Golden Entertainment(GDEN) - 2024 Q3 - Quarterly Results

Financial Performance - The Company reported third quarter revenue of $161.2 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 $34.0 million, down 36.1% from $53.2 million in the prior year[3]. - Net income for the third quarter was $5.2 million, or $0.18 per diluted share, compared to $241.2 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, 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, 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, compared to $241,216,000 in the same period of 2023, reflecting a significant decline[15]. - Revenues from Nevada Casino Resorts decreased to $99,547,000 from $105,524,000, a decline of 5.9%[15]. - Revenues from Nevada Locals Casinos fell to $35,405,000, down 6.6% from $37,901,000 year-over-year[15]. - Total revenues from divested operations were $87,595,000 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 $305,829,000 in the three months ended September 30, 2023[15]. - Interest expense, net, decreased to $7,959,000 from $15,306,000, 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 $67,187,000 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) 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 $25.8 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 $59.5 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 $399.0 million, primarily consisting of $395.0 million in term loan borrowings[4]. - The Company had cash and cash equivalents of $68.6 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].