Business Overview - Golden Entertainment focuses on casino and branded tavern operations in Nevada[6,8] - The company operates 8 casinos in Nevada with approximately 4,400 slots and 6,000 rooms[7] - It also operates 72 branded taverns in Nevada with approximately 1,100 slots[7,24] Market Position and Growth - Nevada's total gaming revenue (GGR) in 2024 was $15.6 billion[15] - Las Vegas Strip GGR in 2024 was $8.8 billion[15] - Nevada Locals GGR in 2024 was $3.6 billion[15] - Clark County's population is growing at a CAGR of 1.7% from 2024-2028, which is 3.8x faster than the total US population CAGR of 0.4% over the same period[17,20] Financial Performance and Capital Structure - The company's net leverage as of March 31, 2025, was 2.4x[30,33] - Golden Entertainment has repaid over $750 million of debt since 2021[31] - The company has returned $194 million of capital to shareholders since the completion of the Rocky Gap sale in July 2023[31] - Total revenues for continuing operations in 2024 were $660.799 million, and Adjusted EBITDA was $154.891 million[58]

Financial Performance - Golden Entertainment reported Q1 2025 revenues of $160.8 million, a decrease of 7.4% from $174.0 million in Q1 2024[3] - Net income for Q1 2025 was $2.5 million, or $0.09 per diluted share, compared to $42.0 million, or $1.37 per diluted share in Q1 2024[3] - Adjusted EBITDA for Q1 2025 was $37.6 million, down from $41.0 million in Q1 2024, reflecting a decline of 8.3%[3] Share Repurchase and Dividends - The company repurchased 273,945 shares at an average price of $27.79 per share, totaling $7.6 million, with $91.8 million remaining under its repurchase authorization[2] - The company plans to continue opportunistically repurchasing common stock under its current buyback authorization[3] - The board authorized a quarterly cash dividend of $0.25 per share, payable on July 9, 2025[1] Debt and Liquidity - As of March 31, 2025, total debt outstanding was $411.3 million, including $393.0 million in term loans and $15.0 million in revolving credit[4] - Cash and cash equivalents stood at $50.5 million, with $225.0 million available under the revolving credit facility as of March 31, 2025[5] Business Operations - The company operates eight casinos and 72 gaming taverns in Nevada, featuring approximately 5,500 slots and 100 table games[10] Future Outlook - Forward-looking statements indicate potential growth and strategies for future business opportunities, subject to various risks and uncertainties[7]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Golden Entertainment despite lower revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - Golden Entertainment is expected to report quarterly earnings of $0.10 per share, reflecting a year-over-year increase of +127%, while revenues are projected to be $162.32 million, down 6.7% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.54% lower in the last 30 days, indicating a reassessment by analysts regarding the company's earnings prospects [4][10]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates a negative Earnings ESP of -41.85% for Golden Entertainment, suggesting analysts have become bearish on the company's earnings outlook [11][10]. Historical Performance - In the last reported quarter, Golden Entertainment was expected to post earnings of $0.22 per share but only achieved $0.10, resulting in a surprise of -54.55%. Over the last four quarters, the company has only beaten consensus EPS estimates once [12][13]. Investment Considerations - Despite the negative indicators, the potential for stock movement is influenced by various factors beyond earnings results, including unforeseen catalysts and overall market conditions [14][16].

Core Insights - Cygnus Metals Limited is advancing its Chibougamau Copper-Gold Project in Quebec, focusing on high-grade gold targets, particularly the Golden Eye area, which has not been drilled since the early 1990s [8][9][22] - Recent drilling has confirmed high-grade gold mineralization, with assays showing up to 9.1g/t Au and significant historical intersections indicating strong potential for resource growth [5][11][12] Company Overview - Cygnus Metals Limited is a diversified critical minerals exploration and development company with projects in Quebec and Western Australia, aiming to create shareholder value through resource growth and development [22] - The company is utilizing a cost-effective approach by digitizing over 100,000 documents, including historic drill logs, to generate new drill targets and consolidate geological data [6][15] Drilling Campaign and Results - A recent drilling campaign at Golden Eye involved six holes totaling 1,954 meters, aimed at confirming historic results and extending mineralization at depth [6][11] - Initial assays from the drilling have confirmed high-grade gold intersections, including 3.3m at 6.6g/t Au and 2.3m at 9.1g/t Au [11][12] - The drilling has extended mineralization down to 400 meters below the surface, with visible gold intersected in drill hole LDR-25-08 [11][17] Historical Context - The Chibougamau district has a rich history of gold and copper production, with over 3.5 million ounces of gold produced at an average grade of 2.1g/t Au [6][12] - Golden Eye was identified as a priority target due to its higher gold content compared to copper, making it a unique drilling opportunity within the district [7][9] Future Plans - Cygnus plans to complete an initial Mineral Resource estimate for Golden Eye using both recent drilling data and historic data from 77 holes totaling 21,371 meters [6][13] - The company is focused on resource growth and conversion drilling, employing two rigs on site to expedite exploration efforts [9][15]

