Strat revenues hit by lack of major sporting event following last year’s Las Vegas Super Bowl
Golden Entertainment reported first quarter 2025 revenues of $160.8m, compared to revenues of $174m for the first quarter of 2024, with results affected by the absence of the Super Bowl in Las Vegas, which contributed better results last year.
The company operates a diversified entertainment platform of gaming and hospitality assets. The Company operates eight casinos and 72 gaming taverns in Nevada, featuring approximately 5,500 slots, 100 table games and 6,000 hotel rooms.
Charles Purtell, President and Chief Financial Officer, Golden Entertainment, said: “Our first quarter results were in line with our expectations and primarily impacted by not having last year’s Super Bowl in Las Vegas, which was mainly felt at The Strat. Outside of the Super Bowl impact on The Strat, our business in Q1 was healthy with EBITDA from our other casinos up year over year and EBITDA from our tavern stabilizing. April continues to demonstrate stable operating trends and May is off to a strong start. Our business has remained resilient and is improving despite an uncertain macroeconomic environment.”
“The Strat experienced declining occupancy and spend primarily in February, resulting in a $3,000,000 EBITDA headwind from last year’s Super Bowl. Occupancy was down five per cent for the quarter, but down 13 per cent in February, which obviously led to lower gaming revenues for the property. However, in April, our hotel revenue is up on both higher occupancy and rate, which is driving improved EBITDA heading into Q2. Looking forward through May, Strat occupancy is pacing up six per cent over last year at attractive rates and June is showing strength as well.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, added: “Our focus on customer experience and operational efficiencies allowed us to generate strong financial performance despite uncertain macroeconomic conditions. Our business remains resilient and we intend to continue to opportunistically repurchase our common stock under our current buyback authorization.”
Charles Purtell, CFO, added: “.”
