Financial Data and Key Metrics Changes - The company reported record revenue of $292 million and record EBITDA of $91 million for Q2 2021, with EBITDA over 50% higher than the previous record in Q1 and over 80% higher than Q1 of 2019 [7] - EBITDA was up 64% compared to Q2 of 2019, with an EBITDA margin improvement of almost 1,600 basis points to 46% [13] Business Line Data and Key Metrics Changes - The STRAT generated its highest ever quarterly EBITDA, over double that of Q1 and up 45% compared to Q2 of 2019, with occupancy levels at 70% [8][9] - Local casinos in Las Vegas saw a 124% increase in EBITDA compared to Q2 of 2019, with an EBITDA margin improvement of over 2,300 basis points to 55% [10] - Laughlin's EBITDA improved by 47% compared to Q2 of 2019, with margins over 50% [11] - Pahrump casinos experienced over 100% EBITDA improvement compared to Q2 of 2019, maintaining an EBITDA margin over 50% [12] - Distributed gaming operations in Nevada saw an EBITDA increase of over 86% from Q2 of 2019, with margins up 650 basis points [14] Market Data and Key Metrics Changes - The company noted significant growth in out-of-state enrollments for its players club, indicating long-term population growth in Las Vegas as a driver for the locals market [10] - Weekend occupancy and rates are comparable to 2019 levels, while midweek business is improving [9] Company Strategy and Development Direction - The company is focused on improving performance at the STRAT and anticipates further growth with the return of citywide conventions and international visitors [9][30] - Management is evaluating options to return capital to shareholders, with a focus on maintaining a strong balance sheet [18][41] - The company is prioritizing internal growth opportunities over M&A, emphasizing the potential of its existing properties [45][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future performance of the STRAT, citing increased customer spending and occupancy improvements as key drivers [28][30] - The company expects to exceed $5 in free cash flow per share for the year, with a focus on deleveraging and potential capital returns to shareholders [40][71] Other Important Information - The company repaid over $50 million of debt in Q2 and ended the quarter with $153 million in cash [16] - The company received a $60 million cash payment from Caesars Entertainment, further improving liquidity [17] Q&A Session Summary Question: Migration visitation to Las Vegas and cross-promotion opportunities - Management noted that most new sign-ups are from California, indicating a potential for cross-promotion with Laughlin and the STRAT [22][23] Question: Earnings power for the STRAT - Management is bullish on the STRAT's future earnings potential, with expectations of reaching $80 million to $100 million in EBITDA over time [27][30] Question: Margin growth drivers - Management indicated that margin growth is driven by increased customer spending and cost eliminations, with expectations that much of the margin expansion will be sustainable [35][36] Question: Capital return and leverage parameters - Management expects leverage to be below 3.5 times by year-end, which would facilitate capital returns to shareholders [41] Question: Growth opportunities in bricks-and-mortar and distributed gaming - Management is focused on internal growth opportunities and is actively involved in jurisdictions considering distributed gaming legislation [45][48] Question: Weekday occupancy recovery expectations - Management anticipates that weekday occupancy will return to historical levels by the second half of 2022, supported by upcoming events [52] Question: Impact of new resorts on STRAT - Management noted that construction in the area has impacted foot traffic, but expects improvements once construction is completed [58] Question: M&A priorities - Management indicated that M&A is a low priority compared to deleveraging and returning capital to shareholders [60]

GOLDEN ENTERTAINMENT I N V E S T O R P R E S E N TAT I O N A U G U S T 2 0 2 1 Disclaimer Forward-Looking Statements This press release contains forward-looking statements regarding future events and the Company's future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," " ...