Company Overview - Golden Entertainment, Inc. operates a diversified entertainment platform in the United States, with four segments: Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming [2] - The company also manages casinos, casino resorts, taverns, and slot machines in third-party non-casino locations [2] Financial Performance - Golden Entertainment is currently rated as Zacks Rank 5 (Strong Sell) due to three analysts cutting their earnings estimates for the current and next year [3] - The Zacks Consensus Estimates for the current year have decreased from 85 cents to 61 cents, indicating a forecasted earnings contraction of 64% this year [3] - For the next year, earnings estimates have been revised down from $1.05 to 88 cents, but there is an expected return to growth at 44% [3] Industry Context - The gaming industry is ranked in the top 35% of the Zacks Industry Rank, indicating a relatively strong position within the market [4] - There are several companies within the gaming industry that are performing well, including Flutter Entertainment (Zacks Rank 1, Strong Buy) and Accel Entertainment (Zacks Rank 2, Buy) [4]

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, 2024 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 - In Q4 2024, the company generated revenue of $164 million and EBITDA of $39 million, bringing full-year revenue to $667 million and EBITDA to $155 million [8][10] - Compared to the prior year, Q4 results were lower year-over-year but showed significant improvement from Q3, which was noted as the low point in quarterly performance [8][10] - The company repurchased approximately 1.1 million shares at an average price of $32.65, totaling $36 million in Q4 [16] Business Line Data and Key Metrics Changes - The STRAT's weekend occupancy remained flat at 95% year-over-year, while mid-week occupancy decreased by 6%, leading to an overall occupancy of 75% for Q4 [11] - The Nevada Locals Casinos saw increased revenue and EBITDA compared to last year, with EBITDA margins improving to 46% [13] - The performance of the Nevada Tavern segment was negatively impacted by recent acquisitions, but same-store revenue improved by 6% from Q3 to Q4 [15] Market Data and Key Metrics Changes - January 2025 showed broad strength in gaming revenue, with a 4% increase compared to the prior year, while February was expected to decline due to tough comparisons from the previous Super Bowl [10] - Las Vegas visitation reached nearly 42 million, marking the fourth consecutive year of growth, although still below 2019 levels [17] Company Strategy and Development Direction - The company streamlined its portfolio by selling non-core assets, generating over $600 million in proceeds, which were used to optimize capital structure and return capital to shareholders [6][7] - The company is focused on operational efficiency, investing in its assets, and exploring M&A opportunities while maintaining a low leverage profile [18][19] - Future growth is anticipated from improved performance at The STRAT and stabilized revenues in new taverns, supported by Nevada's favorable economic trends [18] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer health is stabilizing, particularly in the locals market, with improvements in visitation and spending from the top tier of their database [42][44] - The company expects continued organic growth in 2025, driven by improved performance at The STRAT and the overall strength of Nevada's economy [18][44] Other Important Information - The company has maintained a strong balance sheet with total funded debt of approximately $400 million and net leverage of 2.3x EBITDA [15] - The company is committed to returning capital to shareholders, having returned nearly $190 million through share repurchases and dividends in the past two years [16] Q&A Session Summary Question: Has the company's thinking around M&A changed? - Management stated that their approach remains proactive in pursuing opportunities to grow shareholder value [22] Question: How did the F1 promotional activities trend? - Management noted that they did not expect the dramatic fall-off in F1 and experienced challenges with occupancy rates [25] Question: What is the recovery status at The STRAT? - Management indicated that The STRAT's occupancy is currently at 75%, with expectations for improvement as convention business returns [30] Question: What are the expectations for operational expenses in 2025? - Management expects sequential growth in taverns and is focused on managing labor inflation as a headwind [36][37] Question: How is the consumer behavior stabilizing post-election? - Management observed improvements in the locals market, particularly among higher-tier customers, with a moderation in declines from lower-tier customers [42][44] Question: What are the company's thoughts on expanding geographically? - Management is open to expanding outside of Nevada but would focus on multiple properties rather than single asset acquisitions [75][76]

