EX-99.1 2 a93025eprex991.htm EX-99.1 Document


Exhibit 99.1


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GOLDEN ENTERTAINMENT REPORTS 2025 THIRD QUARTER RESULTS

LAS VEGAS – November 6, 2025 – Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden Entertainment” or the “Company”) today reported financial results for the third quarter ended September 30, 2025. In light of the transaction that we announced this morning, we will be cancelling our earnings call previously scheduled for later today.
Consolidated Results
The Company reported third quarter 2025 revenues of $154.8 million, compared to revenues of $161.2 million for the third quarter of 2024. Net loss for the third quarter of 2025 was $4.7 million, or $0.18 per share, compared to net income of $5.2 million, or $0.18 per fully diluted share, for the third quarter of 2024. Third quarter 2025 Adjusted EBITDA was $30.5 million, compared to Adjusted EBITDA of $34.0 million for the third quarter of 2024.
The Company paid a quarterly cash dividend of $0.25 per share on October 3, 2025. On November 4, 2025, the Company’s Board of Directors authorized the Company’s next recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock payable on January 6, 2026 to shareholders of record as of December 22, 2025.
Debt and Liquidity

As of September 30, 2025, the Company’s total principal amount of debt outstanding was $430.1 million, consisting primarily of $391 million in outstanding term loan borrowings and $35 million in outstanding borrowings under the Company’s revolving credit facility.
As of September 30, 2025, the Company had cash and cash equivalents of $58.3 million and $205 million of remaining availability under its revolving credit facility.
Forward-Looking Statements
This press release contains forward-looking statements regarding future events and the Company’s future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates. In addition, forward-looking statements in this press release include, without limitation statements regarding: the Company’s strategies, objectives, business opportunities and plans; anticipated future growth and trends in the Company’s business or key markets and business outlook; return of capital to shareholders (including through the payment of recurring quarterly cash dividends or repurchase of shares of the Company’s common stock); projections of future financial condition, operating results or other financial items; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause the actual results to differ materially include: changes in national, regional and local economic and market conditions (including a continued shutdown




of the U.S. government); legislative and regulatory matters; increases in gaming taxes and fees in the jurisdictions in which the Company operates; litigation; increased competition; reliance on key personnel; the Company’s ability to comply with covenants in its debt instruments; terrorist incidents; natural disasters; severe weather conditions; the effects of environmental and structural building conditions; the effects of disruptions to the Company’s information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company’s filings with the SEC, including the “Risk Factors” sections of the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses Adjusted EBITDA because it is the primary metric used by its chief operating decision maker and investors in measuring both the Company’s past and future expectations of performance. Adjusted EBITDA provides useful information to the users of the Company’s financial statements by excluding specific expenses and gains that the Company believes are not indicative of its core operating results. Further, the Company’s annual performance plan used to determine compensation for its executive officers and employees is tied to the Adjusted EBITDA metric. It is also a measure of operating performance widely used in the gaming industry. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. In addition, other companies in the gaming industry may calculate Adjusted EBITDA differently than the Company does.
The Company defines “Adjusted EBITDA” as earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges and non-recurring expenses that are deemed to be not indicative of the Company’s core operating results.
About Golden Entertainment
Golden Entertainment operates a diversified entertainment platform of gaming and hospitality assets. The Company operates eight casinos and 72 gaming taverns in Nevada, featuring approximately 5,600 slots, 80 table games and 6,000 hotel rooms. For more information, visit www.goldenent.com.
Investors
Charles H. ProtellJames Adams
President and Chief Financial OfficerVP Corporate Finance and Treasurer
(702) 893-7777(702) 495-4470
james.adams@goldenent.com
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Golden Entertainment, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues
Gaming$77,078 $75,684 $236,069 $240,880 
Food and beverage39,623 41,849 122,975 128,623 
Rooms25,394 28,938 81,987 89,760 
Other12,723 14,762 38,250 43,351 
Total revenues154,818 161,233 479,281 502,614 
Expenses
Gaming20,454 20,141 61,516 67,796 
Food and beverage32,870 34,226 100,589 102,702 
Rooms15,034 16,202 46,463 48,888 
Other5,082 4,276 12,430 11,140 
Selling, general and administrative55,517 57,056 164,221 173,130 
Depreciation and amortization22,868 22,626 67,812 67,362 
Loss (gain) on disposal of assets1,901 (256)1,953 (242)
Gain on sale of business— — — (68,944)
Preopening expenses210 234 430 377 
Total expenses 153,936 154,505 455,414 402,209 
Operating income882 6,728 23,867 100,405 
Non-operating expense
Interest expense, net(7,941)(7,959)(23,167)(27,255)
Loss on debt extinguishment and modification— — — (4,446)
Total non-operating expense, net(7,941)(7,959)(23,167)(31,701)
(Loss) income before income tax benefit (provision)(7,059)(1,231)700 68,704 
Income tax benefit (provision)2,401 6,398 1,773 (20,951)
Net (loss) income$(4,658)$5,167 $2,473 $47,753 
Weighted-average common shares outstanding
Basic26,166 28,153 26,319 28,557 
Diluted26,166 29,408 27,330 30,141 
Net (loss) income per share
Basic$(0.18)$0.18 $0.09 $1.67 
Diluted$(0.18)$0.18 $0.09 $1.58 









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Golden Entertainment, Inc.
Reconciliation of Adjusted EBITDA
(Unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues
Nevada Casino Resorts $93,020 $99,547 $285,437 $301,652 
Nevada Locals Casinos 35,789 35,405 113,531 112,262 
Nevada Taverns 25,733 26,042 79,458 82,001 
Corporate and Other276 239 855 680 
Total revenues - Continuing Operations154,818 161,233 479,281 496,595 
Distributed Gaming — — — 6,019 
Total revenues - Divested Operations— — — 6,019 
Total revenues$154,818 $161,233 $479,281 $502,614 
Adjusted EBITDA
Nevada Casino Resorts
$21,463 $24,614 $72,202 $78,897 
Nevada Locals Casinos
14,939 14,274 50,866 48,738 
Nevada Taverns 5,291 5,317 18,516 20,669 
Corporate and Other(11,212)(10,191)(35,083)(32,590)
Total Adjusted EBITDA - Continuing Operations30,481 34,014 106,501 115,714 
Distributed Gaming — — — 484 
Total Adjusted EBITDA - Divested Operations— — — 484 
Total Adjusted EBITDA$30,481 $34,014 $106,501 $116,198 
Adjustments
Depreciation and amortization(22,868)(22,626)(67,812)(67,362)
Non-cash lease benefit86 65 291 298 
Share-based compensation(2,059)(2,969)(7,335)(8,688)
(Loss) gain on disposal of assets(1,901)256 (1,953)242 
Gain on sale of business— — — 68,944 
Loss on debt extinguishment and modification— — — (4,446)
Preopening and related expenses(210)(234)(430)(377)
System implementation costs (1)
(208)— (486)— 
Other, net (2,439)(1,778)(4,909)(8,850)
Interest expense, net(7,941)(7,959)(23,167)(27,255)
Income tax benefit (provision)2,401 6,398 1,773 (20,951)
Net (loss) income$(4,658)$5,167 $2,473 $47,753 
(1)System implementation costs represent expenses related to the implementation of new enterprise resource planning, finance, payroll and human capital management software.
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