Golden Entertainment has reported its Q3 2023 financial results, with a total revenue of $257.7m, net income of $241.2m and Adjusted EBITDA of $53.2m.
In 2022, total revenue for Q3 was $279m, net income was $14m and Adjusted EBITDA was $61.1m.
The financials stated that the declines in revenues and Adjusted EBITDA were “primarily due to the exclusion of full quarter results for the company’s Rocky Gap Casino Resort and the Montana distributed gaming business that were sold during the third quarter.”
“For our third quarter, we saw improved performance in our Nevada Casino Resorts segment which was primarily driven by increased occupancy and our recent completion of room and pool renovations at The Strat,” said Blake Sartini, chairman and CEO of Golden.
“Our Nevada Locals Casinos segment maintained the strong performance we have seen throughout the year, while our taverns experienced typical seasonality with lower summer volumes. Following our divestiture of Rocky Gap Casino Resort in July, we completed the sale of our Montana distributed gaming business in September and we remain on track to complete the sale of our Nevada distributed gaming business at the end of the year.
“The completion of these transactions significantly strengthens our balance sheet, enables return of capital to shareholders and provides financial flexibility to enhance shareholder value.”