Golden Entertainment Thursday reported financial results for the fourth quarter and full year 2024 showing declines in revenue and adjusted earnings. Net income was up for the final three months of the year but down over 12 months.
The company reported fourth-quarter 2024 revenue of $164.2 million compared to $230.7 million for fourth-quarter 2023. Net income for Q4 2024 was $3 million or $0.10 per fully diluted share compared to net loss of $9.4 million, a loss of $0.33 per share for fourth-quarter 2023. That reflected an asset impairment charge of $12.1 million related to the Colorado Belle Casino Resort, the operations of which remain suspended, the company said.
Fourth-quarter 2024 adjusted EBITDA was $39.2 million compared to adjusted EBITDA of $48.8 million for Q4 2023. Q4 2024 declines in revenue and adjusted EBITDA over the prior-year period were primarily related to the exclusion from the current-year period of the results for the company’s distributed gaming operations in Nevada that were sold in January 2024, executives said.
“Our fourth-quarter performance improved sequentially over the third quarter and we anticipate business conditions will continue to improve in 2025,” said Blake Sartini, chairman and CEO of Golden Entertainment. “For 2025, we remain focused on investing in our own assets, returning capital to shareholders, and pursuing potential strategic opportunities.”
The company reported full-year 2024 revenues of $666.8 million compared to $1.1 billion for 2023. Net income for 2024 was $50.7 million or $1.71 per fully diluted share compared to $255.8 million or $8.31 per fully diluted share for 2023.
Net income and diluted earnings per share for the full year 2024 included the benefit of the $69.2 million gain on the sale of distributed gaming operations in Nevada compared to the $303.2 million gain on the sales of the Rocky Gap Casino Resort and distributed gaming operations in Montana completed in July and September 2023, respectively.
Full-year 2024 adjusted EBITDA was $155.4 million compared to adjusted EBITDA of $222.5 million for 2023. Full-year 2024 declines in revenues and adjusted EBITDA over the prior year were primarily related to the exclusion of the results of Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada discussed above, after their respective dates of sale, the company said.
On February 25, 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 April 2 to shareholders of record as of March 21.
The company repurchased 1.1 million shares of common stock in the fourth quarter at an average price of $32.65 per share for a total of $36.2 million. During 2024, the company repurchased 2.9 million shares of common stock in the aggregate at an average price of $31.63 per share for a total of $91.5 million. In 2024, the company also paid aggregate cash dividends of $21.3 million.
As of December 31, the company’s total principal amount of debt outstanding was $417.6 million, consisting primarily of $394 million in outstanding term-loan borrowings and $20 million in outstanding borrowings under the company’s revolving credit facility. The company repaid $282.4 million of its debt obligations in 2024.
As of December 31, the company had cash and cash equivalents of $57.7 million and $220 million of remaining availability on its revolving credit facility.
