Golden Entertainment(GDEN) - 2023 Q4 - Annual Results

Financial Performance - Fourth quarter 2023 revenues were $230.7 million, a decrease of 17.5% compared to $279.7 million in the fourth quarter of 2022[5] - Net loss for the fourth quarter of 2023 was $9.4 million, or a loss of $0.33 per share, primarily due to a $12.1 million asset impairment charge[5] - Full year 2023 revenue was $1.1 billion, with net income of $255.8 million, or $8.31 per fully diluted share, compared to $82.3 million, or $2.61 per fully diluted share in 2022[9] - Adjusted EBITDA for the full year 2023 was $222.5 million, down from $267.1 million in 2022, primarily due to the exclusion of results from sold businesses[9] - Total revenues for Q4 2023 were $230.691 million, a decrease of 17.5% compared to $279.710 million in Q4 2022[24] - Adjusted EBITDA for Q4 2023 was $48.760 million, down 23.4% from $63.684 million in Q4 2022[24] - For the full year 2023, total revenues were $1.053 billion, down 6.1% from $1.121 billion in 2022[24] - Full year adjusted EBITDA decreased to $222.522 million in 2023 from $267.080 million in 2022, a decline of 16.6%[24] Asset Sales and Divestitures - The company completed the sale of its Nevada distributed gaming business for approximately $213.5 million, contributing to over $600 million in total proceeds from non-core divestitures in 2023[6] - The company completed the sale of its distributed gaming operations in Montana on September 13, 2023, and in Nevada on January 10, 2024[26] - The company incurred transaction costs of $8.3 million related to the sales of the Rocky Gap Casino Resort and distributed gaming operations in Montana during 2023[9] - The company reported a significant loss on the sale of businesses amounting to $2.650 million in Q4 2023[24] Debt and Cash Management - Total debt repaid in 2023 amounted to $239 million, including $59 million in the fourth quarter[6] - As of December 31, 2023, total principal amount of debt outstanding was $677.7 million, with cash and cash equivalents of $197.6 million[10] Dividend and Shareholder Returns - The company initiated a recurring quarterly cash dividend of $0.25 per share, with the first payment scheduled for April 4, 2024[2] Operational Focus - The company’s portfolio now focuses on Nevada casino resorts and taverns, following the divestiture of non-core assets[3] Revenue Breakdown - Nevada Casino Resorts revenue increased slightly to $104.796 million in Q4 2023 from $104.161 million in Q4 2022, representing a growth of 0.6%[24] - Distributed Gaming revenue decreased significantly to $59.323 million in Q4 2023 from $90.316 million in Q4 2022, a decline of 34.3%[24] Corporate Expenses - Corporate and other expenses showed an increase in losses, totaling $(12.786) million in Q4 2023 compared to $(11.690) million in Q4 2022[24]