Golden Entertainment, Inc. reported a total revenue of $634.9 million for the fiscal year ending December 31, 2025, reflecting a decrease of 5% from $666.8 million in 2024. The decline in revenue was attributed to decreases across all major segments, including gaming, food and beverage, and room revenues, which fell by $3.1 million, $9.0 million, and $14.5 million, respectively. The company also recorded a net loss of $6.0 million, compared to a net income of $50.7 million in the previous year. This shift in profitability was influenced by lower hotel occupancy rates and reduced visitation at its flagship property, The STRAT, as well as the impact of divestitures, including the sale of its distributed gaming operations in Nevada.
In terms of operational changes, Golden Entertainment completed the sale of its Rocky Gap Casino Resort for $260 million in July 2023 and its distributed gaming operations in Montana and Nevada for $109 million and $213.5 million, respectively. These sales were part of a strategic shift to streamline operations and focus on core assets. Additionally, the company acquired four tavern locations from Lucky’s Lounge for $10 million in November 2023 and two locations from Great American Pub for $7.3 million in April 2024, expanding its tavern segment.
As of December 31, 2025, Golden Entertainment operated through three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, and Nevada Taverns. The company employed approximately 4,900 team members, down from 5,300 in the previous year, primarily due to cost-saving measures. The Nevada Casino Resorts segment generated $375.6 million in revenue, while the Nevada Locals Casinos and Nevada Taverns segments contributed $150.9 million and $107.2 million, respectively. The Adjusted EBITDA for the company was reported at $140 million, down from $155.4 million in 2024, indicating a decline in operational efficiency.
Looking ahead, Golden Entertainment has entered into a definitive agreement to sell its operating assets to Blake Sartini and seven casino real estate assets to VICI Properties, with the transaction expected to close in mid-2026. Shareholders will receive a cash dividend of $2.75 per share and a fixed exchange ratio of 0.902 shares of VICI common stock. The company anticipates that this strategic move will enhance its financial position and streamline its operations, although it remains subject to regulatory and shareholder approvals. The outlook for the company will depend on the successful completion of this transaction and the overall recovery of the gaming and hospitality sectors.
About GOLDEN ENTERTAINMENT, INC.
Golden Entertainment, Inc. owns and operates a diversified portfolio of gaming assets, including casino resorts, local casinos, and branded taverns primarily in Nevada. It offers gaming, hospitality, dining, and entertainment services targeting regional and local customers. The company emphasizes responsible gaming, loyalty programs, and community engagement, competing in a highly regulated, capital-intensive industry with a focus on customer experience and operational compliance.
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