80 Golden Entertainment gaming locations throughout Nevada.
William Hill and Golden Entertainment also plan to pursue sports wagering opportunities in Montana and Maryland together, subject to enabling legislation within these states.
“We are excited to expand our current relationship with William Hill, which has a proven sports wagering platform not only in Nevada but around the world. We look forward to growing our business in Nevada and other jurisdictions through this partnership,” says Golden Entertainment COO Steve Arcana on the sports betting initiative.

 

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25 million dollar buyback


[FONT=&quot]Third Quarter Highlights:[/FONT]
[FONT=&quot]- Strong Laughlin and Las Vegas Locals Property Performance[/FONT]
[FONT=&quot]- Stratosphere Renovations and Capital Plan on Schedule and on Budget[/FONT]
[FONT=&quot]- Acquisition of Two Casino Resorts in Laughlin Anticipated to Close in Q1 2019[/FONT]
[FONT=&quot]- Board of Directors Authorizes $25 Million Share Repurchase Program

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https://finance.yahoo.com/news/golden-entertainment-reports-2018-third-210500431.html
 

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What do you like from an investment perspective?
Golden Entertainment [GDEN] is a Las Vegas-based company. It is a nice casino and pub and slot-route operator [it owns and operates slots in several locations]. I'm in Las Vegas right now and looking out at the Stratosphere, which it owns. A few years ago, the predecessor company, Lakes Entertainment, merged with a private company, Golden. It was a thoughtful merger. Lakes had an experienced management team and tons of cash. Golden was run by a young, aggressive, ambitious team.
Since then, Golden has hungrily acquired other assets, including the parent of the Stratosphere, American Casinos. Today, it has a $550 million market cap and a $1.4 billion enterprise value. In fairness, the company checks some of the boxes that people are concerned about -- exposure to the Strip, which softened quickly and, we believe, temporarily in the late summer and early fall; nearly $1 billion in net debt; and a tremendous multiyear run. At $19, Golden's stock has been cut in half from its summer highs, and is trading for eight times enterprise value to 2018 Ebitda [earnings before interest, taxes, depreciation, and amortization], and under seven times based on 2019 estimates.
Most important, the company's discretionary free-cash-flow yield is north of 20%. Investors don't see it because management has chosen to put $140 million into renovating the Stratosphere. That's likely a prudent investment to maximize the value. It's a terrific play on Las Vegas and the Nevada market. One other thing: There was considerable insider buying, and, concurrent with acquiring two casinos in Laughlin, Nev., the company bought back stock.
What else looks good?

