Ahead of taking the company private, Golden Entertainment released its earnings via press release Friday morning, showing an across-the-board decline in fourth-quarter revenue and adjusted earnings attributed to the performance at The Strat on the Strip.
There were no announcement of the planned release ahead of time and no earnings call with Wall Street analysts.
In November, Golden Entertainment announced that it has entered into definitive agreements to sell its operating assets to Golden CEO Blake L. Sartini and affiliates and its seven casino real estate assets to VICI Properties through a sale-leaseback arrangement expected to close mid-2026.
“In light of the company’s pending transaction to sell its operating assets to Blake L. Sartini, chairman of the Board and Chief Executive Officer of Golden, and affiliates and seven of our casino real estate assets to Vici Properties announced on November 6, 2025, the company will not be hosting an earnings call this quarter,” the company said in a release. “Upon completion of the proposed transaction, the company’s common stock will no longer be listed and the company will become a private entity.”
Under the sale-leaseback arrangement, Vici will become Golden’s real estate partner for its Nevada casino properties — the flagship STRAT Hotel, Casino & Tower on the Las Vegas Strip; Arizona Charlie’s Decatur and Arizona Charlie’s Boulder in the Las Vegas locals market; the Aquarius and Edgewater Casino Resorts in Laughlin; and the Nugget Hotel & Casino and Lakeside Hotel & Casino in Pahrump. Golden will continue to own the real estate for Gold Town Casino in Pahrump. Golden Entertainment also operates 72 gaming taverns in Nevada.
Golden reported fourth-quarter 2025 revenue of $155.6 million compared $164.2 million for the fourth quarter of 2024. Net loss for the fourth quarter of 2025 was $8.5 million, or $0.33 per share, compared to net income of $3 million, or $0.10 per fully diluted share, for the fourth quarter of 2024.
Fourth quarter adjusted EBITDA was $33.5 million, compared to adjusted EBITDA of $39.2 million for the fourth quarter of 2024.
The Nevada Resorts category that includes The Strat had $90.2 million in revenue, down from $97.4 million a year ago. Adjusted earnings were $20.1 million, down from $24.4 million.
The company reported full-year 2025 revenue of $634.9 million compared to revenue of $666.8 million for 2024. Net loss for the full year 2025 was $6 million, or $0.23 per share compared to net income of $50.7 million or $1.71 per fully diluted share for 2024. Net loss for full-year 2025 included a $10.2 million loss on disposal of assets.
Full-year 2025 adjusted EBITDA was $140 million compared to adjusted EBITDA of $155.4 million for 2024.
The company paid a quarterly cash dividend of $0.25 per share on January 6. On February 24, the company’s Board of Directors authorized its next recurring quarterly cash dividend of $0.25 per share of the company’s outstanding common stock payable on April 1 to shareholders of record as of March 18.
As of December 31, the company’s total principal amount of debt outstanding was $438.7 million, consisting primarily of $390 million in outstanding term loan borrowings and $45 million in outstanding borrowings under the company’s revolving credit facility.
As of December 31, the company had cash and cash equivalents of $55.3 million and $195 million of remaining availability under its revolving credit facility. On January 28 subsequent to the company’s fiscal year end, Golden repaid $8 million under its revolving credit facility, thereby increasing the borrowing availability to $203 million.
