Golden Entertainment surpasses the $1 billion sales mark for the first time in Q4

Golden Entertainment surpasses the $1 billion sales mark for the first time in Q4

Golden Entertainment’s record fourth-quarter performance, fueled by increasing attendance and consumer spending throughout the group, has helped the real-money casino and entertainment operator reach $1 billion in revenue for the first time in a calendar year. 

Golden Milestone 

Along with praising the business’s record annual EBITDA performance and return to profit, the company notes that “it could have been better” had operations not been harmed by COVID restrictions, supply and labor difficulties, and reduced visitation throughout the year. GDE’s Q4 sales increased 37% to $282 million (2020: $205.6 million), with net loss narrowing to $19.1 million from $18.5 million in 2020, while adjusted EBITDA increased 72% to $67.8 million (2020: 39.4m).

For the year, revenue grew 58 percent to $1.096 billion (2020: $694.2 million), with a net profit of $161.7 million, up from a loss of $136.6 million a year earlier, and adjusted EBITDA of $291.7 million, up 165 percent from $110.3 million. A 60.7 percent gain in the group’s gaming section produced the majority of these increases, with food and beverage up 49.7 percent to $167.81 million (2020: $112 million) and rooms up 53.7 percent to $109.8 million (2020: $71.41 million). GDE’s Nevada casino resorts, which include The Strat, Casino & SkyPod, Aquarius Casino Resort, Edgewater Hotel & Casino Resort, and Colorado Belle Hotel & Casino Resort, increased revenue by 55.5 percent to $389.7 million (2020: $250.6 million) and adjusted EBITDA increased to $149.1 million (2020: $57.5 million).

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Nevada-based casinos, which include Arizona Charlie’s Boulder, Arizona Charlie’s Decatur, Gold Town Casino, Lakeside Casino & RV Park, and Pahrump Nugget Hotel Casino, saw revenue and adjusted EBITDA increase by 55.5 percent and 75.4 percent, respectively, to $159.9 million (2020: $113 million) and $80 million (2020: $45.6 million). Elsewhere, revenue at Maryland’s Rocky Gap Casino Resort increased 51.1 percent year over year to $78.2 million (2020: $51.6 million), while profitability increased 76.8 percent to $26.7 million (2020: $15.1 million). The dispersed gaming division, which includes Nevada and Montana businesses as well as branded taverns in the former, generated rises in both metrics, closing at $467.6 million (2020: $278.3 million) and $87.3 million (2020: $27 million).

Key Notes

Blake Sartini, Chairman and CEO of Golden Entertainment, stated that the excellent fourth-quarter earnings capped off a banner year for the company, which successfully weathered operational obstacles throughout 2021. The better performance across the different operations resulted in their overall yearly sales exceeding $1 billion for the first time in history, with full-year Adjusted EBITDA expanding to $292 million, about 60% more than in the prior year. They ensure that they are focused on optimizing operating performance and cash flow in 2022, which will position the company to refinance existing debt and accelerate capital returns to shareholders.

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.