Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________________

FORM 10-Q

________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 000-24993

________________________________________

GOLDEN ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

________________________________________


Minnesota			41-1913991
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
6595 S Jones Boulevard
Las Vegas, Nevada			89118
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (702) 893-7777

________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	GDEN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2023, the registrant had 28,863,577 shares of common stock, $0.01 par value per share, outstanding.

GOLDEN ENTERTAINMENT, INC.

FORM 10-Q

INDEX


		Page
PART I.	FINANCIAL INFORMATION	1

ITEM 1.	FINANCIAL STATEMENTS (Unaudited)	1

	Consolidated Balance Sheets as of June 30 , 2023 and December 31, 2022	1

	Consolidated Statements of Operations for the three and six months ended June 30 , 2023 and 2022	2

	Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30 , 2023 and 2022	3

	Consolidated Statements of Cash Flows for the six months ended June 30 , 2023 and 2022	4

	Condensed Notes to Consolidated Financial Statements	6

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	20

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	31

ITEM 4.	CONTROLS AND PROCEDURES	31

PART II.	OTHER INFORMATION	32

ITEM 1.	LEGAL PROCEEDINGS	32

ITEM 1A.	RISK FACTORS	32

ITEM 5.	OTHER INFORMATION	32

ITEM 6.	EXHIBITS	33

SIGNATURES		34

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GOLDEN ENTERTAINMENT, INC.

Consolidated Balance Sheets

(In thousands, except per share data)


	June 30, 2023		December 31, 2022
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	120,823	$	136,889
Accounts receivable, net of allowance for credit losses of $1,090 and $775 at June 30, 2023 and December 31, 2022, respectively	12,616		20,495
Prepaid expenses	18,391		25,900
Inventories	7,778		8,117
Other	565		13,610
Assets held for sale	289,810		39,562
Total current assets	449,983		244,573
Property and equipment, net	815,239		840,731
Operating lease right-of-use assets, net	77,717		147,893
Goodwill	80,751		158,396
Intangible assets, net	49,376		89,552
Deferred income tax assets	11,822		11,822
Other assets	9,358		15,703
Total assets	$	1,494,246	$	1,508,670
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt and finance leases	$	1,296	$	555
Current portion of operating leases	13,074		42,200
Accounts payable	18,521		25,168
Accrued payroll and related	17,968		21,227
Accrued liabilities	28,832		33,365
Liabilities related to assets held for sale	69,932		10,187
Total current liabilities	149,623		132,702
Long-term debt, net and non-current finance leases	895,602		900,464
Non-current operating leases	80,517		121,979
Deferred income tax liabilities	53		53
Other long-term obligations	407		552
Total liabilities	1,126,202		1,155,750
Commitments and contingencies (Note 10)
Shareholders’ equity
Common stock, $.01 par value; authorized 100,000 shares; 28,857 and 28,179 common shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	289		282
Additional paid-in capital	471,265		480,060
Accumulated deficit	(103,510)		(127,422)
Total shareholders’ equity	368,044		352,920
Total liabilities and shareholders’ equity	$	1,494,246	$	1,508,670

The accompanying condensed notes are an integral part of these consolidated financial statements.

GOLDEN ENTERTAINMENT, INC.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues
Gaming	$	182,355	$	196,679	$	370,442	$	387,466
Food and beverage	46,534		44,451		92,805		86,907
Rooms	30,918		33,174		61,495		58,920
Other	26,874		15,068		39,990		29,723
Total revenues	286,681		289,372		564,732		563,016
Expenses
Gaming	105,380		109,740		212,306		215,391
Food and beverage	33,645		32,546		67,667		64,003
Rooms	15,359		13,816		30,140		26,290
Other operating	7,905		5,346		11,735		9,322
Selling, general and administrative	67,093		57,287		129,129		118,197
Depreciation and amortization	21,454		25,332		44,962		51,608
(Gain) loss on disposal of assets	(34)		710		(120)		669
Preopening expenses	141		4		525		59
Total expenses	250,943		244,781		496,344		485,539
Operating income	35,738		44,591		68,388		77,477
Non-operating expense
Interest expense, net	(18,803)		(14,738)		(37,039)		(29,856)
Loss on debt extinguishment and modification	(405)		(1,073)		(405)		(1,254)
Total non-operating expense, net	(19,208)		(15,811)		(37,444)		(31,110)
Income before income tax (provision) benefit	16,530		28,780		30,944		46,367
Income tax (provision) benefit	(4,248)		(7,560)		(7,032)		10,919
Net income	$	12,282	$	21,220	$	23,912	$	57,286

Weighted-average common shares outstanding
Basic	28,845		28,877		28,578		28,885
Diluted	30,717		31,633		30,831		31,889
Net income per share
Basic	$	0.43	$	0.73	$	0.84	$	1.98
Diluted	$	0.40	$	0.67	$	0.78	$	1.80

The accompanying notes are an integral part of these consolidated financial statements.

GOLDEN ENTERTAINMENT, INC.

Consolidated Statements of Shareholders’ Equity

(In thousands)

(Unaudited)


	Common stock			Additional Paid-In Capital		Accumulated Deficit		Total Shareholders’ Equity
	Shares	Amount
Balance, January 1, 2022	28,830	$	288	$	477,829	$	(158,576)	$	319,541
Issuance of stock on options exercised and restricted stock units vested	419	4		—		—		4
Repurchase of common stock	(269)	(2)		—		(15,194)		(15,196)
Share-based compensation	—	—		3,141		—		3,141
Tax benefit from share-based compensation	—	—		(10,298)		—		(10,298)
Net income	—	—		—		36,066		36,066
Balance, March 31, 2022	28,980	$	290	$	470,672	$	(137,704)	$	333,258
Issuance of stock on options exercised and restricted stock units vested	36	—		—		—		—
Repurchase of common stock	(515)	(5)		—		(22,469)		(22,474)
Share-based compensation	—	—		3,295		—		3,295
Tax benefit from share-based compensation	—	—		(271)		—		(271)
Net income	—	—		—		21,220		21,220
Balance, June 30, 2022	28,501	$	285	$	473,696	$	(138,953)	$	335,028


	Common stock			Additional Paid-In Capital		Accumulated Deficit		Total Shareholders’ Equity
	Shares	Amount
Balance, January 1, 2023	28,179	$	282	$	480,060	$	(127,422)	$	352,920
Issuance of stock on options exercised and restricted stock units vested	658	6		—		—		6
Share-based compensation	—	—		3,290		—		3,290
Tax benefit from share-based compensation	—	—		(15,373)		—		(15,373)
Net income	—	—		—		11,630		11,630
Balance, March 31, 2023	28,837	$	288	$	467,977	$	(115,792)	$	352,473
Issuance of stock on options exercised and restricted stock units vested	20	1		—		—		1
Share-based compensation	—	—		3,288		—		3,288
Net income	—	—		—		12,282		12,282
Balance, June 30, 2023	28,857	$	289	$	471,265	$	(103,510)	$	368,044

The accompanying notes are an integral part of these consolidated financial statements.

GOLDEN ENTERTAINMENT, INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Six Months Ended June 30,
	2023		2022
Cash flows from operating activities
Net income	$	23,912	$	57,286
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44,962		51,608
Non-cash lease expense	24		411
Share-based compensation	6,578		6,436
Amortization of debt issuance costs and discounts on debt	2,133		2,236
(Gain) loss on disposal of assets	(120)		669
Provision for credit losses	501		300
Deferred income taxes	—		(16,914)
Loss on debt extinguishment and modification	405		1,254
Changes in operating assets and liabilities:
Accounts receivable	4,652		(139)
Prepaid expenses, inventories and other current assets	16,364		(5,727)
Other assets	515		(1,985)
Accounts payable and other accrued expenses	1,139		(3,279)
Other liabilities	(202)		(1,104)
Net cash provided by operating activities	100,863		91,052
Cash flows from investing activities
Purchase of property and equipment, net of change in accounts payables	(53,946)		(21,015)
Proceeds from disposal of property and equipment	291		102
Net cash used in investing activities	(53,655)		(20,913)
Cash flows from financing activities
Repayments of term loan	(400,000)		(25,000)
Issuance of new term loan	400,000		—
Repurchases of senior notes	—		(37,539)
Repayments of notes payable	(260)		(464)
Principal payments under finance leases	(280)		(266)
Payment for debt extinguishment and modification costs	(7,818)		(12)
Tax withholding on share-based payments	(15,373)		(10,569)
Proceeds from issuance of common stock, net of costs	7		4
Repurchases of common stock	—		(37,670)
Net cash used in financing activities	(23,724)		(111,516)
Change in cash and cash equivalents	23,484		(41,377)
Balance, beginning of period	142,034		220,540
Balance, end of period	$	165,518	$	179,163
Cash and cash equivalents
Cash and cash equivalents	$	120,823	$	179,163
Cash and cash equivalents included in assets held for sale	44,695		—
Balance, end of period	$	165,518	$	179,163


	Six Months Ended June 30,
	2023		2022
Supplemental cash flow disclosures
Cash paid for interest	$	35,518	$	27,418
Cash paid for income taxes	—		6,084
Non-cash investing and financing activities
Payables incurred for capital expenditures	$	2,605	$	3,272
Notes payable incurred for capital expenditures	3,571		—
Loss on debt extinguishment and modification	405		1,254
Operating lease right-of-use assets obtained in exchange for lease obligations	479		6,750

The accompanying notes are an integral part of these consolidated financial statements.

