Golden Entertainment generated third quarter results ‘significantly above 2019 levels’ with revenues of $279m, net income of $14m and Adjusted EBITDA of $61.1m.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, said: “Our quarterly results continue to be significantly above 2019 levels, despite reflecting a larger impact from seasonality compared to the same period last year. We are encouraged by the current business trends to start the fourth quarter and we are well positioned to succeed in any economic environment. Our third quarter was also highlighted by our announcement to sell our Rocky Gap Casino Resort for $260m, which will allow us to focus further on our core operations, maintaining the strength of our balance sheet and opportunistically returning capital to shareholders.”
Revenues of $279m for the third quarter of 2022 were down one per cent from $282.4m for the third quarter of 2021.
Revenues for Nevada Casino Resorts were $98.9m for the third quarter of 2022 compared to $104.4 million for the third quarter of 2021. Revenues for Nevada Locals Casinos were $37.7m for the third quarter of 2022 compared to $38.1m for the third quarter of 2021.
Revenues for Maryland Casino Resort were $21.6m both for the third quarter of 2022 and 2021.
On August 24, 2022, the company entered into definitive agreements to sell the Rocky Gap Casino Resort for aggregate cash consideration of $260m. Pursuant to the terms of the agreements, Century Casinos, Inc. will acquire the operations of the Rocky Gap Casino Resort for $56.1m, subject to customary working capital adjustments, and VICI Properties Inc. will acquire an interest in the associated land and buildings for $203.9m.
Revenues for Distributed Gaming were $117.6m for the third quarter of 2022 compared to $117.9 million for the third quarter of 2021.