A U G U S T 2 0 2 2 GOLDEN ENTERTAINMENT INVESTOR PRESENTATION 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," "intend," "may," ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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 June 30, 2022 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 INVESTOR PRESENTATION M AY 2 0 2 2 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," "intend," "may," "plan," ...

Golden Entertainment, Inc. (NASDAQ:GDEN) Q1 2022 Earnings Conference Call May 5, 2022 5:00 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 Omer Sander – JPMorgan Carlo Santarelli – Deutsche Bank Cassandra Lee – Jefferies Edward Engel – Roth Capital Operator Good afternoon, ladies and gentlemen, thank you for standing by. Welcome to the Golden Entertai ...

Financial Performance - Total revenues for the three months ended March 31, 2022, were $273.6 million, a 14% increase from $239.7 million in the same period of 2021 [111]. - Net income for the three months ended March 31, 2022, was $36.1 million, compared to $10.6 million in the prior year period [111]. - Adjusted EBITDA for the same period increased to $67.3 million, a rise of $7.8 million, or 13%, compared to $59.5 million in the prior year [124]. - Nevada Casino Resorts saw revenues increase by $21.6 million, or 29%, and Adjusted EBITDA rise by $6.9 million, or 26%, due to higher hotel occupancy [125]. - Distributed Gaming revenues increased by $9.3 million, or 8%, with Adjusted EBITDA up by $1.2 million, or 6%, driven by increased gaming demand [129]. Revenue Sources - Gaming revenue increased by $13.8 million to $190.8 million, while food and beverage revenue rose by $8.7 million to $42.5 million [112]. - The company operates ten casino properties in Nevada and Maryland, with a total of 357,886 square feet of casino space and 16,961 slot machines [98]. - The Distributed Gaming segment includes over 11,800 slot machines across approximately 1,100 non-casino locations in Nevada and Montana [107]. - As of March 31, 2022, the company owned and operated 65 branded taverns, offering over 1,000 onsite slot machines [108]. - The STRAT Hotel and Casino, the company's premier property, features an 80,000 square foot casino with 711 slot machines and 2,429 hotel rooms [98]. Cash Flow and Financing - Cash and cash equivalents as of March 31, 2022, totaled $202.3 million, with $240 million available under the revolving credit facility [131]. - Net cash provided by operating activities decreased by $8.7 million, or 17%, to $43.5 million for the three months ended March 31, 2022, primarily due to timing of working capital spending [134]. - Net cash used in investing activities increased by $6.0 million, or 128%, to $10.7 million, reflecting higher capital expenditures [135]. - Net cash used in financing activities surged by $45.4 million, or 796%, to $51.1 million, mainly due to term loan prepayments and stock repurchases [136]. - As of March 31, 2022, the company had $625 million in principal amount of outstanding term loan borrowings under the Credit Facility, with a weighted-average effective interest rate of approximately 3.75% [153]. Operational Insights - The company continues to seek opportunistic and accretive opportunities for additional tavern openings and acquisitions [108]. - The operations of the Colorado Belle property remain suspended due to the impact of the COVID-19 pandemic [95]. - Operating expenses increased by $21.3 million, or 16%, for the three months ended March 31, 2022, primarily due to increased occupancy and guest visitation as COVID-19 restrictions eased [113]. Regulatory and Market Factors - The gaming industry is subject to extensive regulation, and changes in laws or regulations could materially affect the company's financial position and operations [149]. - Seasonal factors affect the company's revenue, with lower revenues typically seen in summer months due to fewer tourists and increased local vacation activity [147]. - The company's Nevada distributed gaming operations generally experience higher revenues during the fall, coinciding with professional sports seasons [147]. - The company is exposed to interest rate risk associated with its variable rate long-term debt, primarily under the Credit Facility [152]. Tax and Accounting - The effective income tax rate for the three months ended March 31, 2022, was (105.1)%, significantly differing from the federal tax rate of 21% due to changes in valuation allowance [120]. - The company continues to evaluate the potential impact of the transition from LIBOR, which is expected to have no material impact on its business or financial condition [155]. - The company has no off-balance sheet arrangements that could materially affect its financial condition or results [151]. - As of March 31, 2022, there were no material changes in the company's commitments under contractual obligations compared to previous disclosures [146].