GOLDEN ENTERTAINMENT, INC.

Condensed Notes to Consolidated Financial Statements (Unaudited)

Note 1 — Nature of Business and Basis of Presentation

Overview

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 distributed gaming operations (including gaming in the Company’s branded taverns). The Company’s portfolio includes eight casino properties located in Nevada. The Company’s Nevada Taverns segment is comprised of the operation of its branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. The Company’s distributed gaming operations involve the installation, maintenance and operation of slot machines and amusement devices in third-party non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana. Unless otherwise indicated, the terms “Golden” and the “Company,” refer to Golden Entertainment, Inc. together with its subsidiaries.

The Company conducts its business through five reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, Nevada Taverns, and Distributed Gaming. Each reportable segment is comprised of the following properties and operations:


Reportable Segment						Location
Nevada Casino Resorts
The STRAT Hotel, Casino & SkyPod (“The STRAT”)						Las Vegas, Nevada
Aquarius Casino Resort (“Aquarius”)						Laughlin, Nevada
Edgewater Casino Resort (“Edgewater”)						Laughlin, Nevada
Nevada Locals Casinos
Arizona Charlie’s Boulder						Las Vegas, Nevada
Arizona Charlie’s Decatur						Las Vegas, Nevada
Gold Town Casino						Pahrump, Nevada
Lakeside Casino & RV Park						Pahrump, Nevada
Pahrump Nugget Hotel Casino (“Pahrump Nugget”)						Pahrump, Nevada
Maryland Casino Resort
Rocky Gap Casino Resort (“Rocky Gap”) (1)						Flintstone, Maryland
Nevada Taverns
65 branded tavern locations						Nevada
Distributed Gaming
Nevada distributed gaming						Nevada
Montana distributed gaming						Montana

(1) Rocky Gap was sold subsequent to the end of the second quarter, as described below.

On July 25, 2023, the Company completed the sale of Rocky Gap to Century Casinos, Inc. (“Century”) and VICI Properties, L.P. (“VICI”), an affiliate of VICI Properties Inc., for aggregate consideration of $260 million (the “Rocky Gap Transactions”). 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. Refer to discussion in “Note 2 — 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 (the “Distributed Gaming Operations”) to J&J Ventures Gaming, LLC (“J&J Gaming”), for aggregate consideration of $322.5 million. Specifically, J&J Gaming will acquire the Company’s Distributed Gaming Operations in Nevada for $213.5 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing), and the Company’s Distributed Gaming operations in Montana for $109 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing), subject in each case to the conditions and terms set forth therein (the “Distributed Gaming Transactions”). The sale of the Nevada Distributed Gaming Operations is contingent upon the closing of the sale of the Montana Distributed Gaming Operations. The Company expects the Distributed Gaming Transactions to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions. Refer to discussion in “Note 2 — Assets Held for Sale” for further information.

Basis of Presentation

The unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) has been condensed and/or omitted. For further information, refer to the audited consolidated financial statements of the Company for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report.

The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable. These reclassifications had no effect on previously reported net income.

Significant Accounting Policies

There have been no changes to the significant accounting policies disclosed in the Company’s Annual Report.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in banks and highly liquid investments with original maturities of three months or less. As of June 30, 2023, the Company had $165.5 million in cash and cash equivalents, which included $44.7 million of cash and cash equivalents related to assets held for sale. Although cash and cash equivalents balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits.

Net Income Per Share

Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. In the event of a net loss, diluted shares are not considered because of their anti-dilutive effect. For the three and six months ended June 30, 2023, diluted net income per share excluded the weighted average effect of 74,231 and 4,408 shares of common stock, respectively, related to time-based and performance-based restricted stock units due to such shares being anti-dilutive. No shares of common stock related to time-based and performance-based restricted stock units were anti-dilutive for the three and six months ended June 30, 2022.

Recent Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs.

Accounting Standards Issued and Adopted

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU improves the accounting for revenue contracts with customers acquired in a business combination by addressing diversity in practice and inconsistency related to recognition of contract assets and liabilities acquired in a business combination. The provisions of this ASU require that an acquiring entity account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. The Company adopted the standard effective January 1, 2023, and the adoption did not have a material impact on the Company’s financial statements or disclosures.

Management does not believe that any other recently issued accounting standards that are not yet effective are likely to have a material impact on the Company’s financial statements.

Note 2 — Assets Held for Sale

The Company classifies assets as held for sale when a sale is probable, is expected to be completed within one year, and the asset group meets all of the accounting criteria to be classified as held for sale.

As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on July 25, 2023, the Company sold Rocky Gap. The definitive agreements for the Rocky Gap sale were entered into in August 2022 and, as a result, the assets related to the Rocky Gap property were classified as held for sale as of September 30, 2022 and the Company ceased recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreements. Operations of Rocky Gap have historically been presented in the Company’s Maryland Casino Resort reportable segment. The Company incurred $0.3 million in transactions costs since the announcement of the sale, which were recorded in selling, general and administrative expenses during the fourth quarter of 2022 and for the six months ended June 30, 2023. In July 2023, the Company incurred an additional $8.0 million in transaction costs, $1.9 million of which were paid upon closing. Refer to “Note 13 — Subsequent Events” for further information.

As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on March 3, 2023, the Company entered into definitive agreements to sell its Distributed Gaming Operations. The Distributed Gaming Transactions are expected to close during the fourth quarter of 2023, subject to satisfaction or waiver of customary regulatory approvals and closing conditions. As a result, the assets related to the Distributed Gaming Operations were classified as held for sale as of March 31, 2023 and the Company ceased recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreements. Distributed Gaming Operations have historically been presented in the Company’s Distributed Gaming reportable segment.

The carrying amounts of the assets and liabilities held for sale in the Rocky Gap Transactions and Distributed Gaming Transactions consisted of the following:


	June 30, 2023
(In thousands)	Maryland Casino Resort		Distributed Gaming		Total
ASSETS
Current assets
Cash and cash equivalents	$	6,297	$	38,398	$	44,695
Accounts receivables, net	2,027		3,053		5,080
Prepaid expenses	605		1,795		2,400
Inventories	760		—		760
Other	60		2,442		2,502
Total current assets held for sale	9,749		45,688		55,437
Property and equipment, net	24,441		33,868		58,309
Operating lease right-of-use assets, net	5,980		46,326		52,306
Goodwill	—		77,645		77,645
Intangible assets, net	1,064		38,506		39,570
Other assets	2		6,541		6,543
Total assets held for sale	$	41,236	$	248,574	$	289,810
LIABILITIES
Current liabilities
Current portion of long-term debt and finance leases	$	105	$	2,433	$	2,538
Current portion of operating leases	436		24,203		24,639
Accounts payable	1,585		3,630		5,215
Accrued payroll and related	923		1,370		2,293
Other accrued liabilities	2,631		4,758		7,389
Total current liabilities related to assets held for sale	5,680		36,394		42,074
Non-current finance leases	153		—		153
Non-current operating leases	5,206		22,433		27,639
Other long-term obligations	—		66		66
Total liabilities related to assets held for sale	$	11,039	$	58,893	$	69,932

Revenues and pretax income generated by the assets held for sale were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Maryland Casino Resort
Revenues	$	19,605	$	20,546	$	37,733	$	38,438
Pretax income	5,693		6,049		10,810		10,537
Distributed Gaming
Revenues	$	89,084	$	93,225	$	179,485	$	183,993
Pretax income	9,400		8,191		16,943		16,555

Note 3 — Property and Equipment

Property and equipment, net, consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Land	$	125,240	$	125,240
Building and improvements	951,191		923,157
Furniture and equipment	187,550		244,735
Construction in process	16,294		23,224
Property and equipment	1,280,275		1,316,356
Accumulated depreciation	(465,036)		(475,625)
Property and equipment, net	$	815,239	$	840,731

Depreciation expense for property and equipment, including finance leases, was $21.1 million and $43.3 million for the three and six months ended June 30, 2023, respectively, and $23.4 million and $47.8 million for the three and six months ended June 30, 2022, respectively.

The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Based on the results of its interim impairment assessments conducted during the three and six months ended June 30, 2023 and 2022, the Company concluded that there was no impairment of the Company’s long-lived assets.

Note 4 — Goodwill and Intangible Assets

The Company tests goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. Based on the results of its interim impairment assessments conducted during the three and six months ended June 30, 2023 and 2022, the Company concluded that there was no impairment of the Company’s goodwill and intangible assets.