[h=2]Casino Stocks Look Tempting to a Value Investor -- Barrons.com[/h]12:47 pm ET January 25, 2019 (Dow Jones) Print
By Leslie P. Norton
Tiny Esplanade Capital has gained a reputation for canny long/short value-oriented investing in smaller stocks, and for using no leverage. Under founder Shawn Kravetz, 49, its flagship hedge fund, Esplanade Capital Partners, has returned 7% a year since its January 2000 inception, versus 4.9% for the S&P 500. Its solar-focused fund, Esplanade Capital Electron Partners, has returned 6% since its June 2009 inception, versus negative 19.8% for the Ardour Solar Energy Index.
Kravetz, who manages $30 million, likes what he calls OUCH stocks -- out-of-fashion, undiscovered, or underfollowed, cheap, and hated. Late last fall, that described a lot of casino issues, as investors grew nervous about the industry's leverage. Kravetz, based in Boston, believes that despite this year's revival in gambling shares, the group has more room to run.
Barron's: How is the market treating you this year?
Shawn Kravetz: We're off to a very strong start. Countless stocks have rallied 20% to 30% on nothing -- no new news or data, except the cessation of year-end tax selling and the panic of markets collapsing, and maybe a little bit of opportunistic buying. We are extremely bullish about the single-stock opportunities.
You turned bullish on casinos in December. Why?
Casino stocks around the globe, from regionals to Las Vegas to Macau and the rest of the world, enjoyed a pretty fantastic 2017 and most of 2018. They crashed in the period from October to December on concerns about highly levered businesses and the slowing of consumer demand. Penn National Gaming [ticker: PENN], which had traded in the low teens in early 2017, went to $37 last summer, and then down to $18. Now, it is $24. In Macau, you had [local] issues, plus the downshift in China's economy. It is hard to think of a better poster child for the problems of U.S. trade relations with China than American casino operators running insanely profitable casinos in Macau. Now we've started to pick through that carnage.
Aren't you concerned about renewals of the Macau casino concessions in coming years?
We are somewhat concerned. For that reason, and also because valuations aren't wildly attractive, we haven't jumped into operators that are meaningfully exposed to Macau, such as Las Vegas Sands [LVS] or Wynn Resorts [WYNN]. We were seeing other attractive stocks. We have the ability to handpick stocks with the largest upside and lowest risk.
Do you consider Penn National attractive at recent levels?
Yes. Penn is an old friend. We bought it in late 2016 when all of its peers had started to rally, leaving Penn in the dust because the company wasn't being acquisitive or acquired, and had put most of its real estate into a REIT [real estate investment trust]. People were scared about MGM National Harbor, in Maryland, negatively impacting Penn's West Virginia property. We weren't worried about it, so we bought Penn stock in the low teens, and it doubled quickly. We sold in the low- to mid-$20s. Then the stock went up to $37.
Since then, Penn has become the largest regional gaming operator in North America by merging with Pinnacle. It remains acquisitive. When the stock fell in the fourth quarter, we bought this old friend again. At its current price, Penn trades for just over seven times consensus Ebitdar [earnings before interest, taxes, depreciation, amortization, and rent] -- the "R" stands for 2019 rent. The company will likely exceed its synergy targets on the Pinnacle merger. After synergies, we're looking at a free-cash-flow yield in the high teens, and potentially higher.
The Ebitdar multiple could quickly fall below seven because the businesses are performing solidly, with Penn as the scale player. One extra turn of Ebitdar gets you to a $36 stock from $24 today.
Let's move on to Las Vegas. How does the environment look for 2019?
The Las Vegas economy is doing well; construction is booming. The new multibillion-dollar Resorts World property is finally coming out of the ground. The Las Vegas Raiders stadium is being built. Companies that service locals and value-minded tourists are well-positioned for 2019.
What do you like from an investment perspective?
Golden Entertainment [GDEN] is a Las Vegas-based company. It is a nice casino and pub and slot-route operator [it owns and operates slots in several locations]. I'm in Las Vegas right now and looking out at the Stratosphere, which it owns. A few years ago, the predecessor company, Lakes Entertainment, merged with a private company, Golden. It was a thoughtful merger. Lakes had an experienced management team and tons of cash. Golden was run by a young, aggressive, ambitious team.
Since then, Golden has hungrily acquired other assets, including the parent of the Stratosphere, American Casinos. Today, it has a $550 million market cap and a $1.4 billion enterprise value. In fairness, the company checks some of the boxes that people are concerned about -- exposure to the Strip, which softened quickly and, we believe, temporarily in the late summer and early fall; nearly $1 billion in net debt; and a tremendous multiyear run. At $19, Golden's stock has been cut in half from its summer highs, and is trading for eight times enterprise value to 2018 Ebitda [earnings before interest, taxes, depreciation, and amortization], and under seven times based on 2019 estimates.
Most important, the company's discretionary free-cash-flow yield is north of 20%. Investors don't see it because management has chosen to put $140 million into renovating the Stratosphere. That's likely a prudent investment to maximize the value. It's a terrific play on Las Vegas and the Nevada market. One other thing: There was considerable insider buying, and, concurrent with acquiring two casinos in Laughlin, Nev., the company bought back stock.
What else looks good?
Regional operators. Century Casinos [CNTY] is a wonderful operator of eclectic small properties around the world that doesn't suffer from high leverage. It's an Australia-based company that went public in 1994. They have a large business in Canada; they're in Colorado and Poland, and they recently opened a very small casino in Bath, England. The company has a market value of about $220 million.
In 2018, Century had a couple of unforced errors. In Poland, there was a hiccup in the licensing process. The Bath casino has been slow to blossom. The game-changer is a $48 million investment called Century Mile in Canada, which likely won't open until April. Century has a lot of capex [capital expenditure] in the ground that has yet to bear fruit. We've seen some insider buying by one of the two founders. If business remains solid, Century could almost double Ebitda in the next couple of years.
Century has the strongest organic growth of any U.S.-listed casino company, one of the lowest Ebitda multiples, and the least debt. It's not difficult to see the stock go from $7-and-change today to the low teens in the next couple of years if they continue to execute and maintain the status quo.
How did you develop expertise in casinos?
We started investing in 2001. We'd always been active in consumer stocks, and this had a strong consumer component. And, at that time, people just weren't interested. They said, "We don't want these boring companies that generate big cash flows; we want growth companies." In our mind, casinos were both.
You're also an expert on solar power. Isn't that a commodity?
The low-cost manufacturers and service providers can still generate substantial profitability. One out-of-fashion stock is Azure Power Global [AZRE], a developer, operator, and owner of solar-power projects in India. They have an operating portfolio of about 1.1 gigawatts. They have about twice that in contracted pipeline, about a $400 million market cap, and just over $1 billion in enterprise value.
This is a broken IPO [initial public offering; the stock came public at $18 a share in October 2016]. People are concerned about emerging-market businesses and stocks. They're concerned about India's currency. The company had some modest operating misses. The stock is trading at $9.20, or for 4.5 times our view of run-rate Ebitda. Caisse de dépôt et placement du Québec owns about 40%. Azure arguably is the leader in solar development and ownership in India, a market that will boom over the next couple of years.
If we put the multiples on Azure's assets that we've seen in transactions involving comparable companies, we would get five times the current stock price. If we take a much more conservative view of their current operating portfolio, and then put a reasonable valuation on their contracted pipeline, it's pretty easy to get to $20 a share. We would be surprised if this didn't blossom in 2019.
Thanks, Shawn.
(END) Dow Jones Newswires
January 25, 2019 12:47 ET (17:47 GMT)
 