Core Insights - Golden Entertainment reported $164.2 million in revenue for Q4 2024, a year-over-year decline of 28.8% [1] - The company's EPS for the same period was $0.10, down from $0.18 a year ago, with an EPS surprise of -54.55% compared to the consensus estimate of $0.22 [1] - The reported revenue fell short of the Zacks Consensus Estimate of $169.43 million, resulting in a surprise of -3.08% [1] Financial Performance Metrics - Adjusted EBITDA for Corporate and Other was -$9.50 million, better than the average estimate of -$11.85 million from two analysts [4] - Adjusted EBITDA for Nevada Casino Resorts was $24.44 million, below the average estimate of $27.30 million [4] - Adjusted EBITDA for Nevada Taverns was $6.47 million, compared to the average estimate of $7.15 million [4] - Adjusted EBITDA for Nevada Locals Casinos was $17.77 million, slightly above the average estimate of $16.80 million [4] - Total Adjusted EBITDA for Casinos (Casino Resorts & Locals Casinos) was $42.21 million, exceeding the average estimate of $41.80 million [4] Stock Performance - Shares of Golden Entertainment have returned -5.8% over the past month, compared to the Zacks S&P 500 composite's -2.2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - In Q4 2024, the company generated revenue of $164 million and EBITDA of $39 million, bringing full-year revenue to $667 million and EBITDA to $155 million [8][10] - Compared to the prior year, Q4 results were lower year-over-year but showed significant improvement from Q3, which was noted as the low point in quarterly financial performance [8][10] - The company reduced its leverage and lowered its cost of capital by re-pricing its term loan, maintaining a net leverage of 2.3x EBITDA and total funded debt of approximately $400 million [15][16] Business Line Data and Key Metrics Changes - The STRAT's weekend occupancy remained flat at 95% year-over-year, while mid-week occupancy decreased by 6%, leading to an overall occupancy of 75% for Q4 [11] - The Nevada Locals Casinos segment saw increased revenue and EBITDA compared to last year, with EBITDA margins improving to 46% [13] - The performance of the Nevada Tavern segment was negatively impacted by recent acquisitions, but same-store revenue improved by 6% from Q3 to Q4 [14][15] Market Data and Key Metrics Changes - January 2025 showed broad strength in gaming revenue, with January EBITDA significantly up year-over-year, although February was expected to decline due to tough comparisons from the previous year's Super Bowl [10] - Las Vegas visitation reached nearly 42 million, marking the fourth consecutive year of growth, but still below pre-pandemic levels, indicating potential for recovery [17] Company Strategy and Development Direction - The company is focused on operational efficiency, capital returns to shareholders, and exploring strategic alternatives, including M&A opportunities [18][19] - Future growth is anticipated from improved performance at The STRAT and stabilized revenues in new taverns, supported by the favorable economic trends in Nevada [17][18] - The company is not pursuing Greenfield developments or single asset acquisitions below $40 million to $50 million of EBITDA, focusing instead on transformative deals [56][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the consumer database, particularly in the locals market, with signs of stabilization and improvement [42][44] - The STRAT is expected to benefit from increased convention traffic as the convention center expands, enhancing occupancy and revenue [31][32] - Labor inflation is anticipated to moderate, but mid-single-digit increases are expected, which the company is actively managing [36][38] Other Important Information - The company repurchased approximately 1.1 million shares at an average price of $32.65, totaling $36 million, with $99 million remaining under the current buyback authorization [16] - The company has repaid over $500 million of debt and returned nearly $190 million to shareholders through share repurchases and dividends since selling non-core assets [16] Q&A Session Summary Question: Has the thinking around M&A changed? - Management confirmed that their approach to M&A remains proactive, with a focus on growing shareholder value [22][23] Question: How did the F1 promotional activities trend? - Management noted unexpected declines in F1-related performance but managed to mitigate some costs associated with the event [25] Question: What is the recovery status at The STRAT? - Management indicated that The STRAT's occupancy is significantly below 2019 levels but expects improvement with increased convention traffic [30][31] Question: What are the expectations for OpEx growth in the taverns? - Management anticipates sequential growth in tavern operations through 2025, despite initial disruptions from revamping operations [34][36] Question: What trends are seen in consumer behavior post-election? - Management observed stabilization in the consumer database, particularly among higher-tier customers, with improvements noted in January [42][44] Question: What is the company's stance on promotional activity in the locals market? - Management indicated that promotional activity has stabilized and is now considered rational, focusing on both existing players and reactivation efforts [52][54] Question: What are the geographical considerations for potential acquisitions? - Management clarified that any out-of-state acquisitions would involve multiple properties, avoiding single asset purchases outside Nevada [75][76]

Core Insights - Golden Entertainment reported quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.22 per share, and down from $0.18 per share a year ago, representing an earnings surprise of -54.55% [1] - The company posted revenues of $164.2 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 3.08%, and down from $230.69 million year-over-year [2] - The stock has underperformed the market, losing about 0.6% since the beginning of the year compared to the S&P 500's gain of 1.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.27 on revenues of $173.05 million, and for the current fiscal year, it is $0.84 on revenues of $684.82 million [7] - The estimate revisions trend for Golden Entertainment is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Gaming industry is currently in the top 22% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Another company in the same industry, GDEV Inc., is expected to report quarterly earnings of $0.17 per share, reflecting a year-over-year change of -66% [9]