The following table summarizes goodwill balances by reportable segment:


(In thousands)	Nevada Casino Resorts		Nevada Locals Casinos		Maryland Casino Resort		Nevada Taverns		Distributed Gaming		Total Goodwill
Balance, December 31, 2022	$	22,105	$	38,187	$	—	$	20,459	$	77,645	$	158,396
Balance, June 30, 2023	$	22,105	$	38,187	$	—	$	20,459	$	—	$	80,751

Intangible assets, net, consisted of the following:


	June 30, 2023
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Player relationships	2-14	42,990		(40,777)		—		2,213
Non-compete agreements	2-5	3,957		(3,594)		—		363
Other	4-25	45		(45)		—		—
		46,992		(44,416)		—		2,576
Balance, June 30, 2023		$	100,682	$	(44,416)	$	(6,890)	$	49,376


	December 31, 2022
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Customer relationships	4-16	81,105		(41,743)		—		39,362
Player relationships	2-14	42,990		(40,455)		—		2,535
Non-compete agreements	2-5	9,840		(9,114)		—		726
Other	4-25	1,366		(1,237)		—		129
		135,301		(92,549)		—		42,752
Balance, December 31, 2022		$	188,991	$	(92,549)	$	(6,890)	$	89,552

Total amortization expense related to intangible assets was $0.4 million and $1.7 million for the three and six months ended June 30, 2023, respectively, and $1.9 million and $3.8 million for the three and six months ended June 30, 2022, respectively.

Note 5 — Accrued Liabilities

Accrued liabilities consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Gaming liabilities	$	10,398	$	10,952
Interest	5,890		6,036
Accrued taxes, other than income taxes	4,896		9,291
Other accrued liabilities	5,419		5,027
Deposits	2,229		2,059
Total current accrued liabilities	$	28,832	$	33,365

Note 6 — Long-Term Debt

Long-term debt, net, consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Term Loan B	$	175,000	$	575,000
Term Loan B-1	400,000		—
2026 Unsecured Notes	335,461		335,461
Finance lease liabilities	1,925		2,157
Notes payable	969		90
Total long-term debt and finance leases	913,355		912,708
Unamortized discount	(9,167)		(7,899)
Unamortized debt issuance costs	(7,290)		(3,790)
Total long-term debt and finance leases after debt issuance costs and discount	896,898		901,019
Current portion of long-term debt and finance leases	(1,296)		(555)
Long-term debt, net and finance leases	$	895,602	$	900,464

Senior Secured Credit Facility

In October 2017, the Company entered into a senior secured credit facility consisting of a $900 million senior secured first lien credit facility (consisting of an $800 million term loan (the “Term Loan B”) maturing on October 20, 2024 and a $100 million revolving credit facility (the “Revolving Credit Facility”)) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto (the “Credit Facility”). The Revolving Credit Facility was subsequently increased from $100 million to $200 million in 2018, increasing the total Credit Facility capacity to $1 billion. On October 12, 2021, the Company further modified the terms of the Revolving Credit Facility by increasing its size to $240 million and extending the maturity date from October 20, 2022 to April 20, 2024. On May 26, 2023, the Company further modified the terms of the Credit Facility by (1) extending the maturity date of the existing Revolving Credit Facility from April 20, 2024 to the earlier of May 26, 2028 and 91 days prior to April 15, 2026, the stated maturity date of the Company’s 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”), for so long as any indebtedness remains outstanding under the 2026 Unsecured Notes (the “Springing Maturity Date”), and (2) establishing a new senior secured term loan B-1 credit facility (the “Term Loan B-1”) in the amount of $400 million with a maturity date of the earlier of May 26, 2030 and the Springing Maturity Date, which was fully drawn at closing with the proceeds thereof used to repay a portion of the Company’s existing Term Loan B. The Company incurred $10 million in fees and recorded a non-cash charge of $0.4 million for the debt issuance costs and discount related to the Term Loan B as a result of the 2023 modification of the Credit Facility. The Company recognized $8 million of the debt issuance costs for the 2023 modification of the Credit Facility, which will be amortized over the terms of the Term Loan B-1 facility and Revolving Credit Facility.

Under the Credit Facility, as amended in May 2023: (a) the Term Loan B bears interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.75%), plus a margin of 2.00% or (2) the LIBOR rate for the applicable interest period (subject to a floor of 0.75%), plus a margin of 3.00%, (b) the Term Loan B-1 bears interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.50%), plus a margin of 1.75% or (2) the Term SOFR rate for the applicable interest period plus a credit spread adjustment of 0.10% (subject to a floor of 0.50%), plus a margin of 2.75%, and (c) borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.00%), plus a margin ranging from 1.00% to 1.50% based on the Company’s net leverage ratio, or (2) the Term SOFR rate for the applicable interest period plus a credit spread adjustment of 0.10%, plus a margin ranging from 2.00% to 2.50% based on the Company’s net leverage ratio.

The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was 7.97% and 7.75% for the three and six months ended June 30, 2023, respectively.

As of June 30, 2023, the Company had $175 million in principal amount of outstanding Term Loan B borrowings, $400 million in principal amount of outstanding Term Loan B-1 borrowings, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that the full borrowing availability of $240 million under the Revolving Credit Facility was available to the Company. On July 26, 2023, the Company used a portion of the net cash proceeds from the sale of Rocky Gap to repay in full and discharge the Term Loan B under the Credit Facility. Due to multiple prepayments of the Term Loan B principal made by the Company under the Credit Facility, the Company is not required to make any quarterly installment payments under the Term Loan B-1 facility prior to maturity.

The Company recorded a non-cash charge of $0.2 million for the accelerated amortization of the debt issuance costs and discount related to the prepayment of the Term Loan B for the six months ended June 30, 2022.

The Company was in compliance with its financial and other covenants under the Credit Facility as of June 30, 2023.

Senior Unsecured Notes

On April 15, 2019, the Company issued $375 million in principal amount of 2026 Unsecured Notes in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bear interest at 7.625%, payable semi-annually on April 15th and October 15th of each year.

During the six months ended June 30, 2022, the Company repurchased $37.5 million in principal amount of 2026 Unsecured Notes in open market transactions and recorded a non-cash charge in the amount of $1.1 million for accelerated amortization of the debt issuance costs and discount related to the repurchase of 2026 Unsecured Notes. The Company repurchased an additional $2.0 million in principal amount of 2026 Unsecured Notes in open market transactions during the remainder of 2022, thereby reducing the final principal payment due at maturity to $335.5 million.

Note 7 — Shareholders’ Equity and Stock Incentive Plans

Share Repurchase Program

On August 3, 2021, the Company’s Board of Directors authorized a share repurchase program of $50 million, which was re-authorized on May 3, 2022 and subsequently increased to $75 million on November 1, 2022. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. As of June 30, 2023, the Company had $61.5 million of remaining share repurchase availability under its November 1, 2022 authorization. On July 27, 2023, the Company’s Board of Directors increased its share repurchase program to $100 million.

The Company did not repurchase any of its shares during the three and six months ended June 30, 2023. The following table includes the Company’s share repurchase activity for the three and six months ended June 30, 2022:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2022
(In thousands, except per share data)
Shares repurchased (1)	515		784
Total cost, including brokerage fees	$	22,474	$	37,670
Average repurchase price per share (2)	$	43.63	$	50.08

(1)All repurchased shares were retired and constitute authorized but unissued shares.

(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.

Stock Options

The following table summarizes the Company’s stock option activity:


	Stock Options
	Shares	Weighted-Average Exercise Price
Outstanding at January 1, 2023	2,071,994	$	11.35
Granted	—	$	—
Exercised	(41,140)	$	16.37
Cancelled	—	$	—
Expired	—	$	—
Outstanding at June 30, 2023	2,030,854	$	11.25
Exercisable at June 30, 2023	2,030,854	$	11.25

There was no share-based compensation expense related to stock options for the three and six months ended June 30, 2023 and 2022. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of June 30, 2023 and 2022.

Restricted Stock Units

The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):


	RSUs			PSUs
	Shares	Weighted-Average Grant Date Fair Value		Shares (1)		Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	547,671	$	26.09	1,076,159	(2)	$	17.17
Granted	159,043	$	42.17	114,898	(1)	$	41.92
Vested	(285,179)	$	22.79	(733,574)	(3)	$	8.86
Cancelled	—	$	—	(8,699)	(4)	$	53.51
Outstanding at June 30, 2023	421,535	$	34.38	448,784		$	36.40

(1) The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.

(2) Includes PSUs granted in March 2020 and March 2021 at 200% of the target and PSUs granted in March 2022 at target.

(3) Represents PSUs granted in March 2020 that vested in March 2023 at 200% of the target PSUs.

(4) The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2023 and 89.6% of the target PSUs granted in March 2022 were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2022 to the number of PSUs eligible to vest from 83,579 to 74,880.

Share-based compensation expense related to RSUs was $1.9 million and $3.7 million for the three and six months ended June 30, 2023, respectively, and $1.8 million and $3.3 million for the three and six months ended June 30, 2022, respectively. Share-based compensation expense related to PSUs was $1.4 million and $2.9 million for the three and six months ended June 30, 2023, respectively, and $1.5 million and $3.1 million for the three and six months ended June 30, 2022, respectively.

