Golden Entertainment, Inc. reported a significant decline in financial performance for the fiscal year ended December 31, 2024, with total revenues of $666.8 million, a decrease of 37% from $1.05 billion in 2023. This decline was primarily driven by the divestiture of key assets, including the Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada, which collectively accounted for a substantial portion of the previous year's revenue. Gaming revenue fell to $319.3 million from $674.3 million, while food and beverage revenue decreased to $171.9 million from $182.4 million. The company also reported a net income of $50.7 million, down from $255.8 million in the prior year.
In terms of operational changes, Golden Entertainment completed the sale of Rocky Gap Casino Resort for $260 million in July 2023, followed by the sale of its distributed gaming operations in Montana for $109 million in September 2023 and in Nevada for $213.5 million in January 2024. These divestitures were part of a strategic shift to streamline operations and focus on core assets. Additionally, the company made acquisitions, including Lucky’s Lounge & Restaurant in November 2023 for $10 million and Great American Pub in April 2024 for $7.3 million, expanding its tavern operations in Nevada.
The company’s operational metrics reflected the impact of these strategic decisions. As of December 31, 2024, Golden Entertainment operated eight casino properties and 72 branded taverns, with a total employee headcount of approximately 5,300, down from over 5,800 in the previous year. The decrease in workforce was largely attributed to the divestitures. The company also reported approximately 600,000 active players in its True Rewards loyalty program, which is designed to enhance customer engagement across its properties.
Looking ahead, Golden Entertainment expressed cautious optimism regarding its future performance. The company plans to leverage its remaining assets and newly acquired taverns to drive revenue growth. The board of directors has declared a recurring quarterly cash dividend of $0.25 per share, reflecting a commitment to returning value to shareholders. However, the company acknowledged that its financial performance remains sensitive to economic conditions, consumer spending, and competitive pressures in the gaming and hospitality sectors.
About GOLDEN ENTERTAINMENT, INC.
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