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Law Makers set to "Legalize" Sports Wagering
At Taverns -in- MONTANA
GDEN owns an enormous distributed slot machine/route footprint
At approximately 400+ tavern/bar locations in the state
Very "LOW" Tax Rate .. Proposed
bit.ly/2ugOPIP
 

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Golden Entertainment / $GDEN
Closes Bond Sale
Locks in 7.625% Fixed Rate
New Notes now Due in 2026
Sold Exclusively to Institutions
Simplifies Company's Debt Structure
Eliminates => Negative Stigma
Of "FLoating Rate" Interest Rate Risk
bit.ly/2V1uW7F
 

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Golden Entertainment Reports 2019 First Quarter Results




Business WireMay 9, 2019



LAS VEGAS--(BUSINESS WIRE)--
First Quarter and Recent Highlights:
- Record quarterly net revenues and Adjusted EBITDA
- Completed Blvd Main, View Lounge, and Sportsbook at The Strat
- Launched TrueRewards one card loyalty program
- Opened three new taverns in Q1, three more expected to open in Q2
- Refinanced 2nd lien debt and repaid outstanding revolver with unsecured notes offering in April
Golden Entertainment, Inc. (GDEN) (“Golden Entertainment” or the “Company”) today reported financial results for the first quarter ended March 31, 2019.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “During the first quarter, we continued our progress on a number of significant initiatives for the Company. In March, we opened our new sportsbook, View Lounge and Blvd & Main Taphouse in The Strat, which all have been very well received by our guests. We are starting renovations of The Strat casino floor in May to conform the casino environment to these exciting new venues, and anticipate completing these renovations by the end of the year. We are also well on our way with the integration of our two new casino resorts in Laughlin and expect to see improved contribution from our Laughlin assets as we begin to realize synergies in future quarters. During the first quarter we saw improvement in our distributed gaming business, which is expected to accelerate as we continue to open new taverns and improve chain store performance in Nevada. Importantly, we started the rollout of our new TrueRewards players club which will allow us to incentivize our players to earn and redeem points at all our wholly-owned casino resorts and distributed gaming locations. As we look at the healthy economic environment in Nevada and the potential opportunities that this provides our business, we believe Golden Entertainment is positioned to benefit from our strategic efforts and create long-term value for our shareholders.”
Consolidated Results
The Company reported first quarter revenues of $239.9 million, up 11.7% from $214.8 million in the first quarter of 2018. Net loss for the first quarter of 2019 was ($8.0) million or a loss of ($0.29) per share, compared to net income of $3.9 million or $0.13 per diluted share in the first quarter of 2018. Adjusted EBITDA increased 5.5% to $48.4 million for the first quarter of 2019 compared to $45.9 million for the first quarter of 2018. Results for the first quarter include the operations of the Edgewater and Colorado Belle Casino Resorts acquired by the Company on January 14, 2019.
Casinos
Casino segment revenues grew 16% to $151.4 million in the first quarter of 2019 compared to $130.5 million in the first quarter of 2018. Casino segment Adjusted EBITDA grew 6.8% to $46.6 million compared to $43.7 million in the same quarter of 2018.
In the first quarter, growth in our casino segment was primarily driven by our acquisition of two casinos in Laughlin, Nevada, offset by the anticipated construction disruption at The Strat as well as the installation of our new casino management system and rewards program at The Strat, Arizona Charlie’s Decatur, Arizona Charlie’s Boulder, and the Aquarius Casino Resort.
Distributed Gaming
Distributed Gaming segment revenues increased to $88.4 million, up 5.0% from $84.2 million in the first quarter of 2018. Adjusted EBITDA for the segment grew 4.1% to $13.5 million from $13.0 million in the same period of 2018.
The Company experienced growth in revenue and Adjusted EBITDA in both its Nevada and Montana distributed gaming businesses. In Nevada, continued growth from the Company’s wholly-owned tavern portfolio as well as stabilization of the Company’s chain store locations contributed to improved results. In Montana, the Company continues to add new locations and benefit from our investment in new game technology.
The STRAT Renovations Update
The Strat renovations for 2019 remain on schedule and the budget remains unchanged. In March of 2019, the Company opened its unique new tap room concept, Blvd & Main, connected to a newly renovated sports book and lounge. The major remaining renovations for 2019 include remodeling the casino floor and renovating approximately 150 rooms and suites. These upgrades are expected to be completed by the end of the year.