As of June 30, 2023, there was $11.2 million and $8.4 million of unrecognized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 1.6 years and 1.4 years for RSUs and PSUs, respectively. As of June 30, 2022, there was $11.8 million and $9.8 million of unrecognized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 2.0 years for both RSUs and PSUs.

As of June 30, 2023, a total of 3,988,688 shares of the Company’s common stock remained available for grants of awards under the Golden Entertainment, Inc. 2015 Incentive Award Plan, which includes the annual increase in the number of shares available for grant on January 1, 2023 of 1,127,160 shares.

Note 8 — Income Tax

The Company’s effective income tax rates were 25.7% and 22.7% for the three and six months ended June 30, 2023, respectively, and 26.3% and (23.5)% for the three and six months ended June 30, 2022, respectively. The Company recorded income tax expense of $4.2 million and $7.0 million for the three and six months ended June 30, 2023, respectively. The Company recorded income tax expense of $7.6 million for the three months ended June 30, 2022 and income tax benefit of $10.9 million for the six months ended June 30, 2022.

The Company performs a continuing evaluation of its deferred tax asset valuation allowance on a quarterly basis. During the three months ended March 31, 2022, the Company concluded that it was more likely than not that the Company would generate sufficient taxable income within the applicable net operating loss carry-forward periods to realize a portion of its deferred tax assets, which resulted in a partial reversal of the deferred tax asset valuation allowance in that period. The partial reversal of the deferred tax asset valuation allowance during the three months ended March 31, 2022 resulted in the negative effective income tax rate and income tax benefit for the six months ended June 30, 2022. The effective income tax rate and the income tax expense

for the three and six months ended June 30, 2023 differed from the federal tax rate of 21% primarily due to the limitation on tax deductions for executive compensation in excess of $1 million under Section 162(m) of the Internal Revenue Code.

As of June 30, 2023, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS.

As of June 30, 2023 and December 31, 2022, the Company had no material uncertain tax positions.

Note 9 — Financial Instruments and Fair Value Measurements

Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

Financial Instruments

The carrying values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short duration of these financial instruments.

The following table summarizes the fair value measurement of the Company’s long-term debt:


	June 30, 2023
(In thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy
Term Loan B	$	175,000	$	175,438	Level 2
Term Loan B-1	400,000		400,000		Level 2
2026 Unsecured Notes	335,461		335,998		Level 2
Finance lease liabilities	1,925		1,925		Level 3
Notes payable	969		969		Level 3
Total debt	$	913,355	$	914,330


	December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy
Term Loan B	$	575,000	$	575,000	Level 2
2026 Unsecured Notes	335,461		330,630		Level 2
Finance lease liabilities	2,157		2,157		Level 3
Notes payable	90		90		Level 3
Total debt	$	912,708	$	907,877

The estimated fair value of the Company’s Term Loan B, Term Loan B-1 and 2026 Unsecured Notes is based on a relative value analysis performed as of June 30, 2023 and December 31, 2022. The finance lease liabilities and notes payable are fixed-rate debt, are not traded and do not have observable market inputs, and therefore, their fair value is estimated to be equal to the carrying value.

Note 10 — Commitments and Contingencies

Participation Agreements

The Company enters into certain slot placement contracts in the form of participation agreements. Under participation agreements, the Company and the business location each hold a state issued gaming license in order to be able to receive a percentage of gaming revenue earned on the Company’s slot machines. The business location retains a percentage of the gaming revenue generated from the Company’s slot machines. The Company is considered to be the principal in these arrangements and therefore, records its share of revenue generated under participation agreements on a gross basis with the business location’s share of revenue recorded as gaming expenses.

The aggregate contingent payments recognized by the Company as gaming expenses under participation agreements were $52.9 million and $106.2 million for the three and six months ended June 30, 2023, respectively, and $55.2 million and $108.0 million for the three and six months ended June 30, 2022, respectively.

Legal Matters and Other

From time to time, the Company is involved in a variety of lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of business, including proceedings concerning labor and employment matters, personal injury claims, breach of contract claims, commercial disputes, business practices, intellectual property, tax and other matters for which the Company records reserves. Although lawsuits, claims, investigations and other legal proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its currently pending matters should not have a material adverse effect on its business, financial condition, results of operations or liquidity. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect the Company’s business, financial condition, results of operations or liquidity in a particular period.

During the three months ended June 30, 2023, the Company received $8.1 million related to the sale of certain of its business interruption claims and incurred $2.4 million in fees related to this matter. The proceeds from the sale were included in other revenue and the fees were included in selling, general and administrative expenses in the Company’s statement of operations.

Note 11 — Segment Information

The Company conducts its business through five reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, Nevada Taverns, and Distributed Gaming.

The Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona. The Company’s casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in its portfolio. While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to the Nevada Locals Casinos.

The Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius. The Company’s locals casino properties typically experience a higher frequency of customer visits compared to its casino resort properties in Nevada and Maryland, with many of the customers visiting the Company’s Nevada Locals Casinos on a weekly basis. The casino properties within this reportable segment have no or a limited number of hotel rooms and offer fewer food and beverage outlets or other amenities, with revenues primarily generated from slot machine play.

The Maryland Casino Resort segment was comprised of the Rocky Gap casino resort, which is geographically disparate from the Company’s Nevada properties, operates in a separate regulatory jurisdiction and has only a limited number of hotel rooms compared to the Nevada Casino Resorts. On July 25, 2023, Rocky Gap was sold for aggregate cash consideration of $260 million, subject to adjustments. Refer to “Note 13 — Subsequent Events” for further information.

The Nevada Taverns segment is comprised of branded tavern locations, where the Company controls the food and beverage operations as well as the slot machines located within the tavern. The Company’s branded taverns offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages, and are typically limited to 15 slot machines.

The Distributed Gaming segment is comprised of the operation of slot machines and amusement devices in nearly 1,000 third party non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores, across Nevada and Montana with a limited number of slot machines in each location. Distributed Gaming operations cater to local residents with

high frequency visitation to these locations. The Company places its slot machines and amusement devices in locations where it believes they will receive maximum customer traffic. As discussed in “Note 1 — Nature of Business and Basis of Presentation” and “Note 2 — Assets Held for Sale,” on March 3, 2023, the Company entered into definitive agreements to sell the Distributed Gaming Operations and classified the assets related to Distributed Gaming as held for sale as of March 31, 2023. The sale of the Nevada Distributed Gaming Operations is contingent upon the closing of the sale of the Montana Distributed Gaming Operations. The Company expects the Distributed Gaming Transactions to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions.

The Corporate and Other segment includes the Company’s cash and cash equivalents, miscellaneous receivables and corporate overhead. Costs recorded in the Corporate and Other segment have not been allocated to the Company’s reportable segments because these costs are not easily allocable and to do so would not be practical.

The Company presents Adjusted EBITDA in its segment disclosures because it is the primary metric used by the Company’s chief operating decision makers in measuring both the Company’s past and future expectations of performance. Further, the Company’s annual performance plan used to determine compensation of its executive officers and employees is tied to the Adjusted EBITDA metric. Adjusted EBITDA represents each segment’s earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, impairment of goodwill and intangible assets, severance expenses, preopening and related expenses, gain or loss on disposal of assets, share-based compensation expenses, non-cash lease expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results, calculated before corporate overhead (which is not allocated to each reportable segment).

Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Revenues
Nevada Casino Resorts
Gaming	$	38,625	$	46,114	$	80,918	$	90,344
Food and beverage	24,473		23,123		48,704		44,507
Rooms	26,353		28,573		52,563		50,602
Other	13,111		9,688		20,553		18,480
Nevada Casino Resorts revenues	$	102,562	$	107,498	$	202,738	$	203,933
Nevada Locals Casinos
Gaming	$	28,796	$	29,048	$	58,445	$	58,429
Food and beverage	6,564		6,301		13,255		12,480
Rooms	2,416		2,529		5,238		4,773
Other	2,053		1,907		4,129		3,992
Nevada Locals Casinos revenues	$	39,829	$	39,785	$	81,067	$	79,674
Maryland Casino Resort
Gaming	$	14,421	$	15,456	$	28,935	$	29,913
Food and beverage	2,348		2,222		4,214		3,870
Rooms	2,149		2,072		3,694		3,545
Other	687		796		890		1,110
Maryland Casino Resort revenues	$	19,605	$	20,546	$	37,733	$	38,438
Nevada Taverns
Gaming	$	13,187	$	14,289	$	26,212	$	28,611
Food and beverage	12,962		12,630		26,267		25,683
Other	1,170		1,225		2,433		2,304
Nevada Taverns revenue	$	27,319	$	28,144	$	54,912	$	56,598
Distributed Gaming
Gaming	$	87,326	$	91,772	$	175,932	$	180,169
Food and beverage	187		175		365		367
Other	1,571		1,278		3,188		3,457
Distributed Gaming revenues	$	89,084	$	93,225	$	179,485	$	183,993
Corporate and other	8,282		174		8,797		380
Total revenues	$	286,681	$	289,372	$	564,732	$	563,016


