Golden Entertainment (GDEN) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Company Participants James Adams - VP - Corporate Finance & TreasurerCharles Protell - President & CFOBarry Jonas - Managing DirectorBlake Sartini - Chairman & CEODavid Katz - Managing DirectorZachary Silverberg - Vice President, Equity Research, Gaming & LeisureJohn Decree - Director - Equity Research Conference Call Participants Chad Beynon - Managing Director, AnalystJordan Bender - Senior Equity Research Analyst Operator Good aft ...

Financial Data and Key Metrics Changes - The first quarter results were in line with expectations, primarily impacted by the absence of last year's Super Bowl in Las Vegas, particularly affecting The Strat [5] - EBITDA from other casinos increased year over year, while EBITDA from taverns stabilized [5] - The company ended the quarter with over $400 million in debt, $50 million in cash, and $225 million in remaining availability under the revolving credit facility, with a low net leverage of 2.4 times EBITDA [8][9] Business Line Data and Key Metrics Changes - The Strat experienced a 5% decline in occupancy for the quarter, with a 13% drop in February, leading to a $3 million EBITDA headwind [6] - In Laughlin, EBITDA increased by reducing expenses and focusing on more profitable concerts, maintaining leading market share [7] - Revenue and EBITDA from taverns were down slightly year over year, but sequentially improved over Q4 due to better performance from newer taverns and reduced operating expenses [8] Market Data and Key Metrics Changes - Revenue for Nevada locals casinos was flat compared to the prior year, with EBITDA up 2% driven by operational efficiencies [7] - The locals business showed increasing strength in April, indicating a strong start for Q2 [8] Company Strategy and Development Direction - The company is focused on a disciplined reinvestment strategy and has prioritized share repurchases over M&A opportunities due to current market conditions [10][19] - The management believes that the current valuation dislocation presents a better opportunity for repurchasing equity rather than pursuing acquisitions [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite an uncertain macroeconomic environment, highlighting stable operating trends in April and a strong start in May [5][11] - The company is optimistic about the performance of The Strat, with occupancy pacing up 6% year over year in May and showing strength in June [6][11] Other Important Information - The company has repurchased 3.2 million shares totaling nearly $100 million since the start of 2024 and paid out $35 million in dividends [10] - A nationally recognized food and beverage concept is set to open at The Strat, expected to enhance revenue [45] Q&A Session Summary Question: Booking trends and OTA mix at The Strat - Management noted a shorter booking window at The Strat, with occupancy materializing within a seven-day period, and the OTA mix is currently around 65%, trending downward as they improve direct bookings [13][16] Question: M&A environment and macro impact - The management indicated that the current macro environment has dampened M&A discussions due to value dislocation and uncertainty about future conditions [18][19] Question: Tavern business competition - Management acknowledged increased promotional activity from smaller operators but expressed confidence in their disciplined approach and market position [24][28] Question: Local segment margins and operational efficiencies - The company highlighted strong margins of 46% for the local segment, attributed to rightsizing labor and streamlining operations [50][51] Question: Capital allocation and stock repurchase strategy - Management confirmed a commitment to aggressive stock repurchases, leveraging available liquidity, but expressed skepticism about the effectiveness of tender offers in the gaming space [63][66] Question: Future hotel room rates at The Strat - The management indicated that driving higher room rates will depend on citywide promotions and improved midweek occupancy, with ongoing efforts to enhance direct bookings [70][72]

