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Golden Entertainment, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $161,233,000 from $257,726,000 in the same quarter the previous year. This decrease is attributed to the exclusion of results from divested operations and lower visitation.
Gaming revenue decreased to $75,684,000 from $165,177,000 in the previous year, while food and beverage revenue decreased to $41,849,000 from $44,507,000.
Rooms revenue also decreased to $28,938,000 from $31,417,000, with other revenue decreasing to $14,762,000 from $16,625,000.
Operating expenses decreased to $154,505,000 from $(65,983,000) due to the exclusion of divested operations and reduced costs.
Net income for the quarter was $5,167,000, down from $241,216,000 in the previous year. The decrease is primarily due to the absence of a gain on sale of business in the current quarter.
Adjusted EBITDA for Nevada Casino Resorts was $24,614,000, down from $30,837,000 in the previous year. Nevada Locals Casinos Adjusted EBITDA was $14,274,000, down from $16,878,000.
The filing details the company's liquidity position, with $68,551,000 in cash and cash equivalents as of September 30, 2024.
Golden Entertainment completed the sale of its distributed gaming operations in Nevada on January 10, 2024, for cash consideration of $213,500,000.
The company repurchased 815,116 shares of its common stock during the quarter, with $35.6 million remaining under its share repurchase program as of September 30, 2024.
The report also includes information on recent accounting pronouncements and the company's compliance with financial covenants under its credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Golden Entertainment Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.