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Golden Entertainment(GDEN) - 2024 Q3 - Quarterly Results
GDENGolden Entertainment(GDEN)2024-11-07 21:13

Financial Performance - The Company reported third quarter revenue of 161.2million,adecreaseof37.5161.2 million, a decrease of 37.5% compared to 257.7 million in the same quarter of 2023[3]. - Adjusted EBITDA for the third quarter was 34.0million,down36.134.0 million, down 36.1% from 53.2 million in the prior year[3]. - Net income for the third quarter was 5.2million,or5.2 million, or 0.18 per diluted share, compared to 241.2million,or241.2 million, or 7.83 per diluted share, in Q3 2023[3]. - Total revenues for the three months ended September 30, 2024, were 161,233,000,adecreaseof5.3161,233,000, a decrease of 5.3% from 170,131,000 in the same period of 2023[15]. - Adjusted EBITDA for continuing operations was 34,014,000,down21.134,014,000, down 21.1% from 43,118,000 year-over-year[15]. - Net income for the three months ended September 30, 2024, was 5,167,000,comparedto5,167,000, compared to 241,216,000 in the same period of 2023, reflecting a significant decline[15]. - Revenues from Nevada Casino Resorts decreased to 99,547,000from99,547,000 from 105,524,000, a decline of 5.9%[15]. - Revenues from Nevada Locals Casinos fell to 35,405,000,down6.635,405,000, down 6.6% from 37,901,000 year-over-year[15]. - Total revenues from divested operations were 87,595,000forthethreemonthsendedSeptember30,2023,comparedto87,595,000 for the three months ended September 30, 2023, compared to 6,019,000 in 2024[15]. - The company reported a gain on the sale of business amounting to 305,829,000inthethreemonthsendedSeptember30,2023[15].−Interestexpense,net,decreasedto305,829,000 in the three months ended September 30, 2023[15]. - Interest expense, net, decreased to 7,959,000 from 15,306,000,indicatingimprovedfinancialmanagement[15].−TheincometaxbenefitforthethreemonthsendedSeptember30,2024,was15,306,000, indicating improved financial management[15]. - The income tax benefit for the three months ended September 30, 2024, was 6,398,000, compared to a provision of 67,187,000inthesameperiodof2023[15].−CorporateandothersegmentsreportedanadjustedEBITDAlossof67,187,000 in the same period of 2023[15]. - Corporate and other segments reported an adjusted EBITDA loss of (10,191,000) for the three months ended September 30, 2024, compared to a loss of (12,116,000)in2023[15].ShareRepurchaseandDividends−TheCompanyrepurchased815,116sharesatanaveragepriceof(12,116,000) in 2023[15]. Share Repurchase and Dividends - The Company repurchased 815,116 shares at an average price of 31.65 per share for a total of 25.8millionduringthethirdquarter[2].−Year−to−date,theCompanyhasrepurchased1.94millionsharesatanaveragepriceof25.8 million during the third quarter[2]. - Year-to-date, the Company has repurchased 1.94 million shares at an average price of 30.70 per share, totaling 59.5million[2].−TheBoardofDirectorsauthorizedarecurringquarterlycashdividendof59.5 million[2]. - The Board of Directors authorized a recurring quarterly cash dividend of 0.25 per share, payable on January 7, 2025[1]. - The Company anticipates improved business conditions in the fourth quarter and plans to continue share repurchases throughout the year[2]. Debt and Cash Position - As of September 30, 2024, total debt outstanding was 399.0million,primarilyconsistingof399.0 million, primarily consisting of 395.0 million in term loan borrowings[4]. - The Company had cash and cash equivalents of 68.6millionandnooutstandingborrowingsunderits68.6 million and no outstanding borrowings under its 240 million revolving credit facility as of September 30, 2024[4]. Business Operations - The decline in revenue and Adjusted EBITDA was primarily due to the sale of the Rocky Gap Casino Resort and distributed gaming operations in 2023[3].