Financial Data and Key Metrics Changes - Adjusted property EBITDA at Silver Slipper grew by 21% year-over-year despite a slight decline in property revenue, with expectations of reaching mid-teens in adjusted EBITDA for the current year [5][6] - American Place achieved an all-time record gaming revenue month in March, crossing $10 million for the first time, with continued growth in the guest database [11][12] - The company extended the maturity date of its revolver from March 2026 to January 2027 and reduced the revolver balance to $25 million [13] Business Line Data and Key Metrics Changes - At Chamonix and Bronco Billy's, revenue grew by 34% in the first quarter, although expenses grew at a similar pace, resulting in a slight EBITDA loss [7][8] - Significant cost savings were identified across various departments, including over $1.5 million in food and beverage and $800,000 from reduced overtime costs [9][10] Market Data and Key Metrics Changes - The company has doubled its gaming market share without significantly impacting other operators, indicating a strong position in an undersaturated market [9] - The gaming revenue in the market has been affected by external factors such as weather conditions during peak periods like Mardi Gras [116] Company Strategy and Development Direction - The company is focusing on management upgrades and operational improvements across its properties, with new general managers appointed to key locations [15][84] - Plans are underway to build a permanent facility for American Place, with a target to break ground in the second half of the year [26][36] - The strategy includes relocating the Rising Star casino to capitalize on better market opportunities in Indiana [56][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in Q2 and expects continued revenue growth as properties mature [19][23] - The company is monitoring the bond market for refinancing opportunities to fund the construction of the permanent American Place [35][126] - Management acknowledged the challenges posed by competition in the sports wagering market, dominated by a few large players [67][70] Other Important Information - The company has made significant management changes to improve operations, including hiring a new Chief Marketing Officer to enhance marketing strategies [14][15] - The company is exploring various financing options for the construction of the permanent facility, including refinancing existing debt [126] Q&A Session Summary Question: Update on Colorado's performance and expenses - Management expects Q2 to be more profitable than Q1, with continued revenue growth and identified cost-saving opportunities [19][20] Question: Strategic outlook for the portfolio post Stockman's sale - The company views its three major properties as a stable foundation and is focused on optimizing operations and exploring relocation opportunities for Rising Star [52][56] Question: Expectations for sports wagering contracts - The market is dominated by a few large firms, making it challenging to replace lost contracts, but the company is actively seeking opportunities [67][70] Question: Timeline for reaching $20 million EBITDA - Management anticipates reaching $20 million in EBITDA within three to five years, with a focus on positive growth trajectories [74][76] Question: Margins at American Place - Margins are expected to remain around 30% for the temporary facility, with potential increases once the permanent facility opens [101][102] Question: Changes in customer visitation and spending - No significant changes in visitation frequency or spending patterns have been observed, although external factors like weather have impacted revenues [116][121] Question: Capital expectations and liquidity for the second half of the year - The company is in good liquidity shape and plans to refinance existing debt while monitoring cash flow for construction expenses [124][126]

Financial Data and Key Metrics Changes - Adjusted property EBITDA at Silver Slipper grew by 21% year-over-year despite a slight decline in property revenue, with expectations of reaching mid-teens in adjusted EBITDA for the current year [6][7] - American Place achieved an all-time record gaming revenue month in March, crossing $10 million for the first time, with continued growth in the guest database [12][13] - The company extended the maturity date of its revolver from March 2026 to January 2027 and reduced the revolver balance to $25 million [14] Business Line Data and Key Metrics Changes - At Chamonix and Bronco Billy's, revenue grew by 34% in the first quarter, although EBITDA remained slightly negative due to expenses growing at a similar pace [9] - Significant cost savings were identified across various departments, including over $1.5 million in food and beverage and $800,000 from reduced overtime costs [10][11] Market Data and Key Metrics Changes - The company has doubled its gaming market share without significantly impacting other operators, indicating an undersaturated market [10] - The gaming revenue in the market is expected to grow as the company continues to attract customers who historically have not visited [10] Company Strategy and Development Direction - The company is focusing on management upgrades and operational improvements across its properties, with new general managers appointed to key locations [5][16] - Plans are underway to open a permanent facility for American Place, with a target to break ground in the second half of the year [26][28] - The company is exploring relocation opportunities for Rising Star to capitalize on more favorable market conditions in larger cities [55][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in Q2 and expects continued revenue growth as properties mature [19][23] - The company is monitoring the bond market for refinancing opportunities to fund the construction of the permanent American Place [35][123] - Management acknowledged the challenges posed by tariffs but indicated potential benefits from a recession in terms of construction costs [43][44] Other Important Information - The company has completed the sale of Stockman's and is now focusing on its three primary properties [13][51] - A new Chief Marketing Officer has been hired to enhance marketing strategies, particularly in Colorado [12][15] Q&A Session Summary Question: Update on Colorado's performance and expenses - Management expects Q2 to be more profitable than Q1, with continued revenue growth and identified cost-saving opportunities [19][20] Question: Strategic outlook for the portfolio post-sale of Stockman's - The company views its three main properties as a strong foundation and is cautious about new acquisitions, focusing on existing opportunities [51][64] Question: Trajectory of sports wagering contracts - The market is dominated by a few large players, making it challenging to replace lost contracts, but the company is exploring options [66][68] Question: Timeline for reaching $20 million EBITDA - Management aims for a five-year timeline to exceed $20 million in EBITDA, with expectations of significant revenue growth from the permanent facility [72][74] Question: Confidence in new management teams - Management believes that fresh perspectives from new hires will lead to improved performance, citing past successes of new leadership [83][89] Question: Changes in customer visitation and spending - No significant changes in visitation frequency or spending have been noted, with some fluctuations attributed to weather and market conditions [110][114] Question: Capital expectations and liquidity for the second half of the year - The company is in good liquidity shape and plans to refinance existing debt while funding the construction of the permanent facility [121][123]

