Golden Entertainment Inc
NASDAQ:GDEN
Golden Entertainment Inc
Golden Entertainment, Inc. engages in the development, finance, management, and ownership of casino properties. The company is headquartered in Las Vegas, Nevada and currently employs 6,300 full-time employees. The firm operates in two different divisions such as distributed gaming and resort and casino operations, and multiple jurisdictions throughout the country. Its Casinos segment involves the operation of ten resort casino properties in Nevada and Maryland. The Company’s Distributed Gaming segment involves the installation, maintenance, and operation of slots and amusement devices in non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores, and grocery stores in Nevada and Montana, and the operation of branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. Golden Entertainment operates approximately 16,000 slots, 120 table games, and approximately 6,200 hotel rooms. The company owns nine casino resorts and nine in Southern Nevada and one in Maryland.
Golden Entertainment, Inc. engages in the development, finance, management, and ownership of casino properties. The company is headquartered in Las Vegas, Nevada and currently employs 6,300 full-time employees. The firm operates in two different divisions such as distributed gaming and resort and casino operations, and multiple jurisdictions throughout the country. Its Casinos segment involves the operation of ten resort casino properties in Nevada and Maryland. The Company’s Distributed Gaming segment involves the installation, maintenance, and operation of slots and amusement devices in non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores, and grocery stores in Nevada and Montana, and the operation of branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. Golden Entertainment operates approximately 16,000 slots, 120 table games, and approximately 6,200 hotel rooms. The company owns nine casino resorts and nine in Southern Nevada and one in Maryland.
Revenue & EBITDA: Golden Entertainment reported Q2 revenue of $163.6 million and EBITDA of $38.4 million, with results impacted by lower table game hold in Laughlin and a summer slowdown on the Las Vegas Strip.
Locals Casinos Strength: Nevada locals casinos posted their highest quarterly EBITDA in two years, up 7% year-over-year, and revenue up 3%, driven by strong Las Vegas locals properties.
Margin Improvement: Margins in the locals segment improved by 170 basis points to over 46%.
Strip & STRAT Headwinds: The STRAT saw 4% lower occupancy and 5% lower EBITDA, but aggressive cost controls helped mitigate revenue declines; weekend occupancy remains strong, but midweek remains challenging.
Tavern Weakness: Tavern revenue fell 7% year-over-year, hit by a competitive promotional environment and lower late-night volume.
Legislation Impact: The company expects $10-$15 million in additional tax shield from new legislation, boosting cash flow by $2-$3 million, with further benefits for taverns and seniors expected in 2026.
Growth Outlook: Management expects continued strength in locals and Laughlin, with stabilization at the STRAT and benefits from conventions and group business in Q4 and Q1 2026.
M&A on Hold: Acquisition opportunities remain, but management is waiting for market stabilization and potential rate cuts before pursuing deals.