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

Financial Data and Key Metrics Changes - The company reported record revenue of $282 million for Q4 2021, which is over 70% higher than Q4 2020 and almost 60% higher than Q4 2019 [7][8] - Adjusted EBITDA for Q4 2021 was $68 million, reflecting a significant increase of 145% year-over-year [7][8] - The company achieved over $1 billion in revenue for the first time in its history and recorded annual EBITDA of $292 million [8] Business Line Data and Key Metrics Changes - Revenue for Nevada Casino Resorts rose 62% year-over-year to $105 million, with EBITDA improving 145% to $37 million [10] - The STRAT's revenue increased by 90% and EBITDA grew more than fivefold compared to Q4 2020, with occupancy improving to 77% [10][11] - Revenue for Nevada Local Casinos increased 20% to $40 million, and EBITDA rose 32% to $19 million, with an EBITDA margin improvement of over 400 basis points [15] - Rocky Gap Casino in Maryland saw revenue up 28% to $19 million and EBITDA up 34% to $6 million [17] - Distributed gaming operations reported a revenue increase of 27% to $118 million and EBITDA rose 45% to $20 million [18] Market Data and Key Metrics Changes - The STRAT averaged 67% occupancy in 2021, down from 90% in 2019, resulting in over 180,000 missing room nights [11] - The company noted a significant opportunity for recovery in the older demographic, particularly in Laughlin, where rated gaming revenue is down 10% to 15% [69] Company Strategy and Development Direction - The company is focused on maximizing performance from its current portfolio and generating free cash flow for shareholder returns, without pursuing greenfield development [23] - Plans include modest incremental investments in properties to enhance customer experience and attract higher-value players [12][43] - The company aims to maintain a disciplined approach to capital allocation, balancing investments in properties with shareholder returns [46][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that operations were impacted by COVID restrictions, supply and labor shortages, but expressed optimism for recovery as conventions and events return [8][35] - The company expects continued strong demand in Las Vegas, particularly with upcoming conventions, which should improve midweek occupancy rates [62] - Management is confident in maintaining EBITDA margins despite rising labor costs, citing a reduction in overall labor force while achieving higher revenue [66] Other Important Information - The company reduced term loan borrowings by $25 million in Q4 and repaid a total of $132 million in debt over the past year [21] - The company ended 2021 with $221 million in cash and no outstanding borrowings on its revolver [21] Q&A Session Summary Question: Future growth opportunities in Nevada - Management indicated potential growth opportunities in Northern Nevada and emphasized a focus on the current portfolio [25][26] Question: Impact of COVID variants on Las Vegas business - Management noted a slight softness in early January due to COVID variants but expressed optimism for the remainder of the year [34][35] Question: Customer segments and amenities at The STRAT - Management highlighted ongoing investments to enhance customer experience and attract higher-end customers [42][43] Question: Free cash flow and capital return priorities - Management discussed targeting $15 million in cash interest savings from refinancing and a balanced approach to capital allocation [46][56] Question: Occupancy trends and midweek business - Management confirmed that midweek occupancy remains a challenge but expects improvement with upcoming conventions [62] Question: Spending from older demographics - Management identified a significant opportunity for recovery in the older demographic, particularly in Laughlin [69][70]

Company Overview - Golden Entertainment operates a diversified gaming platform with 10 casino resorts and distributed gaming across multiple states[6,7] - The company is well-positioned to benefit from Nevada's economic recovery and long-term trends[6,9] - Golden Entertainment has a experienced management team aligned with shareholders[6] Financial Performance - The company reported YTD 2021 revenue of $1095 million[8] - YTD 2021 Adjusted EBITDA was $343 million, excluding $514 million in corporate expenses[8] - The company has demonstrated margin improvement, with total company margin increasing from 19% in FY 2019 to 27%[18] - The company is generating significant free cash flow, driven by Adjusted EBITDA growth[20] Assets and Operations - The STRAT renovation project was completed with an investment of approximately $110 million, with a current run rate ROI over 15%[12] - The company operates over 11,800 slots in distributed gaming locations, holding a 44% market share in Nevada and 26% in Montana[16] - Golden Entertainment's loyalty program, True Rewards, combines over 45 million player database across casino properties and distributed locations[17]