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Adjusted EBITDA
Nevada Casino Resorts	$	28,044	$	38,892	$	59,755	$	72,467
Nevada Locals Casinos	19,471		19,795		39,631		39,833
Maryland Casino Resort	5,898		7,242		11,026		12,814
Nevada Taverns	8,450		10,654		16,988		21,430
Distributed Gaming	9,950		11,540		19,734		22,817
Corporate and other	(13,403)		(13,107)		(26,557)		(27,020)
Total Adjusted EBITDA	58,410		75,016		120,577		142,341
Adjustments
Depreciation and amortization	(21,454)		(25,332)		(44,962)		(51,608)
Non-cash lease expense	9		(230)		(24)		(411)
Share-based compensation	(3,288)		(3,311)		(7,181)		(6,983)
Gain (loss) on disposal of assets	34		(710)		120		(669)
Loss on debt extinguishment and modification	(405)		(1,073)		(405)		(1,254)
Preopening and related expenses (1)	(141)		(4)		(525)		(59)
Other, net	2,168		(838)		383		(5,134)
Interest expense, net	(18,803)		(14,738)		(37,039)		(29,856)
Income tax (provision) benefit	(4,248)		(7,560)		(7,032)		10,919
Net Income	$	12,282	$	21,220	$	23,912	$	57,286

(1) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and casino locations as well as food and beverage and other venues within the casino locations.

Assets

The Company’s assets by reportable segment consisted of the following amounts:


(In thousands)	Nevada Casino Resorts		Nevada Locals Casinos		Maryland Casino Resort		Nevada Taverns		Distributed Gaming		Corporate and Other		Consolidated
Balance at June 30, 2023	$	780,041	$	159,834	$	41,236	$	134,849	$	248,574	$	129,712	$	1,494,246

Balance at December 31, 2022	$	784,242	$	164,580	$	39,562	$	145,065	$	258,260	$	116,961	$	1,508,670

Note 12 — Related Party Transactions

In November 2018, the Company entered into a lease agreement for office space in a building adjacent to the Company’s office headquarters building to be constructed and owned by a company 33% beneficially owned by Mr. Sartini, 3% beneficially owned by Mr. Arcana, and 1.67% beneficially owned by each of Mr. Sartini’s three children (including Blake L. Sartini II). Mr. Sartini serves as the Chairman of the Board and Chief Executive Officer of the Company and is co-trustee of The Blake L. Sartini and Delise F. Sartini Family Trust, which is a significant shareholder of the Company. Mr. Arcana serves as the Executive Vice President and Chief Operating Officer of the Company. The lease commenced in August 2020 and expires on December 31, 2030. The rent expense for the space was $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $0.1 million for each of the three and six months ended June 30, 2022. Additionally, the lease agreement includes a right of first refusal for additional space on the second floor of the building.

A portion of the Company’s office headquarters building is sublet to Sartini Enterprises, Inc., a company controlled by Mr. Sartini. Rental income for each of the three and six months ended June 30, 2023 and 2022 for the sublet portion of the office headquarters building was less than $0.1 million. No amount was owed to the Company under such sublease as of June 30, 2023 and December 31, 2022.

From time to time, the Company’s executive officers and employees use a private aircraft leased to Sartini Enterprises, Inc. for Company business purposes pursuant to aircraft time-sharing, co-user and cost-sharing agreements between the Company and

Sartini Enterprises, Inc., all of which have been approved by the Audit Committee of the Board of Directors. The aircraft time-sharing, co-user and cost-sharing agreements specify the maximum expense reimbursement that Sartini Enterprises, Inc. can charge the Company under the applicable regulations of the Federal Aviation Administration for the use of the aircraft and the flight crew. Such costs include fuel, landing fees, hangar and tie-down costs away from the aircraft’s operating base, flight planning and weather contract services, crew costs and other related expenses. In addition, the Company and Sartini Enterprises, Inc. participate in certain cost-sharing arrangements. The Company’s compliance department reviews the cost-sharing agreements and reimbursements on a regular basis.

The Company incurred less than $0.1 million under the aircraft time-sharing, co-user and various cost-sharing agreements with Sartini Enterprises, Inc. for each of the three months ended June 30, 2023 and 2022. The Company incurred $0.1 million and $0.4 million under such agreements for the six months ended June 30, 2023 and 2022, respectively. The Company is owed $0.3 million under such agreements as of June 30, 2023 and the Company owed $0.1 million under such agreements as of December 31, 2022.

During the three months ended June 30, 2022, the Company repurchased 210,000 shares of its common stock from Anthony A. Marnell III, an independent non-employee member of the Company’s Board of Directors, pursuant to its share repurchase program at a price of $42.61 per share, resulting in a charge to accumulated deficit of $8.9 million. This transaction was approved by the Audit Committee of the Board of Directors prior to being executed.

Note 13 — Subsequent Events

The Company’s management evaluates subsequent events through the date of issuance of the consolidated financial statements.

On July 25, 2023, the Company closed the Rocky Gap Transactions for aggregate cash consideration of $260 million, subject to adjustments, and incurred $0.3 million in transactions costs since the announcement of the sale, which were recorded in selling, general and administrative expenses during the fourth quarter of 2022 and for the six months ended June 30, 2023. In July 2023, the Company incurred an additional $8.0 million in transaction costs, $1.9 million of which were paid upon closing. The Company used a portion of the net cash proceeds from the sale of Rocky Gap to repay in full and discharge the Term Loan B under the Credit Facility. The Company’s $400 million Term Loan B-1 and undrawn $240 million Revolving Credit Facility remain outstanding.

On July 27, 2023, the Board of Directors re-authorized the Company’s share repurchase program as discussed in “Note 7 — Shareholders ’ Equity and Stock Incentive Plans” and authorized a one-time dividend as discussed in “Liquidity and Capital Resources” in Part I, item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations.

There were no additional subsequent events that occurred after June 30, 2023 but prior to the date of issuance of the consolidated financial statements that would require adjustment to or disclosure in the consolidated financial statements as of and for the three and six months ended June 30, 2023.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

As used in this Quarterly Report on Form 10-Q, unless the context suggests otherwise, the terms “Golden,” “we,” “us” and “our” refer to Golden Entertainment, Inc. together with its subsidiaries.

The following information should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”) previously filed with the Securities and Exchange Commission (“SEC”).

Forward-Looking Statements

This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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 include statements regarding the Distributed Gaming Transactions (defined below), including the anticipated timing of the closing of the transactions and satisfaction of regulatory and other conditions; our strategies, objectives, business opportunities and plans for future expansion, developments or acquisitions; anticipated future growth and trends in our business or key markets; projections of future financial condition, operating results, income, capital expenditures, costs or other financial items; anticipated regulatory and legislative changes; 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 our current expectations and assumptions regarding our 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 our actual results to differ materially include: risks and uncertainties related to the Distributed Gaming Transactions, including the failure to obtain, or delays in obtaining, required regulatory approvals or clearances; the failure to satisfy any of the closing conditions to the Distributed Gaming Transactions on a timely basis or at all; changes in national, regional and local economic and market conditions; legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations); increases in gaming taxes and fees in the jurisdictions in which we operate; litigation; increased competition; our ability to renew our distributed gaming contracts; reliance on key personnel (including our Chief Executive Officer, President and Chief Financial Officer, and Chief Operating Officer); the level of our indebtedness and our ability to comply with covenants in our debt instruments; terrorist incidents; natural disasters; severe weather conditions (including weather or road conditions that limit access to our properties); the effects of environmental and structural building conditions; the effects of disruptions to our information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other factors identified under the heading “Risk Factors” in our Annual Report and in Part II, Item 1A of this report, or appearing elsewhere in this report and in our other filings with the SEC. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the filing date of this report. We undertake no obligation to update any forward-looking statements for any reason.

Overview

We own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on casino and distributed gaming operations (including gaming in our branded taverns). Our portfolio includes eight casino properties located in Nevada. The Nevada Taverns segment is comprised of the operation of our branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. Our distributed gaming operations involve the installation, maintenance and operation of slot machines and amusement devices in non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada and Montana.

Rocky Gap Sale

On July 25, 2023, we 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 consideration of $260 million (the “Rocky Gap Transactions”). Specifically, Century acquired the operations of Rocky Gap from us 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 us for $203.9 million in cash. Refer to “Note 13 — Subsequent Events” in Part I, Item 1: Financial Statements for further information.

Distributed Gaming Operations Sale

On March 3, 2023, we entered into definitive agreements to sell our distributed gaming operations in Nevada and Montana (the “Distributed Gaming Operations”) to J&J Ventures Gaming, LLC (“J&J Gaming”), for aggregate consideration of $322.5 million. Specifically, J&J Gaming will acquire our Distributed Gaming Operations in Nevada for $213.5 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing) and our Distributed Gaming Operations in Montana for $109 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing), subject to the conditions and terms set forth therein (the “Distributed Gaming Transactions”). The sale of the Nevada Distributed Gaming Operations is contingent upon the closing of the sale of the Montana Distributed Gaming Operations. We expect the Distributed Gaming Transactions to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions.

