Golden Entertainment reports record 2Q revenue
The Las Vegas-based company Golden Entertainment reported record second-quarter revenue results.
US.- Golden Entertainment has reported record second-quarter revenues of US$248.1 million. The figures are up 14.6% from the US$216.5 million registered in the second quarter of 2018. Casino revenues also increased in the three-month period ended June 30.
Adjusted EBITDA increased 7.6% to a record US$49.8 million for 2Q, up from US$46.3 million in 2018. The results for the second quarter include a full quarter of operations of the Edgewater and Colorado Belle Casino Resorts. The company acquired these on January 14, 2019.
Casino revenues increased 21.1% to US$158.7 million in the second quarter, up from the US$130.9 million in 2Q18. Casino adjusted EBITDA rose 13.7% to US$48 million compared to US$42.2 million in the same quarter last year.
Golden Entertainment said growth in the casino segment was due to the acquisition of two casinos in Nevada in January. Although the construction disruption at The Strat and increased regional competition that impacted Rocky Gap Casino Resort in Maryland offset these results.
The CEO highlights solid increases
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented on the results. “Record quarterly revenue and Adjusted EBITDA in the second quarter reflects solid year-over-year increases across both our Casinos and Distributed Gaming operations.
“During the second quarter, we completed a US$375 million unsecured notes offering that refinanced our revolver borrowings and outstanding second lien term loan, reduced secured leverage, extended maturities and added fixed cost capital to the balance sheet while maintaining an attractive blended interest rate.
“We expect continued economic growth in southern Nevada will support the performance for the majority of our gaming assets portfolio. In addition, we believe our strategic investment in The Strat – as well as our recent property acquisitions in Laughlin – position us favourably to build long-term shareholder value.”
