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Nature of Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Nature of Business and Basis of Presentation Nature of Business and Basis of Presentation
Golden Entertainment, Inc. and its wholly-owned subsidiaries own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on casino and branded tavern operations. The Company’s portfolio includes eight casino properties located in Nevada, as well as 69 branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. Unless otherwise indicated, the terms “Golden” and the “Company” refer to Golden Entertainment, Inc. together with its subsidiaries.
As of December 31, 2023, the Company conducted its business through four reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming. Each reportable segment was comprised of the following properties and operations:
Reportable Segment Location
Nevada Casino Resorts
The STRAT Hotel, Casino & Tower (“The STRAT”)Las Vegas, Nevada
Aquarius Casino Resort (“Aquarius”)Laughlin, Nevada
Edgewater Casino Resort (“Edgewater”)Laughlin, Nevada
Nevada Locals Casinos
Arizona Charlie’s BoulderLas Vegas, Nevada
Arizona Charlie’s DecaturLas Vegas, Nevada
Gold Town CasinoPahrump, Nevada
Lakeside Casino & RV ParkPahrump, Nevada
Pahrump Nugget Hotel Casino (“Pahrump Nugget”)Pahrump, Nevada
Nevada Taverns
69 branded tavern locations
Nevada
Distributed Gaming
Nevada distributed gaming (1)
Nevada
(1) Subsequent to the Company’s fiscal year end, the Company sold its distributed gaming operations in Nevada on January 10, 2024.
On July 25, 2023, the Company completed the sale of Rocky Gap Casino Resort (“Rocky Gap”) to Century Casinos, Inc. (“Century”) and VICI Properties, L.P. (“VICI”), an affiliate of VICI Properties Inc., for aggregate cash consideration of $260.0 million. Specifically, Century acquired the operations of Rocky Gap from Golden for $56.1 million in cash (subject to adjustment based on Rocky Gap’s working capital and cage cash at closing), and VICI acquired the real estate assets relating to Rocky Gap from Golden for $203.9 million in cash. Prior to its sale, the operations of Rocky Gap were presented in the Company’s Maryland Casino Resort reportable segment. Refer to the discussion in “Note 3 — Divestitures and Assets Held for Sale” for further information.
On March 3, 2023, the Company entered into definitive agreements to sell its distributed gaming operations in Nevada and Montana to an affiliate of J&J Ventures Gaming, LLC (“J&J Gaming”), for aggregate consideration of $322.5 million. On September 13, 2023, the Company completed the sale of the distributed gaming operations in Montana for cash consideration of $109.0 million plus working capital and other adjustments and purchased cash at closing. On January 10, 2024, the Company completed the sale of its distributed gaming operations in Nevada for cash consideration of $213.5 million plus working capital and other adjustments and purchased cash at closing. Prior to the sales, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in the Company’s Distributed Gaming reportable segment. Refer to the discussion in “Note 3 — Divestitures and Assets Held for Sale” and “Note 16 — Subsequent Events” for further information.
On November 21, 2023, the Company acquired the operations of Lucky’s Lounge & Restaurant (“Lucky’s”), comprised of four tavern locations in Nevada, for cash consideration of $10.0 million, as part of an expansion of the Company’s branded tavern portfolio. The acquired Lucky’s taverns have been included in the Company’s Nevada Taverns reportable segment from the date of acquisition.
Impact of COVID-19 on the Nevada taverns
Temporary closures of the Company’s operations due to the COVID-19 pandemic in 2020 resulted in lease concessions for certain of the Company’s branded taverns and distributed gaming locations, some of which continued in 2021. Such concessions provided for deferral and, in some instances, forgiveness of rent payments with no substantive amendments to the consideration due per the terms of the original contract and did not result in substantial changes in the Company’s obligations under such leases. The Company elected to account for the deferred rent as variable lease payments, which resulted in a reduction of the rent expense of $2.3 million for the year ended December 31, 2021. Rent expense that was not forgiven was recorded in future periods as those deferred payments were paid to the Company’s lessors.