Golden Entertainment Q4 revenue declines 1%
The company recorded $279.7m in revenue for the fourth quarter of 2022, down 1 per cent compared to the same period in 2021.
US.- Golden Entertainment has reported financial results for the fourth quarter and full year ended December 31, 2022. Revenue of $279.7m for the fourth quarter of 2022, down 1 per cent from $282m for the fourth quarter of 2021.
Net income for Q4 of 2022 was $11.1m, or $0.35 per fully diluted share, compared to net income of $19.1m, or $0.59 per fully diluted share, for Q4 of 2021. Fourth quarter of 2022 Adjusted EBITDA was $63.7m, compared to Adjusted EBITDA of $67.8m for the fourth quarter of 2021.
For the full year 2022, the company reported revenues of $1.1bn compared to $1.1bn for the full year 2021. The company reported a net income of $82.3m, or $2.61 per fully diluted share, compared to a net income of $161.8m, or $5.04 per fully diluted share, for the full year 2021.
Full-year 2022 Adjusted EBITDA was $267.1m, compared to Adjusted EBITDA of $291.7m for the full year 2021.
Blake Sartini, chairman and chief executive officer of Golden Entertainment, said: “Our fourth quarter demonstrates strong financial performance that remains well above 2019 levels, while higher labor and other costs impacted the comparison to last year’s fourth quarter results. For the second consecutive year, our total annual revenue exceeded $1bn and our operating discipline continues to support the significant margin improvement we have achieved leading to a 45% increase in full-year Adjusted EBITDA compared to 2019.
“Our business trends to start this year are encouraging, and we anticipate capitalizing on the strength of Las Vegas in 2023 and beyond. We expect the sale of Rocky Gap Casino Resort to close in the second quarter of 2023, which will provide meaningful liquidity that combined with our free cash flow will position us to maintain low leverage, invest in our owned properties, and accelerate capital returns to shareholders.”