Financial Performance - Total revenues for the three months ended June 30, 2021, were $292.5 million, a 285% increase from $76.0 million in the same period of 2020[101] - Operating income for the three months ended June 30, 2021, was $60.0 million, compared to a loss of $62.0 million in the same period of 2020[101] - Net income for the three months ended June 30, 2021, was $103.0 million, a significant turnaround from a net loss of $78.6 million in the prior year[101] - For the six months ended June 30, 2021, total revenues increased by $249.0 million, or 88%, compared to the prior year, attributed to a full six months of operations and easing COVID-19 measures[105] - Net cash provided by operating activities was $119.4 million for the six months ended June 30, 2021, a significant improvement from net cash used of $10.5 million in the prior year[124] Revenue Breakdown - The Casinos segment generated revenues of $170.8 million for the three months ended June 30, 2021, compared to $39.4 million in the prior year, reflecting a significant recovery[101] - Distributed Gaming revenues increased to $121.4 million for the three months ended June 30, 2021, up from $36.3 million in the same period of 2020[101] - The Casinos segment experienced a revenue increase of $131.3 million, or 333%, for the three months ended June 30, 2021, driven by increases in gaming, food and beverage, room, and other revenues[103] - The Distributed Gaming segment saw a revenue increase of $85.1 million, or 234%, for the three months ended June 30, 2021, primarily due to a full quarter of operations and easing COVID-19 restrictions[104] Operational Metrics - Adjusted EBITDA margin for the Casinos segment was 46% for the three months ended June 30, 2021, compared to 5% in the prior year, reflecting improved operational performance[108] - Operating expenses increased by $100.9 million, or 198%, for the three months ended June 30, 2021, primarily due to increased revenues and a full quarter of operations[109] - Selling, general and administrative expenses rose by $20.7 million, or 64%, for the three months ended June 30, 2021, mainly due to a full quarter of operations[110] Assets and Liquidity - As of June 30, 2021, the company had $152.5 million in cash and cash equivalents and $200 million in borrowing availability under its Revolving Credit Facility[121] - The company had $152.5 million in cash and cash equivalents as of June 30, 2021, with no short-term investments held[145] Shareholder Actions - The Board of Directors authorized a share repurchase program, increasing the total authorization to $50 million as of August 3, 2021, with no repurchase transactions reported for the three and six months ended June 30, 2021[133] Tax and Non-Operating Income - The effective income tax rate was 0.8% for the three months ended June 30, 2021, differing from the federal tax rate of 21% due to changes in valuation allowance against deferred tax assets[116] - The company recognized non-operating income of $60.0 million for the three and six months ended June 30, 2021, related to an amendment with William Hill[115] - The company received a one-time payment of $60 million from William Hill following a change of control transaction, recognized as non-operating income in June 2021[131] Future Considerations - The company is evaluating the potential impact of the transition from LIBOR, which is expected to start phasing out at the end of 2021, but does not anticipate a material impact on its financial condition or results of operations[146] - The company may pursue expansion opportunities influenced by factors such as licensing availability and suitable investment opportunities, potentially requiring substantial investments[134] Regulatory Environment - The gaming industry is subject to extensive regulation, and changes in laws or regulations could materially impact the company's financial position and operations[140] Seasonal Factors - Seasonal factors affect the company's Casinos and Distributed Gaming segments, with lower revenues typically observed during summer months due to fewer tourists[138] Cost Management - The company has implemented various cost-saving measures in response to the COVID-19 pandemic, including delaying capital expenditures and reducing operating expenses[88] Property Operations - As of June 30, 2021, the company operated 10 resort casino properties and nearly 11,700 slots in over 1,000 locations in its Distributed Gaming segment[98] - The company owns and operates 66 branded taverns, which offered over 1,000 onsite slots as of June 30, 2021[99] - The STRAT, the company's premier casino property, includes 676 slot machines and 45 table games, with a total of 2,429 hotel rooms[90] - The operations of the Colorado Belle property remain suspended due to the ongoing impact of the COVID-19 pandemic[91] Interest Rate Sensitivity - As of June 30, 2021, the company had a weighted-average effective interest rate of approximately 3.75% on its outstanding borrowings under the Credit Facility[144] - A 50 basis point increase in the applicable interest rate on the Credit Facility would increase interest incurred by $3.6 million over a twelve-month period[144] Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements that materially affect its financial condition or results[142]

Golden Entertainment, Inc. (NASDAQ:GDEN) Q1 2021 Earnings Conference Call May 6, 2021 4:30 PM ET Company Participants Joe Jaffoni – Investor Relations Charles Protell – President and Chief Financial Officer Blake Sartini – Founder, Chairman and Chief Executive Officer Conference Call Participants David Bain – B. Riley Carlo Santarelli – Deutsche Bank Chad Beynon – Macquarie David Katz – Jefferies Operator Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Golden Entertainment Fi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________ FORM 10-Q ________________________________________ OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-24993 ________________________________________ GOLDEN ENTERTAINMENT, INC. (Exact name of registrant as specified in its charter) ________________________________________ Minnesota ...

