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 _____________________ ...

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]

Golden Entertainment (GDEN) Q4 2024 Earnings Call February 28, 2025 04:22 AM ET Company Participants James Adams - VP - Corporate Finance & TreasurerCharles Protell - President, CFO & TreasurerPatrick Keough - Equity Research AssociateBlake Sartini - Chairman & CEOZachary Silverberg - Vice President, Equity Research, Gaming & LeisureMax Marsh - Equity Research AssociateDavid Katz - Managing Director Conference Call Participants Jordan Bender - Senior Equity Research AnalystChad Beynon - Managing Director, A ...

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]

Revenue Performance - Fourth quarter 2024 revenues were $164.2 million, down 28.8% from $230.7 million in Q4 2023[3] - Full year 2024 revenues totaled $666.8 million, a decrease of 36.5% from $1.1 billion in 2023[4] - Total revenues for the three months ended December 31, 2024, were $164.204 million, a decrease of 28.8% compared to $230.691 million in the same period of 2023[18] - Total revenues for the year ended December 31, 2024, were $666.818 million, a decrease of 36.6% from $1,053.149 million in 2023[18] - Revenues from Nevada Casino Resorts decreased to $97.487 million in Q4 2024, down 7.5% from $104.796 million in Q4 2023[18] - Revenues from Nevada Locals Casinos increased slightly to $38.710 million in Q4 2024, compared to $38.467 million in Q4 2023, reflecting a growth of 0.6%[18] - Corporate and Other segment reported revenues of $285,000 in Q4 2024, down from $342,000 in Q4 2023[18] - Distributed Gaming operations generated $6.019 million in revenues for the year ended December 31, 2024, a decrease from $320.680 million in 2023[18] Net Income and Earnings - Net income for Q4 2024 was $3.0 million, or $0.10 per diluted share, compared to a net loss of $9.4 million, or a loss of $0.33 per share in Q4 2023[3] - Full year 2024 net income was $50.7 million, or $1.71 per diluted share, down from $255.8 million, or $8.31 per diluted share in 2023[4] - Net income for the year ended December 31, 2024, was $50.731 million, a significant decrease from $255.756 million in 2023[18] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $39.2 million, compared to $48.8 million in Q4 2023, reflecting a decline of 19.5%[3] - Full year 2024 Adjusted EBITDA was $155.4 million, down 30.1% from $222.5 million in 2023[4] - Adjusted EBITDA for the three months ended December 31, 2024, was $39.177 million, down 19.4% from $48.760 million in the prior year[18] - Adjusted EBITDA for the year ended December 31, 2024, was $155.375 million, down 30.1% from $222.522 million in 2023[18] Share Repurchase and Dividends - The company repurchased 1.1 million shares in Q4 2024 at an average price of $32.65, totaling $36.2 million[2] - The board authorized a quarterly cash dividend of $0.25 per share, payable on April 2, 2025[1] Debt and Cash Position - As of December 31, 2024, total debt outstanding was $417.6 million, with $394 million in term loan borrowings[5] - The company had cash and cash equivalents of $57.7 million and $220 million available on its revolving credit facility as of December 31, 2024[6] Other Financial Metrics - The company reported a loss on debt extinguishment and modification of $4.446 million for the year ended December 31, 2024[18]

Core Viewpoint - Wall Street analysts anticipate Golden Entertainment (GDEN) will report quarterly earnings of $0.22 per share, reflecting a year-over-year increase of 22.2%, while revenues are expected to decline by 26.6% to $169.43 million [1] Earnings Projections - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating a reassessment of initial projections by covering analysts [1][2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [2] Key Metrics Estimates - Analysts project 'Adjusted EBITDA- Nevada Casino Resorts' to be $27.30 million, down from $29.66 million in the previous year [4] - The forecast for 'Adjusted EBITDA- Nevada Taverns' is $7.15 million, compared to $8.18 million in the same quarter last year [4] - 'Adjusted EBITDA- Nevada Locals Casinos' is estimated at $16.80 million, down from $17.34 million year-over-year [5] - The consensus estimate for 'Adjusted EBITDA- Total Casinos (Casino Resorts & Locals Casinos)' is $41.80 million, compared to $48.76 million in the same quarter of the previous year [5] Stock Performance - GDEN shares have decreased by 8% over the past month, contrasting with a -2.3% change in the Zacks S&P 500 composite [6] - With a Zacks Rank 2 (Buy), GDEN is expected to outperform the overall market in the near future [6]

Core Insights - The Zacks Rank system emphasizes earnings estimates and revisions to identify winning stocks, while also considering trends in value, growth, and momentum [1] Value Investing - Value investing is a popular strategy for identifying undervalued stocks, relying on traditional analysis of key valuation metrics [2] Company Analysis: Golden Entertainment (GDEN) - GDEN holds a Zacks Rank of 2 (Buy) and a Value grade of A, making it a stock of interest for investors [3] - GDEN has a Price-to-Sales (P/S) ratio of 1.21, which is lower than the industry average P/S of 1.35, indicating potential undervaluation [4] - GDEN's Price-to-Cash Flow (P/CF) ratio is 7.55, significantly lower than the industry's average P/CF of 28.83, suggesting a favorable cash outlook [5] Company Analysis: Playtika (PLTK) - Playtika also has a Zacks Rank of 2 (Buy) and a Value grade of A, making it another attractive option for value investors [6] - Playtika's Forward P/E ratio is 10, compared to the industry average P/E of 28.77, indicating it may be undervalued [6] - The PEG ratio for Playtika is 1.68, which is favorable compared to the industry's average PEG ratio of 1.07 [6]