Golden Entertainment Inc ( (GDEN) ) has released its Q3 earnings. Here is a breakdown of the information Golden Entertainment Inc presented to its investors.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Golden Entertainment Inc., a diversified gaming and hospitality company, operates a portfolio of gaming establishments and taverns primarily in Nevada, featuring a wide array of casino and hotel facilities.
In its latest earnings report for the third quarter of 2024, Golden Entertainment reported revenues of $161.2 million, with a net income of $5.2 million and an Adjusted EBITDA of $34 million. The company continues to focus on shareholder returns through a quarterly dividend and a $100 million increase in its share repurchase authorization.
The third quarter results show a significant decline in revenue and net income compared to the previous year, mainly due to the divestiture of the Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada. Despite these divestitures, the company managed to repurchase over 815,000 shares in the quarter, with a total of 1.94 million shares repurchased year-to-date.
Looking ahead, Golden Entertainment remains optimistic about improving business conditions in the fourth quarter, with plans to leverage its liquidity for continued share repurchases throughout the year. The company maintains a strong cash position with $68.6 million in cash and no outstanding borrowings under its revolving credit facility.