Financial Data and Key Metrics Changes - The company generated over $200 million in revenue and almost $40 million in EBITDA for Q4 2020, despite increased restrictions [7] - Fourth quarter EBITDA for Las Vegas local casinos increased more than 21% year-over-year, with a margin improvement of over 1,000 basis points [9] - The overall EBITDA for combined casino operations, excluding the Strat, grew nearly 3% with a 670-basis point margin improvement [10] Business Line Data and Key Metrics Changes - EBITDA for Laughlin casinos was lower, but the EBITDA margin improved by over 700 basis points [9] - Pahrump casinos saw a more than 14% improvement in EBITDA with a 650-basis point margin improvement [9] - The distributed business in Nevada improved EBITDA by 2.5% year-over-year, driven by the Tavern portfolio [11] Market Data and Key Metrics Changes - The company reported that occupancy at the Strat fell from about 50% in October to just about 30% in December due to restrictions [10] - January and February showed better performance compared to November and December, indicating a potential recovery [8] Company Strategy and Development Direction - The near-term focus is on improving operational performance while prioritizing free cash flow for debt reduction [12] - The company aims to capitalize on future opportunities such as sports wagering in Maryland and expansion of distributed gaming in new jurisdictions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that January and February were better months, suggesting that December was the low point for operations [8] - The company is optimistic about returning to 2019 EBITDA levels and exceeding them, with a target of generating over $3.50 per share in free cash flow [12][29] Other Important Information - The company has a strong liquidity position with over $100 million in cash and no borrowings on its revolving credit facility [11] - Management indicated that they did not need to raise dilutive equity or debt during 2020, maintaining a stable capital structure [11] Q&A Session Summary Question: How did January and February compare to October in terms of EBITDA? - Management noted that while October was a strong month, January and February are trending higher than 2019 levels [15] Question: What are the criteria for returning capital to shareholders? - Management stated that they would consider returning capital as they approach 2019 levels and generate cash in the latter half of the year [16] Question: How is the older demographic responding to the current environment? - Management observed that the 65 and older demographic is beginning to return as vaccinations increase, with spending per visit up by about 25% compared to pre-COVID levels [34][38] Question: What is the outlook for the Strat and its recovery? - Management indicated that while conventions benefit all properties, the Strat is not reliant on them and is well-positioned for recovery through drive-in business [40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________ Form 10-K _______________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______to ______ Commission File No. 000-24993 _____________________ ...

Financial Data and Key Metrics Changes - The company achieved record third-quarter results with adjusted EBITDA of $45.4 million, reflecting a year-over-year improvement of 5.5% despite lower revenue [15][17] - Total EBITDA margin improved by 440 basis points to 37%, and if excluding the STRAT, total casino EBITDA would be up 38% with margins improving by over 1,300 basis points to 44% [13][15] - The company maintained a balance sheet similar to pre-shutdown levels with $100 million in cash on hand and did not raise additional debt or equity capital [17] Business Line Data and Key Metrics Changes - Las Vegas locals casinos achieved double-digit revenue growth and doubled their EBITDA contribution compared to last year, with combined EBITDA margins exceeding 50% [8] - In Laughlin, EBITDA grew by 8% on lower revenue, with combined EBITDA margins exceeding 40% [9] - The STRAT's room revenues were approximately 50% lower than last year, but guest spending increased by 30%, primarily on higher-margin gaming revenue [10][12] Market Data and Key Metrics Changes - The Nevada distributed gaming business faced challenges due to mandated bar closures, resulting in a 31% revenue decrease and approximately $7 million in lost EBITDA for the quarter [14] - Montana operations reported a 17% revenue increase and a 7% EBITDA increase since opening in May [15] Company Strategy and Development Direction - The company aims to sustain and improve performance across operations while using excess cash flow to reduce leverage and position for future opportunities, including sports wagering in Maryland and expansion of distributed gaming [17] - The focus is on distributed gaming expansion rather than traditional M&A, with a disciplined approach to capital deployment [32] Management's Comments on Operating Environment and Future Outlook - Management noted strong operating trends in local and regional properties continuing through October, generating positive cash flow [16] - The company is optimistic about future performance, particularly with potential improvements