Revenue Growth - Total revenues for the three months ended September 30, 2021, increased by $77.0 million, or 38%, compared to the same period in 2020, driven by increases in gaming, food and beverage, room, and other revenues[109]. - The Casinos segment reported a revenue increase of $28.9 million, or 21%, for the three months ended September 30, 2021, primarily due to higher hotel occupancy and the easing of COVID-19 restrictions[110]. - Revenues increased by $48.0 million, or 69%, in the Distributed Gaming segment for the three months ended September 30, 2021, primarily due to an increase in gaming, food and beverage, and other revenues[111]. - For the nine months ended September 30, 2021, revenues increased by $326.0 million, or 67%, driven by a full nine months of operations and increased occupancy in hotel rooms[112]. - The Casinos segment saw a revenue increase of $161.6 million, or 53%, for the nine months ended September 30, 2021, attributed to higher occupancy and easing COVID-19 restrictions[113]. Operating Performance - Operating income for the three months ended September 30, 2021, was $45.2 million, compared to an operating loss of $9.4 million in the same period of 2020[108]. - Adjusted EBITDA for the three months ended September 30, 2021 was $73.4 million, compared to $45.9 million in the prior year, and for the nine months it was $223.9 million, up from $70.8 million[132]. - Adjusted EBITDA margin for the Casinos segment was 40% for the three months and 42% for the nine months ended September 30, 2021, compared to 38% and 28% in the prior year[115]. Expenses and Costs - Operating expenses increased by $43.7 million, or 39%, for the three months ended September 30, 2021, mainly due to higher occupancy and a full quarter of operations[116]. - The increase in operating expenses for the nine months ended September 30, 2021 was $144.7 million, or 49%, driven by increased occupancy and operations[119]. - Selling, general and administrative expenses rose by $25.7 million, or 19%, for the nine months ended September 30, 2021, primarily due to a full nine months of operations[122]. Net Income and Cash Flow - Net income for the three months ended September 30, 2021, was $29.1 million, a significant recovery from a net loss of $6.9 million in the prior year[108]. - Net cash provided by operating activities increased to $249.3 million for the nine months ended September 30, 2021, compared to $24.6 million for the same period in 2020, primarily due to a full nine months of operations and easing COVID-19 restrictions[137]. - Net cash used in investing activities decreased to $20.5 million for the nine months ended September 30, 2021, down from $30.8 million in 2020, reflecting a focus on liquidity preservation[138]. Financial Position and Liquidity - The company maintained a $200 million undrawn revolving credit facility as of September 30, 2021, to enhance liquidity amid ongoing pandemic challenges[95]. - As of September 30, 2021, the company had $219.3 million in cash and cash equivalents and $200 million in borrowing availability under its revolving credit facility, which was increased to $240 million on October 12, 2021[134][137]. - The company repaid $97 million of principal under its term loan borrowings for the nine months ended September 30, 2021, eliminating the requirement for further quarterly installment payments[140]. Future Strategies and Considerations - Future growth strategies may include additional financing for acquisitions or business investments, potentially through debt or equity financing[95]. - The company may seek additional financing through debt, convertible debt, or equity financing to enhance liquidity or finance future acquisitions[136]. - The company may pursue expansion opportunities influenced by licensing availability and suitable investment opportunities, potentially requiring substantial investments[147]. Tax and Non-Operating Income - Non-operating income for the nine months ended September 30, 2021 was $11.5 million, a change of $63.1 million from the prior year, largely due to a $60.0 million recognition related to an agreement with William Hill[128]. - The effective income tax rate was (0.4%) for the three months and 0.3% for the nine months ended September 30, 2021, differing from the federal tax rate of 21% due to changes in valuation allowance[129]. Challenges and Industry Impact - The Colorado Belle property operations remain suspended due to the impact of COVID-19, reflecting ongoing challenges in the gaming industry[98]. - The company has implemented various cost reduction measures to preserve liquidity, including delaying capital expenditures and reducing operating expenses[95]. - The company is evaluating the potential impact of the transition from LIBOR to a new benchmark interest rate, with no expected material impact on its business[159].

Golden Entertainment, Inc. (NASDAQ:GDEN) Q3 2021 Earnings Conference Call November 3, 2021 5:00 PM ET Company Participants Joe Jaffoni - IR Charles Protell - President and CFO Blake Sartini - Founder, Chairman and CEO Conference Call Participants Carlo Santarelli - Deutsche Bank David Bain - B. Riley Cassandra Lee - Jefferies Omer Sander - JPMorgan Aaron Rubin - Macquarie Operator Good afternoon, ladies and gentlemen, thank you for standing by. Welcome to the Golden Entertainment Third Quarter 2021 Earnings ...