Full House Resorts (FLL) Q1 2025 Earnings Call May 08, 2025 04:30 PM ET Speaker0 Afternoon, ladies and gentlemen, and welcome to the Full House Resorts First Quarter twenty twenty five Earnings Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, 05/08/2025. I would now like to turn the conference over to Adam Campbell. Please go ahead. Speaker1 Thank you. Good afternoon. Welcome to our firs ...

SHAKOPEE, Minn., May 08, 2025 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC), today reported financial results for the first quarter ended March 31, 2025. ($ in thousands, except per share data and percentages) Three Months Ended March 31, 2025 2024 Change Net revenues$13,142 $14,098 (6.8)%<td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ...

- Revenues Increased 7.3% in the First Quarter of 2025 - American Place Casino Achieved a New Property Record in March 2025, Reaching $10.9 Million of Monthly Gaming Revenue - Revenues from Our Colorado Operations Increased 33.9% in the First Quarter of 2025 - Silver Slipper Benefited from New Leadership and Operational Improvements LAS VEGAS, May 08, 2025 (GLOBE NEWSWIRE) -- Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the first quarter ended March 31, 2025. On a consolidated basis, ...

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) -- The Alcohol and Gaming Commission of Ontario (AGCO) has issued $151,000 in penalties to Great Canadian Entertainment for allegedly failing to prevent minors from accessing gambling on multiple occasions at three Toronto-area casinos. As part of its investigation, the AGCO reviewed four separate incidents in which minors allegedly gained access to the casino floors and in which some of these minors participated in gambling activities – two cases at Great Canadian Cas ...

Universal Technical Institute, Inc.’s (UTI) stock gained 11.4% in yesterday’s after-hours trading session as it reported impressive second-quarter fiscal 2025 results. Both earnings and revenues surpassed the Zacks Consensus Estimate and increased on a year-over-year basis.The company achieved strong growth in the fiscal second quarter, driven by its strategy, focused on expansion, diversification and optimization. Both divisions saw year-over-year improvements in key financial and operational areas. Higher ...

PENN Entertainment (PENN) Q1 2025 Earnings Call May 08, 2025 09:00 AM ET Speaker0 Greetings, and welcome to Penn Entertainment First Quarter twenty twenty five Earnings Call. I would now like to turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead. Speaker1 Thanks, Emma. Good morning, everyone, and thank you for joining Pan Entertainment's twenty twenty five First Quarter Conference Call. We'll get to management's presentation and comments momentarily as well as your question and ans ...