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Golden Entertainment reported a net loss of $6 million for 2025 as the casino operator moves closer to private ownership. The result reversed a $50.7 million profit recorded in 2024 and came during a transition period tied to asset sales and corporate restructuring.
Good to Know
- Golden Entertainment reported a $6 million net loss for 2025
- Revenue declined to $634.9 million from $666.8 million in 2024
- The company is preparing to become privately owned after asset sales
Golden Entertainment generated $634.9 million in revenue during 2025, a decline from $666.8 million the previous year. Adjusted EBITDA reached $140 million, down from $155.4 million in 2024. According to the company, financial results included a $10.2 million loss tied to asset disposals.
Fourth quarter performance also weakened. Revenue totaled $155.6 million, which represented an $8.6 million drop compared with the same period a year earlier. The company recorded a net loss of $8.5 million during the quarter after reporting a profit in the fourth quarter of 2024. Adjusted earnings declined to $33.5 million from $39.2 million.
Privatization Plan Moves Forward
Golden Entertainment has also altered its communication with investors while the privatization process continues. The company no longer holds earnings calls following the announcement of agreements involving asset sales and ownership restructuring.
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Under the plan, operating assets will be sold to company chairman and chief executive officer Blake Sartini. Several casino real estate properties will be sold to VICI Properties Inc.
Properties included in the transaction span several Nevada gaming markets. Assets involved in the deal include The Strat on the north end of Las Vegas Boulevard, the Aquarius and Edgewater resorts in Laughlin, the Pahrump Nugget, and two Arizona Charlie’s casinos in Las Vegas. Once the transaction closes, Golden Entertainment stock will be delisted and the business will continue operating as a privately held company.
At the end of 2025, Golden reported $438.7 million in total debt, most of which comes from a $390 million term loan. Cash reserves totaled $55.3 million at the close of the year.
The company also maintained access to additional liquidity through its revolving credit facility. Available borrowing capacity reached $195 million at year end and increased to $203 million after an $8 million repayment in late January.
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Despite the weaker financial performance, Golden Entertainment continued its shareholder dividend program. The company paid a quarterly dividend of $0.25 per share in January and authorized another $0.25 payment scheduled for April 1 for shareholders of record on March 18.
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