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Golden Entertainment (GDEN) investor relations material
Golden Entertainment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $163.6M, down 2% year-over-year, with net income rising to $4.6M from $0.6M in Q2 2024.
Adjusted EBITDA for Q2 2025 was $38.4M, compared to $41.2M in Q2 2024.
Operates a focused casino and branded tavern platform in Nevada, with 8 casinos and 72 taverns as of June 30, 2025.
Sale of distributed gaming operations in Nevada completed in January 2024, impacting year-over-year comparisons.
Management team emphasizes operational focus, capital returns, and is aligned with shareholders.
Financial highlights
Total revenues for the first half of 2025 were $324.5M, down from $335.4M in 2024; Q2 revenue was $163.6M.
Adjusted EBITDA for the first half of 2025 was $76.0M, down from $82.2M; Q2 Adjusted EBITDA was $38.4M.
Net income for the first half of 2025 was $7.1M, compared to $42.6M in 2024 (prior year included $68.9M gain on sale of business).
The Strat's occupancy dropped to 69% for the quarter, with June occupancy at 60% (down from 76%).
Tavern business revenue declined 7% year-over-year, but EBITDA stabilized in July as market promotions eased.
Outlook and guidance
Management expects cash, cash flows from operations, and $200M in revolving credit availability to be sufficient for capital requirements over the next 12 months.
Anticipates strong performance from local properties, especially with tax relief on tips and deductions for seniors starting in 2026.
Expects business volatility to subside in the fall, with tailwinds from increased Strip visitation and tax legislation.
Board authorized next quarterly cash dividend of $0.25 per share, payable October 3, 2025.
Focus remains on capitalizing on Nevada's growth, maintaining low leverage, and maximizing real estate value.
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