Golden Entertainment declines in revenue and adjusted earnings — CDC Gaming

Golden Entertainment reported declines in revenue and adjustment earnings, at the same time that it announced the sale of its operating assets to company CEO Blake Sartini as part of a larger sale-leaseback deal of seven assets to VICI Properties.

Thursday’s earnings call to announce the results canceled; the information was sent out via press release.

The company reported third-quarter revenue of $154.8 million, compared to $161.2 million for third quarter 2024. Net loss for the third quarter was $4.7 million or $0.18 per share compared to net income of $5.2 million or $0.18 per fully diluted share for the third quarter of 2024.

Third-quarter 2025 adjusted EBITDA was $30.5 million compared to adjusted EBITDA of $34 million for the third quarter of 2024.

Gaming revenue was $77 million in the third quarter, up from $75.6 million in the third quarter of 2024. The decline came in room and food and beverage revenue.

The Nevada Casino Resorts division that includes The STRAT on the Strip had $93 million in revenue, down from $99.5 million a year ago.

The Nevada Locals Casinos saw a slight increase from $35.4 million to $35.7 million. The Nevada Tavern division declined from $26 million to $25.7 million.

The company paid a quarterly cash dividend of $0.25 per share on October 3. On November 4, the company’s Board of Directors authorized the next recurring quarterly cash dividend of $0.25 per share of the company’s outstanding common stock payable on January 6 to shareholders of record as of December 22.

As of September 30, the company’s total principal amount of debt outstanding was $430.1 million, consisting primarily of $391 million in outstanding term loan borrowings and $35 million in outstanding borrowings under the company’s revolving credit facility.

As of September 30, the company had cash and cash equivalents of $58.3 million and $205 million of remaining availability under its revolving credit facility.