Golden Entertainment Executive Vice President of Operations Blake Sartini II has been named chief operating officer, the Las Vegas-based company announced Monday.
Sartini II will take over the role held by Steve Arcana, who was named the company’s chief development officer, effective March 20. Arcana will be responsible for all new tavern development, finding new third-party food and beverage concepts for the company’s casino resorts, and exploring opportunities for the company’s real estate in Las Vegas, Laughlin, and Pahrump.
In the announcement, Golden Chairman and CEO Blake Sartini said the management changes will allow Golden to focus on maximizing performance in its core operations, while exploring opportunities for bringing potential new concepts to its existing portfolio.
Golden owns eight casinos and 69 gaming taverns in Nevada, operating more than 5,600 slots, 100 table games, and 6,000 hotel rooms.
“I’m confident the changes to Blake and Steve’s roles with the company will position us well to create additional shareholder value,” Sartini said.
Sartini II joined Golden in June 2007 and worked with Golden’s tavern operations. As executive vice president of operations, he’s responsible for overseeing Golden’s taverns and the company’s five casinos in Las Vegas and Pahrump.
“Blake has worked in every capacity throughout our organization since he started at Golden almost 17 years ago,” Blake Sartini. “His unique knowledge of our company’s culture, commitment to operational excellence, and strong leadership skills make him the ideal individual to be given responsibility for all our Nevada casino resorts, locals properties, tavern operations, and related corporate functions.”
Arcana joined Golden in 2003 and has directed operations at the company, as it’s grown from a privately held, 900-slot-machine route operation to a publicly traded gaming company with chains of taverns and casinos in Las Vegas, Laughlin, and Pahrump.
“Steve has been with Golden for over 20 years and has been an integral part of growing our business and guiding us through many challenges,” Sartini said. “His long history and extensive experience in the industry will continue to benefit the company in his new role focused on creating value from new tavern development and unused assets in our casino portfolio.”
In its latest earnings call, Golden reported a $49 million decline in fourth-quarter revenue, a net loss of $9.4 million, and adjusted earnings of $48.8 million, a decline from the $63.6 million in the fourth quarter of 2022. Those numbers were impacted by the 2023 sale of a Maryland casino and Montana distributive operation. Adjusting for those sales, revenue fell 1.6% while adjusted earnings fell 11% in the fourth quarter.
Earlier this month, Truist Securities analyst Barry Jonas issued a “Buy” rating for Golden with a price target of $45. He cited organic growth in Nevada after shedding its Maryland casino and slot routes. He said Golden has one of the best balance sheets in gaming with “an appetite for increasing capital returns” and dealmaking. He cited unlocked value in its real estate.
The Strat on the Strip recently opened the 100,000-square-foot four-story Atomic Golf, which it expects to attract more visitors to that property.
