Golden Entertainment Thursday reported year-over-year declines in revenue, net income, and adjusted earnings in a first-quarter earnings call.
The company reported first quarter 2025 revenue of $160.8 million compared to $174 million for the first quarter of 2024. Net income for the first quarter of 2025 was $2.5 million or $0.09 per fully diluted share compared to net income of $42 million or $1.37 per fully diluted share for the first quarter of 2024. First-quarter 2025 adjusted EBITDA was $37.6 million compared to $41 million for the first quarter of 2024.
“Our focus on customer experience and operational efficiencies allowed us to generate strong financial performance despite uncertain macroeconomic conditions,” said Golden Entertainment Chairman and CEO Blake Sartini. “Our business remains resilient and we intend to continue to opportunistically repurchase our common stock under our current buyback authorization.”
Net income and diluted earnings per share for the first quarter of 2024 included the benefit of the $69.7 million gain on the sale of the company’s distributed gaming operations in Nevada completed during the quarter. The company incurred $2 million in transaction costs for the sale of its distributed gaming operations in Nevada during the first quarter of 2024.
The Board of Directors authorized the company’s next recurring quarterly cash dividend of $0.25 per share of the company’s outstanding common stock payable on July 9 to shareholders of record as of June 25.
The company repurchased 273,945 shares of common stock in the first quarter at an average price of $27.79 per share for a total of $7.6 million. The company has $91.8 million remaining under its share repurchase authorization.
Blake Sartini, chairman and chief executive officer said that as of March 31, the company’s total principal amount of debt outstanding was $411.3 million, consisting primarily of $393 million in outstanding term-loan borrowings and $15 million in outstanding borrowings under the company’s revolving credit facility. The company repaid $5 million of its revolving credit facility during the first quarter of 2025.
As of March 31, the company had cash and cash equivalents of $50.5 million and $225 million of remaining availability under its revolving credit facility.