Operations

We conduct our business through five reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, Nevada Taverns, and Distributed Gaming.

The following table sets forth certain information regarding our operations by reportable segment as of June 30, 2023:


	Location	Casino Space (Sq. ft.)	Slot Machines	Table Games	Hotel Rooms
Nevada Casino Resorts
The STRAT Hotel, Casino & SkyPod (“The STRAT”)	Las Vegas, NV	80,000	759	41	2,429
Aquarius Casino Resort (“Aquarius”)	Laughlin, NV	69,750	1,099	29	1,906
Edgewater Casino Resort (“Edgewater”)	Laughlin, NV	57,457	638	13	1,037
Nevada Locals Casinos
Arizona Charlie’s Boulder	Las Vegas, NV	41,969	599	—	303
Arizona Charlie’s Decatur	Las Vegas, NV	67,360	688	10	259
Gold Town Casino	Pahrump, NV	10,000	188	—	—
Lakeside Casino & RV Park	Pahrump, NV	11,009	173	—	—
Pahrump Nugget Hotel Casino (“Pahrump Nugget”)	Pahrump, NV	22,528	341	9	69
Maryland Casino Resort
Rocky Gap (1)	Flintstone, MD	25,447	630	16	198
Nevada Taverns
65 branded tavern locations	Nevada	—	1,033	—	—
Distributed Gaming
Nevada distributed gaming	Nevada	—	6,504	—	—
Montana distributed gaming	Montana	—	3,848	—	—
Totals		385,520	16,500	118	6,201

(1) Rocky Gap was sold subsequent to the end of the second quarter, as described above.

Nevada Casino Resorts

Our Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona. Our casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in our portfolio. While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to our Nevada Locals Casinos.

The STRAT: The STRAT is our premier casino resort property, located on Las Vegas Boulevard on the north end of the Las Vegas

Strip. The STRAT comprises a casino, a hotel and the iconic SkyPod, which includes indoor and outdoor observation decks, thrill rides and the SkyJump attraction. In addition to hotel rooms, gaming and sportsbook facilities in an 80,000 square foot casino, The STRAT offers ten restaurants, two rooftop pools, a fitness center, retail shops and entertainment facilities.

Laughlin casinos: We own and operate two casino resorts in Laughlin, Nevada, which is located approximately 90 miles from Las Vegas on the western bank of the Colorado River. In addition to hotel rooms, gaming, sportsbook facilities and a new bingo facility at the Edgewater, the Aquarius has nine restaurants and the Edgewater offers five restaurants. The Edgewater also offers dedicated entertainment venues, including the Edge Pavilion and the Laughlin Event Center.

The operations of Colorado Belle Hotel and Casino Resort have remained suspended since March 2020. As of June 30, 2023, we voluntarily surrendered our gaming license for the property.

Nevada Locals Casinos

Our Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius. Our locals casino properties typically experience a higher frequency of customer visits compared to our casino resort properties in Nevada and Maryland, with many of our customers visiting our Nevada Locals Casinos on a weekly basis. The casino properties within this reportable segment have no or a limited number of hotel rooms and offer fewer food and beverage outlets or other amenities, with revenues primarily generated from slot machine play.

Arizona Charlie’s casinos: Our Arizona Charlie’s Boulder and Arizona Charlie’s Decatur casino properties primarily serve local Las Vegas gaming patrons, and provide an alternative experience to the Las Vegas Strip. In addition to hotel rooms, gaming, sportsbook and bingo facilities, Arizona Charlie’s Boulder offers five restaurants and an RV park with 221 RV hook-up sites and Arizona Charlie’s Decatur offers five restaurants.

Pahrump casinos: We own and operate three casino properties in Pahrump, Nevada, which is located approximately 60 miles from Las Vegas and is a gateway to Death Valley National Park. In addition to gaming, sportsbook and bingo facilities at our Pahrump casino properties, Pahrump Nugget offers hotel rooms, a bowling center and a 5,200 square foot banquet and event center, and Lakeside Casino & RV Park offers 159 RV hook-up sites.

Maryland Casino Resort

Our Maryland Casino Resort segment was comprised of our AAA Four Diamond Award® winning Rocky Gap casino resort, which is geographically disparate from our Nevada properties, operates in a separate regulatory jurisdiction and has only a limited number of hotel rooms compared to our Nevada Casino Resorts. On July 25, 2023, we closed the Rocky Gap Transactions for aggregate cash consideration of $260 million, subject to adjustments. Refer to “Note 13 — Subsequent Events” in Part I, Item 1: Financial Statements for further information.

Nevada Taverns

Our Nevada Taverns segment is comprised of branded tavern locations, where we control the food and beverage operations as well as the slot machines located within the tavern. Our branded taverns offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages, and are typically limited to 15 slot machines. Most of our branded taverns are located in the greater Las Vegas, Nevada metropolitan area and cater to local patrons seeking more convenient entertainment establishments than traditional casino properties. Our tavern patrons are typically younger than traditional casino customers, which diversifies our customer demographic. Our tavern brands include PT’s Pub, PT’s Gold, PT’s Ranch, PT’s Place, Sean Patrick’s, SG Bar, Sierra Gold, and Sierra Junction. As of June 30, 2023, we owned and operated 65 branded taverns, which offered a total of over 1,000 onsite slot machines. We continue to look for opportunities to pursue additional tavern openings and acquisitions.

Distributed Gaming

Our Distributed Gaming segment is comprised of the operation of slot machines and amusement devices in nearly 1,000 third-party non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores, across Nevada and Montana, with a limited number of slot machines in each location. We own and operate over 10,300 slot machines and amusement devices as part of our Distributed Gaming segment, with the majority of gaming devices offered at these locations being video poker machines. Distributed Gaming operations cater to local residents with high frequency visitation to these locations. We place our slot machines and amusement devices in locations where we believe they will receive maximum customer traffic.

In August 2017, we became licensed as a video gaming terminal operator in Illinois. In October 2022, we surrendered our video gaming terminal operator license in Illinois due to inactivity. In October 2018, we received a conditional license to operate in

Pennsylvania, providing for potential expansion.

Nevada law limits distributed gaming operations (also known as “restricted gaming” operations) to certain types of non-casino locations, including grocery stores, drug stores, convenience stores, restaurants, bars, taverns and liquor stores, where gaming is incidental to the primary business being conducted at the location and games are generally limited to 15 or fewer slot machines and no other forms of gaming activity. The gaming area in these business locations is typically small, and in many instances, segregated from the primary business area, including the use of alcoves in grocery stores and drug stores and installation of slot machines into the physical bar (also known as “bar top” slot machines) in bars and taverns. Such segregation provides greater oversight and supervision of the slot machines. Under Montana law, distributed gaming operations are limited to business locations licensed to sell alcoholic beverages for on-premises consumption only, with such locations generally restricted to offering a maximum of 20 slot machines.

In Nevada, we generally enter into two types of slot placement contracts as part of our distributed gaming business: space lease agreements and participation agreements. Under space lease agreements, we pay a fixed monthly rental fee for the right to install, maintain and operate our slot machines at a business location and we are the sole holder of the applicable gaming license that allows us to operate such slot machines. Under participation agreements, the business location retains a percentage of the gaming revenue generated from our slot machines, and as a result both the business location and Golden are required to hold a state-issued gaming license. In Montana, our slot and amusement device placement contracts are all participation agreements.

On March 3, 2023, we entered into definitive agreements to sell our Distributed Gaming Operations for aggregate consideration of $322.5 million. The sale of the Nevada Distributed Gaming Operations is contingent upon the closing of the sale of the Montana Distributed Gaming Operations. We expect the Distributed Gaming Transactions to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions.

