According to Golden Entertainment’s financial figures for the fourth quarter and the entire year 2024, sales and net income have significantly decreased. The business made $666.8 million in total sales for the year, which was 36.7% less than in 2023. In the meantime, net income closed at $50.7 million, down 80.2% from the previous year.
Gaming Segment Sees Major Revenue Decline
The primary reason for this decline was a sharp drop in gaming revenue. Golden Entertainment’s gaming segment generated just under $319.3 million in 2024, a steep fall from the $674.3 million reported the previous year. While other segments, including food & beverage and room revenue, also saw declines, none dropped by more than $16 million.
Despite these challenges, CEO Blake Sartini remains optimistic. “Our fourth quarter performance improved sequentially over the third quarter, and we anticipate business conditions will continue to improve in 2025,” he stated. He also emphasized the company’s commitment to investing in its assets, returning capital to shareholders, and exploring strategic opportunities.
Golden Entertainment’s fourth-quarter revenue totaled $164.2 million, down 28.8% compared to the same period in 2023. However, the company reported a net income of $3 million for Q4, a notable improvement from the $9.4 million net loss in the fourth quarter of 2023.
With a $103.3 million contribution from Nevada Casino Resorts, adjusted EBITDA for the entire year fell 30.2% to $155.4 million. Adjusted EBITDA was $39.2 million in Q4, a 24.5% decrease from the previous year.
The fourth quarter saw a further decline in gaming revenue, which dropped by more than $52 million year over year to around $78.4 million. In 2024, Golden Entertainment’s revenue from its dispersed gaming activities dropped by a staggering 98.1%.
Despite continuous difficulties in the gaming industry, the company’s leadership is nevertheless committed to stabilizing performance and spotting development prospects as it moves into 2025.
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