in the STRAT as entertainment and group business return [57] Other Important Information - The company expressed gratitude to team members for their dedication and exceptional service during challenging times [18] Q&A Session Summary Question: Expansion opportunities post-pandemic - Management indicated that several states are considering gaming expansion, with active efforts in Pennsylvania and other jurisdictions [20][21] Question: Sports book operations and potential settlements - Management expects to receive payments related to sports book operations upon transaction closure, but details are pending [22] Question: Maryland sports betting plans - Management anticipates limited licenses for operators in Maryland, which should drive value for the company [26] Question: Pennsylvania gaming opportunities - Management is optimistic about potential gaming expansion in Pennsylvania, citing budget constraints as a driving factor [30][31] Question: Cost reductions and margin sustainability - Management confirmed a 25% reduction in labor and marketing costs, indicating that these are controllable components [35] Question: STRAT performance and competition - Management noted that STRAT's performance is independent of other Strip properties, primarily driven by local visitors [39] Question: Laughlin performance and future improvements - Management highlighted that Laughlin's performance could improve with the return of events and concerts [44] Question: Fourth-quarter trends and COVID impact - Management observed continued strong trends into October but noted a typical election cycle slowdown [51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ FORM 10-Q ________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-24993 _________________________ ...

Financial Data and Key Metrics Changes - The company's June total EBITDA exceeded expectations, increasing by 14% compared to the same period last year, despite having 3 fewer days in Nevada and 18 fewer days in Maryland [8][10] - The annualized run rate of current cost reductions is over $130 million, with significant reductions in labor and marketing expenses contributing to improved margins [11][12] Business Line Data and Key Metrics Changes - Las Vegas Locals casinos and taverns achieved double-digit revenue growth and doubled their EBITDA contribution compared to last year [10] - The distributed gaming business saw collective revenue growth of 6% and an EBITDA increase of more than 18% across Nevada and Montana operations [11] Market Data and Key Metrics Changes - The STRAT hotel improved occupancy from about 40% in June to over 50% in July, with weekend occupancy reaching 90% during the 4th of July weekend [9][20] - The company's diversified business model, with nearly 80% of 2019 property EBITDA derived from local and regional properties, has positioned it well for recovery [7][16] Company Strategy and Development Direction - The company plans to focus on expansion opportunities in distributed gaming and new jurisdictions, as well as pursue targeted tuck-in acquisitions without increasing leverage [14][22] - Management emphasized the importance of maintaining a sustainable marketing environment and reducing corporate overhead, which has been cut by approximately 25% [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover and capitalize on future opportunities despite the challenging operating environment due to the pandemic [16] - The company anticipates continued strong performance from local and regional gaming, even as destination properties take longer to recover [35] Other Important Information - The company has no near-term debt maturities and has repaid $190 million on its revolver, maintaining liquidity without needing to access capital markets [12][14] - Significant reductions in corporate expenses are expected to result in a run rate down approximately $10 million annually [30] Q&A Session Summary Question: How is the STRAT adapting to the current operating model? - Management noted that the STRAT is not reliant on group business or international travel, focusing on its core customer demographic, which has led to improved occupancy rates [20] Question: What types of acquisitions is the company considering? - The company is looking for smaller bite-size assets, particularly in Northern Nevada and the eastern seaboard, while being cautious about increasing leverage [22] Question: How sustainable are the current margins in the Nevada Casino market? - Management indicated that reduced corporate overhead and marketing costs are sustainable, with significant labor expenses from buffets being eliminated [25][26] Question: What is the cash flow positivity outlook for the rest of the year? - Management expects to maintain positive cash flow, with June's performance indicating a run rate at or exceeding last year [32] Question: What trends are being observed in July and August? - The company reported a continuation of positive trends seen in June, with strong performance from local and regional gaming [35] Question: What are the prospects for VGT expansion in Pennsylvania? - Management remains cautiously optimistic about VGT expansion in Pennsylvania, believing that economic needs may drive legislative changes [42]