Results of Operations

The following discussion and analysis should be read in conjunction with the unaudited consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Revenues
Gaming	$	182,355	$	196,679	$	370,442	$	387,466
Food and beverage	46,534		44,451		92,805		86,907
Rooms	30,918		33,174		61,495		58,920
Other	26,874		15,068		39,990		29,723
Total revenues	286,681		289,372		564,732		563,016
Expenses
Gaming	105,380		109,740		212,306		215,391
Food and beverage	33,645		32,546		67,667		64,003
Rooms	15,359		13,816		30,140		26,290
Other operating	7,905		5,346		11,735		9,322
Selling, general and administrative	67,093		57,287		129,129		118,197
Depreciation and amortization	21,454		25,332		44,962		51,608
(Gain) loss on disposal of assets	(34)		710		(120)		669
Preopening expenses	141		4		525		59
Total expenses	250,943		244,781		496,344		485,539
Operating income	35,738		44,591		68,388		77,477
Non-operating expense
Interest expense, net	(18,803)		(14,738)		(37,039)		(29,856)
Loss on debt extinguishment and modification	(405)		(1,073)		(405)		(1,254)
Total non-operating expense, net	(19,208)		(15,811)		(37,444)		(31,110)
Income before income tax (provision) benefit	16,530		28,780		30,944		46,367
Income tax (provision) benefit	(4,248)		(7,560)		(7,032)		10,919
Net income	$	12,282	$	21,220	$	23,912	$	57,286

Three and Six Months Ended June 30, 2023 Compared to Three and Six Months Ended June 30, 2022

Revenues

The $2.7 million, or 1%, decrease in revenues for the three months ended June 30, 2023 compared to the prior year period resulted from decreases of $14.3 million and $2.3 million in gaming and rooms revenues, respectively, offset by increases of $2.1 million and $11.8 million in food and beverage and other revenues, respectively. The decrease in gaming and rooms revenues was primarily driven by a decrease in the overall visitation to our properties during the current year period. The increase in food and beverage revenues for the three months ended June 30, 2023 was primarily related to the addition of new food and beverage outlets, revised menus and increased revenue per cover. The increase in other revenues was primarily driven by the sale of certain of our business interruption claims and an increase in the number of events hosted at our Laughlin Event Center during the current year period.

The $1.7 million, or 0.3%, increase in revenues for the six months ended June 30, 2023 compared to the prior year period resulted from increases of $5.9 million, $2.6 million, and $10.2 million in food and beverage, rooms, and other revenues, respectively, offset by a $17.0 million decrease in gaming revenues. The increases in food and beverage and rooms revenues for the six months ended June 30, 2023 were primarily related to the addition of new food and beverage outlets, revised menus and increased revenue per cover, and an increase in average daily rates during the current year period. The increase in other revenues was primarily driven by recoveries under certain of our agreements and an increase in the number of events hosted at our Laughlin Event Center during the current year period. The decrease in gaming revenues was primarily driven by a decrease in the overall visitation to our properties during the current year period.

Operating Expenses

The $0.8 million, or 1%, increase in operating expenses for the three months ended June 30, 2023 compared to the prior year period resulted from increases of $1.1 million, $1.5 million and $2.6 million in food and beverage, rooms, and other operating expenses, respectively, offset by a decrease of $4.4 million in gaming operating expenses. The increase in food and beverage and rooms operating expenses was primarily attributable to higher labor costs and cost of goods incurred during the three months ended June 30, 2023. The increase in other operating expenses was also impacted by an increase in the number of events hosted at our Laughlin Event Center during the current year period. The decrease in gaming operating expenses was primarily attributable to operational changes introduced in response to the decrease in the overall visitation to our properties and decline in demand for gaming and a reevaluation of gaming related marketing programs.

The $6.8 million, or 2%, increase in operating expenses for the six months ended June 30, 2023 compared to the prior year period resulted from increases of $3.7 million, $3.8 million and $2.4 million in food and beverage, rooms, and other operating expenses, respectively, offset by a decrease of $3.1 million in gaming operating expenses. The changes in operating expenses for the six months ended June 30, 2023 compared to the prior year period were driven by the trends observed for the three months ended June 30, 2023 discussed above.

Selling, General and Administrative Expenses

The $9.8 million, or 17%, increase in selling, general and administrative (“SG&A”) expenses for the three months ended June 30, 2023 compared to the prior year period was primarily attributable to increases in payroll and related expenses, marketing and advertising primarily in connection with the special events hosted during the period, as well as an increase in costs related to utilities, vendor fees and maintenance contract fees.

The $10.9 million, or 9%, increase in SG&A expenses for the six months ended June 30, 2023 compared to the prior year period was primarily attributable to the increase in payroll and related expenses followed by an increase in costs related to marketing and advertising, utilities, and maintenance contracts. SG&A expenses are comprised of marketing and advertising, utilities, building rent, maintenance contracts, corporate office overhead, information technology, legal, accounting, third-party service providers, executive compensation, share-based compensation, payroll expenses and payroll taxes.

Depreciation and Amortization

The decrease in depreciation and amortization expenses of $3.9 million, or 15%, and $6.6 million, or 13%, for the three and six months ended June 30, 2023, respectively, compared to the prior year periods was primarily related to ceasing of depreciation and amortization for assets classified as held for sale discussed in “Note 2 — Assets Held for Sale” in Part I, Item 1: Financial Statements. In addition, long-lived assets acquired in connection with the American Casino Entertainment Properties, LLC acquisition became fully depreciated and amortized during the current year periods. The decrease in depreciation and amortization expenses for the three and six months ended June 30, 2023 was offset by the acceleration of depreciation on certain of our casino resort properties and depreciation on new assets placed in service.

Gain on Disposal of Assets

Gain on disposal of assets for the three and six months ended June 30, 2023 was primarily driven by sales of used gaming equipment in our Distributed Gaming segment. Loss on disposal of assets for the three and six months ended June 30, 2022 was primarily driven by sales of used furniture and equipment in our Nevada Taverns segment.

Preopening Expenses

Preopening expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and casino locations as well as food and beverage and other venues within our casino locations. Preopening expenses for the three and six months ended June 30, 2023 primarily related to new branded tavern openings within our Nevada Taverns segment and the opening of the new bingo facility in our Nevada Casino Resorts segment. Preopening expenses for the three and six months ended June 30, 2022 primarily related to our planned expansion of our Nevada Taverns segment operations.

Non-Operating Expense, Net

The increase in non-operating expense, net, of $3.4 million, or 21%, and $6.3 million, or 20%, for the three and six months ended June 30, 2023 compared to the prior year periods primarily related to a $4.1 million, or 28%, and $7.2 million, or 24%, increase in interest expense due to the increase in interest rates for the three and six months ended June 30, 2023, respectively. The increase was offset by decreases of $0.7 million and $0.8 million in loss on debt modification and extinguishment for the three and six months ended June 30, 2023, respectively. The loss on debt modification and extinguishment of $0.4 million recorded for the current year periods related to the amendment to our Credit Facility discussed in “Note 6 — Lo ng -Term Debt” in Part I, Item 1: Financial Statements and defined therein. Loss on debt modification and extinguishment of $1.1 million and $1.3 million for the three and six months ended June 30, 2022, respectively, related to the accelerated amortization of debt issuance costs and discount as discussed in “Note 6 — Long-Term Debt” in Part I, Item 1: Financial Statements.

Income Taxes

The effective income tax rates were 25.7% and 22.7% for the three and six months ended June 30, 2023, respectively, which differed from the federal income tax rate of 21% primarily due to the limitation on tax deductions for executive compensation in excess of $1 million under Section 162(m) of the Internal Revenue Code. The effective income tax rate was 26.3% for the three months ended June 30, 2022, which differed from the federal tax rate of 21% primarily due to the limitation on a tax deduction on executive compensation in excess of $1 million under Section 162(m) of the Internal Revenue Code. The negative effective income tax rate of (23.5)% for the six months ended June 30, 2022 was a result of the partial release of the valuation allowance on our deferred tax assets during the first quarter of 2022.

Revenues and Adjusted EBITDA by Reportable Segment

To supplement our consolidated financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), we use Adjusted EBITDA because it is the primary metric used by our chief operating decision makers and investors in measuring both our past and future expectations of performance. Adjusted EBITDA provides useful information to the users of our financial statements by excluding specific expenses and gains that we believe are not indicative of our core operating results. Furthermore, our annual performance plan used to determine compensation for our 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 our industry may calculate Adjusted EBITDA differently than we do.

We define “Adjusted EBITDA” as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, impairment of goodwill and intangible assets, severance expenses, preopening and related expenses, gain or loss on disposal of assets, share-based compensation expenses, non-cash lease expense, and other non-cash charges that are deemed to be not indicative of our core operating results, calculated before corporate overhead (which is not allocated to each reportable segment).

The following table presents our total revenues and Adjusted EBITDA by reportable segment and a reconciliation of net income to Adjusted EBITDA:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Revenues
Nevada Casino Resorts	$	102,562	$	107,498	$	202,738	$	203,933
Nevada Locals Casinos	39,829		39,785		81,067		79,674
Maryland Casino Resort	19,605		20,546		37,733		38,438
Nevada Taverns	27,319		28,144		54,912		56,598
Distributed Gaming	89,084		93,225		179,485		183,993
Corporate and other	8,282		174		8,797		380
Total Revenues	$	286,681	$	289,372	$	564,732	$	563,016

Adjusted EBITDA
Nevada Casino Resorts	$	28,044	$	38,892	$	59,755	$	72,467
Nevada Locals Casinos	19,471		19,795		39,631		39,833
Maryland Casino Resort	5,898		7,242		11,026		12,814
Nevada Taverns	8,450		10,654		16,988		21,430
Distributed Gaming	9,950		11,540		19,734		22,817
Corporate and other	(13,403)		(13,107)		(26,557)		(27,020)
Total Adjusted EBITDA	$	58,410	$	75,016	$	120,577	$	142,341

Net income	$	12,282	$	21,220	$	23,912	$	57,286
Adjustments
Depreciation and amortization	21,454		25,332		44,962		51,608
Non-cash lease expense	(9)		230		24		411
Share-based compensation	3,288		3,311		7,181		6,983
(Gain) loss on disposal of assets	(34)		710		(120)		669
Loss on debt extinguishment and modification	405		1,073		405		1,254
Preopening and related expenses (1)	141		4		525		59
Other, net	(2,168)		838		(383)		5,134
Interest expense, net	18,803		14,738		37,039		29,856
Income tax provision (benefit)	4,248		7,560		7,032		(10,919)
Adjusted EBITDA	$	58,410	$	75,016	$	120,577	$	142,341

(1)Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and casino locations as well as food and beverage and other venues within our casino locations.

