Operator News
US – Golden Entertainment confirms record gaming revenue for 2021
By Phil - 22 February 2022
Golden Entertainment, operator of the STRAT casino in Las Vegas, reported its best ever year in 2021 following a strong fourth quarter where gaming revenues reached $282m, up 37 per cent from the 2020 fourth quarter.
Full year 2021 revenues of $1.1bn rose 58 per cent from $694.2m for the 2020 full year. Adjusted EBITDA of $291.7m for the 2021 full year, represents a 165 per cent increase compared to Adjusted EBITDA of $110.3m for the 2020 full year. Adjusted EBITDA margin was 27 per cent for the 2021 full year compared to 16 per cent for the 2020 full year.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, said: “Our strong fourth quarter results concluded a record year for Golden, as we successfully navigated challenges to our operations throughout 2021. The improved performance across our diverse operations drove our total annual revenue to over $1 billion for the first time in history with full year Adjusted EBITDA growing to $292 million, almost 60% higher than full year 2019. For 2022, we are focused on maximizing our operating performance and cash flow which will position the Company to refinance its existing indebtedness and accelerate returning capital to shareholders.”
The company’s 2021 fourth quarter Net income for the 2021 fourth quarter was $19.1 million, or $0.59 per fully diluted share, compared to a net loss of $18.5m, or a loss of $0.66 per share, for the 2020 fourth quarter. Adjusted EBITDA was $67.8 million for the 2021 fourth quarter, a 72 per cent increase from Adjusted EBITDA of $39.4m for the 2020 fourth quarter. Adjusted EBITDA margin was 24 per cent for the 2021 fourth quarter compared to 19 per cent for the 2020 fourth quarter.
In Nevada the group runs The STRAT Hotel, Casino and SkyPod, Aquarius Casino Resort and Edgewater Casino Resort, as well as Colorado Belle Casino Resort, whose operations remain closed. The company’s Nevada locals casinos are Arizona Charlie’s Boulder, Arizona Charlie’s Decatur, Gold Town Casino – Pahrump, Lakeside Casino & RV Park and Pahrump Nugget Hotel & Gambling Hall. In Maryland it operates the Rocky Gap Casino Resort.
Distributed Gaming comprised of all of the company’s distributed gaming operations in Nevada and Montana including its branded taverns in Nevada.
Full year 2021 revenues for Nevada Casino Resorts were $389.7m compared to $250.6m in 2020. Full year 2021 Adjusted EBITDA was $149.1m compared to $57.5m in 2020. Adjusted EBITDA margin was 38 per cent in 2021 compared to 23 per cent in 2020.
Full year 2021 revenues for Nevada Locals Casinos were $159.9m compared to $113m in 2020. Full year 2021 Adjusted EBITDA was $80m compared to $45.6m in 2020. Adjusted EBITDA margin was 50 per cent compared to 40 per cent in 2020.
Full year 2021 revenues for Maryland Casino Resort were $78.2m compared to $51.6m in 2020. Full year 2021 Adjusted EBITDA was $26.7m compared to $15.1m in 2020. Adjusted EBITDA margin was 34 per cent compared to 29 per cent in 2020.
