Golden Entertainment Q3 revenue down 1%

Golden Entertainment has posted revenue of $279m for the third quarter of the year.

US.- Casino operator Golden Entertainment has released its quarterly financial report. Revenue declined to $279m in the third quarter down, 1 per cent from the third quarter of 2021. 

Net income declined by 52 per cent year-on-year to $14m and adjusted EBITDA by 17 per cent to $61.1m. The adjusted EBITDA margin for the period was 22 per cent, compared to 26 per cent for the third quarter of 2021.

Gaming made up the majority of revenue for Golden Entertainment, bringing in $188.4m, a decline of 2.5 per cent from Q3 of 2021. None of Golden Entertainment’s venues reported a net increase. Nevada casino resorts revenue was down to $98.9m, a 5.3 per cent drop. Nevada local casinos generated $37.7m, down by just under 1 per cent. Maryland generated $21.6m, steady from last year.

In August, the group entered into a definitive agreement to sell the Rocky Gap Casino Resort for $260m. Century Casinos will acquire the operations for $56.1m, while VICI Properties will acquire an interest in the associated land and buildings for $203.9m.

Golden Entertainment chairman and CEO Blake Sartini said: “Our quarterly results continue to be significantly above 2019 levels, despite reflecting a larger impact from seasonality compared to the same period last year.

“We are encouraged by the current business trends to start the fourth quarter and we are well positioned to succeed in any economic environment.”