As of March 31, 2019, the Company spent approximately $38 million on The Strat renovations, including capital spent in 2018. The Company has budgeted an additional $39 million of renovation costs for 2019 which will be funded with cash flow from operations. Golden Entertainment’s total budget for The Strat renovations remains approximately $140 million, with the project expected to be completed in 2021.
Balance Sheet Highlights
As of March 31, 2019, the Company had cash and cash equivalents of approximately $108 million and total outstanding debt of $1.14 billion, of which $145 million was borrowings outstanding under the Company’s $200 million revolving credit facility.
In April, the Company closed on its $375 million, 7-year senior unsecured notes offering which priced at 7.625%. Proceeds from the notes offering were used to repay $145 million outstanding borrowings under the Company’s revolving credit facility, repay the Company’s $200 million 2nd lien term loan facility, repay $18 million of outstanding borrowings under the Company’s existing 1st lien term loan facility and pay offering fees and expenses. Currently, there are no outstanding borrowings under the Company’s $200 million revolving credit facility and the Company has $772 million outstanding under its first lien term loan facility.
Share Repurchase Authorization
In March, the Board of Directors approved a new $25 million share repurchase program which replaced the share repurchase program previously authorized in November 2018. The Company did not repurchase any shares in the first quarter of 2019.
Investor Conference Call and Webcast
The Company will host a webcast and conference call today, May 9, 2019 at 5:00 p.m. Eastern Time, to discuss the first quarter 2019 results. The conference call may be accessed live by dialing (844) 465-3054 or (480) 685-5227 for international callers and entering the passcode 3874849. A replay will be available beginning at 8:00 p.m. ET on May 9, 2019 and may be accessed by dialing (855) 859-2056 or (404) 537-3406 for international callers; the passcode is 3874849. The replay will be available until May 12, 2019. 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.







 

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Insider Purchase
Director - Marnell
BUYS: 10,000 shares -for- $132,308.00
$13.23 per/share
CFO expects 2019 "FCF" -of- $3.40 per/share
Highest FCF Yield of all the Casino Operators
Levered to Nevada locals trends
bit.ly/2ZjDTeK
 

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https://finance.yahoo.com/news/golden-entertainment-gden-reports-q3-003512268.html

big.chart
 

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[h=1]Golden Entertainment Reports 2020 Fourth Quarter Results[/h]– Significant margin improvement led to Q4 Adjusted EBITDA growth compared to Q4 2019 at all local and regional Nevada casino properties
Positive Q4 Adjusted EBITDA at The STRAT despite increased restrictions and decreased travel volume in November and December
Nevada and Montana Distributed Gaming Q4 revenue and Adjusted EBITDA exceeded Q4 2019 levels
Ended 2020 with approximately $104 million cash on hand and no revolver borrowings
Q1 2021 business trends improving over Q4 2020 performance


[FONT=&quot]March 11, 2021 04:05 PM Eastern Standard Time
LAS VEGAS--(BUSINESS WIRE)--Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2020.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “Our fourth quarter started strong with record October Adjusted EBITDA. However, tightened operating restrictions across all our businesses due to the pandemic began in November and extended through December, impacting overall fourth quarter results. Despite these challenges, our fourth quarter continues to demonstrate that the adjustments we have made to our operations provide a foundation for sustainable margin improvements which are expected to provide a significant lift to our Adjusted EBITDA and free cash flow as business volume returns to normalized levels.
“Reflecting a margin improvement of more than 1,000 basis points, fourth quarter Adjusted EBITDA for our Las Vegas locals casinos increased 21% compared to the same period last year despite a 6.5% decline in revenue as a result of reduced capacity and other restrictions. While The STRAT generated positive Adjusted EBITDA in the fourth quarter, the property was particularly impacted by the restrictions in place during the period which significantly impacted occupancy in November and December. Adjusted EBITDA for all of our Nevada casinos excluding The STRAT, increased 5.6% year over year as we improved the Adjusted EBITDA margin by 840 basis points. Our Maryland property was also impacted by restrictions and adverse weather during the quarter. For our total casino operations excluding The STRAT, our focus on continued expense management drove an Adjusted EBITDA margin improvement of approximately 670 basis points year over year to approximately 37% in the fourth quarter. In addition, both our Nevada and Montana distributed gaming operations grew revenue and Adjusted EBITDA in the fourth quarter over the prior-year period.
“We are encouraged by the increased business volumes since state restrictions began to ease and believe that as the vaccination rollout progresses, Las Vegas will benefit from pent up demand as well as the resumption of retail and business travel. Looking forward, we expect the changes we have made to our cost structure will provide us with sustainable margin improvements which are expected to result in higher cash generation and allow us to reduce leverage, pursue future strategic initiatives and return capital to shareholders.”
Consolidated Results
The Company reported 2020 fourth quarter revenues of $205.6 million compared to $242.1 million in the fourth quarter of 2019. Net loss for the fourth quarter of 2020 was $18.5 million, or a loss of $0.66 per share, compared to a net loss of $7.7 million, or $0.28 per share, in the fourth quarter of 2019. Adjusted EBITDA was $38.9 million for the fourth quarter of 2020 compared to Adjusted EBITDA of $43.1 million for the fourth quarter of 2019.
Casinos
Casino revenues were $112.6 million in the fourth quarter of 2020 compared to $150.2 million in the fourth quarter of 2019. Casino Adjusted EBITDA was $33.4 million compared to $41.7 million in the fourth quarter of 2019.
Distributed Gaming
Distributed Gaming revenues for the fourth quarter of 2020 were $93.0 million compared to $91.7 million in the fourth quarter of 2019. Distributed Gaming Adjusted EBITDA was $13.6 million compared to $13.2 million in the fourth quarter of 2019.
Debt and Liquidity
As of December 31, 2020, the Company had cash and cash equivalents of $103.6 million. Total debt was approximately $1.2 billion, consisting primarily of $772 million in term loan borrowings outstanding under the Company’s existing credit facility and $375 million of senior unsecured notes. There were no outstanding borrowings under the Company's $200 million revolving credit facility as of December 31, 2020.

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[FONT=wf_segoe-ui_normal]stocktwits.com[/FONT]
[FONT=wf_segoe-ui_light]@newsfilterio (@Newsfilter) | Stocktwits[/FONT]
[FONT=wf_segoe-ui_normal]$GDEN B. Riley FBR analyst David Bain initiates coverage on Golden Entertainment with a Buy rating and announces Price Target of $48.[/FONT]
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[FONT=&quot]– First quarter 2021 revenue of $239.7 million, positive net income of $10.6 million and record quarterly Adjusted EBITDA of $59.5 million[/FONT]
[FONT=&quot]– All casino properties and distributed gaming operations exceeded Q1 2019 Adjusted EBITDA levels except The STRAT[/FONT]
[FONT=&quot]– The STRAT occupancy improved significantly during the quarter, with monthly Adjusted EBITDA growing materially from year end 2020 to Q1 2021
– Cash increased $41.8 million in the first quarter to $145.4 million
Golden Entertainment Reports 2021 First Quarter Results (yahoo.com)[/FONT]
 

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JP Morgan Initiates Coverage On Golden Entertainment with Overweight Rating, Announces Price Target of $60
 

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