Nevada Casino Resorts

Revenues decreased by $4.9 million, or 5%, for the three months ended June 30, 2023 compared to the prior year period primarily due to decreases of $7.5 million and $2.2 million in gaming and rooms revenues, respectively, offset by increases of $1.4 million and $3.4 million in food and beverage and other revenues, respectively. The decrease in gaming and rooms revenues for the three months ended June 30, 2023 was primarily driven by a decrease in the overall visitation to our Nevada Casino Resorts properties during the current year period and a reevaluation of gaming related marketing programs. The increase in food and beverage revenues was primarily driven by the addition of new food and beverage outlets, revised menus and increased revenue per cover. The increase in other revenues was primarily driven by an increase in the number of events hosted at our Laughlin Event Center and the introduction of charged parking at certain of our Nevada Casino Resorts properties during the current year period.

Revenues decreased by $1.2 million, or 1%, for the six months ended June 30, 2023 compared to the prior year period primarily due to a $9.4 million decrease in gaming revenues, offset by increases of $4.2 million in food and beverage revenues and increases of $2.0 million each in rooms and other revenues. The decrease in gaming revenues was primarily driven by a decrease

in the overall visitation to our Nevada Casino Resorts properties during the current year period and a reevaluation of the gaming related marketing programs. The increase in food and beverage revenues was primarily driven by the addition of new food and beverage outlets, revised menus and increased revenue per cover. The increase in rooms revenues was attributable to an increase in average daily rates during the current year period. Other revenues were positively impacted by a higher number of events hosted at our Laughlin Event Center and the introduction of charged parking at certain of our Nevada Casino Resorts properties during the current year period.

Adjusted EBITDA decreased by $10.8 million, or 28%, and $12.7 million, or 18%, for the three and six months ended June 30, 2023, respectively, compared to the prior year period primarily due to higher labor costs and cost of goods in the current year period.

Nevada Locals Casinos

For the three months ended June 30, 2023, revenues remained relatively consistent with the prior year period. Revenues increased by $1.4 million, or 2%, for the six months ended June 30, 2023 compared to the prior year period primarily due to increases of $0.8 million, $0.5 million, and $0.1 million in food and beverage, rooms, and other revenues, respectively. The increase in revenues was attributable to a higher hotel occupancy at higher average daily rates which resulted in an increase in food and beverage revenues during the current year period.

Adjusted EBITDA decreased by $0.3 million, or 2%, and $0.2 million, or 1%, for the three and six months ended June 30, 2023, respectively, compared prior year period primarily due to higher labor costs and cost of goods in the current year periods.

Maryland Casino Resort

For the three months ended June 30, 2023, revenues decreased by $0.9 million, or 5%, compared to the prior year period primarily due to decreases of $1.0 million and $0.1 million in gaming and other revenues, respectively, offset by increases of $0.1 million each in food and beverage and rooms revenues. The decrease in revenues is primarily driven by a decrease in overall visitation during the current year period.

Revenues decreased by $0.7 million, or 2%, for the six months ended June 30, 2023 compared to the prior year period primarily due to decreases of $1.0 million and $0.2 million in gaming and other revenues, respectively, offset by increases of $0.3 million and $0.2 million in food and beverage and rooms revenues, respectively. The decrease in revenues is primarily driven by a decrease in overall visitation during the current year period.

Adjusted EBITDA decreased $1.3 million, or 19%, and $1.8 million, or 14%, for the three and six months ended June 30, 2023, respectively, compared to the prior year period primarily due to an increase in labor costs and cost of goods in the current year periods.

Nevada Taverns

Revenues decreased by $0.8 million, or 3%, and $1.7 million, or 3%, for the three and six months ended June 30, 2023, respectively, and Adjusted EBITDA decreased by $2.2 million, or 21%, and $4.4 million, or 21%, for the three and six months ended June 30, 2023, respectively, compared to the prior year periods. The decrease in revenues for the three and six months ended June 30, 2023 was primarily attributable to the decrease in visitation to our tavern locations during the current year period. The decrease in Adjusted EBITDA for the three and six months ended June 30, 2023 was attributable to higher labor costs and cost of goods compared to the prior year periods.

Distributed Gaming

Revenues decreased by $4.1 million, or 4%, and $4.5 million, or 2%, for the three and six months ended June 30, 2023, respectively, and Adjusted EBITDA decreased by $1.6 million, or 14%, and $3.1 million, or 14%, for the three and six months ended June 30, 2023, respectively, compared to the prior year periods. The decrease in revenues for the three and six months ended June 30, 2023 was primarily attributable to the decrease in demand for gaming during the current year periods. The decrease in Adjusted EBITDA for the three and six months ended June 30, 2023 was attributable to higher labor costs and an increase in costs of providing gaming related services to third parties under our space lease and participation agreements.

Adjusted EBITDA Margin

For the three months ended June 30, 2023, Adjusted EBITDA as a percentage of segment revenues (or Adjusted EBITDA margin) was 27%, 49%, 30%, 31%, and 11% for Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino, Nevada Taverns, and Distributed Gaming segments, respectively, compared to Adjusted EBITDA margins of 36%, 50%, 35%, 38%, and 12%, respectively, for the prior year period. For the six months ended June 30, 2023, Adjusted EBITDA margin was 29%, 49%,

29%, 31%, and 11% for Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino, Nevada Taverns, and Distributed Gaming segments, respectively, compared to Adjusted EBITDA margins of 36%, 50%, 33%, 38%, and 12%, respectively, for the prior year period. The lower Adjusted EBITDA margins for the three and six months ended June 30, 2023 were primarily attributable to increases in labor costs and cost of goods. In addition, lower Adjusted EBITDA margins in our Distributed Gaming segment reflect the fixed and variable amounts paid to third parties under our space lease and participation agreements as expenses.

Liquidity and Capital Resources

As of June 30, 2023, we had $165.5 million in cash and cash equivalents, which included $44.7 million of cash and cash equivalents related to assets held for sale. We believe that our cash and cash equivalents, cash flows from operations and borrowing availability under our $240 million revolving credit facility (the “Revolving Credit Facility”) will be sufficient to meet our capital requirements during the next 12 months. As of June 30, 2023, we had borrowing availability of $240 million under our Revolving Credit Facility (refer to “Note 6 — Long-Term Debt” in Part I, Item 1: Financial Statements for additional information regarding our Revolving Credit Facility). As discussed above, in July 2023, we sold Rocky Gap for aggregate consideration of $260 million in cash, and have entered into definitive agreements to sell Distributed Gaming Operations for aggregate consideration of $322.5 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing, which transactions are expected to close during the fourth quarter of 2023, subject to the satisfaction or waiver of customary regulatory approvals and closing conditions. We used a portion of the net cash proceeds from the sale of Rocky Gap to repay in full and discharge the Term Loan B under our Credit Facility (defined in “Note 6 — Long-Term Debt” in Part I, Item 1: Financial Statements). Refer to “Note 13 — Subsequent Events” in Part I, Item 1: Financial Statements for further information. Subsequent to the end of the second quarter, on July 27, 2023, the Board of Directors declared a one-time cash dividend of $2.00 per share of our outstanding common stock. The one-time cash dividend is payable on August 25, 2023 to our shareholders of record as of August 11, 2023.

Our operating results and performance depend significantly on national, regional and local economic conditions and their effect on consumer spending. Declines in consumer spending would cause revenues generated by our operations to be adversely affected.

To further enhance our liquidity position or to finance any future acquisition or other business investment initiatives, we may obtain additional financing, which could consist of debt, convertible debt or equity financing from public and/or private credit and capital markets.

Cash Flows

Net cash provided by operating activities was $100.9 million and $91.1 million for the six months ended June 30, 2023 and 2022, respectively. The $9.8 million, or 11%, increase in operating cash flows for the six months ended June 30, 2023 compared to the prior year period primarily related to the timing of working capital spending.

Net cash used in investing activities was $53.7 million and $20.9 million for the six months ended June 30, 2023 and 2022, respectively. The $32.8 million, or 157%, increase in net cash used in investing activities for the six months ended June 30, 2023 compared to the prior year period related to the increase in our capital expenditures, primarily at The STRAT.

Net cash used in financing activities was $23.7 million and $111.5 million for the six months ended June 30, 2023 and 2022, respectively. The $87.8 million, or 79%, decrease in net cash used in financing activities during the six months ended June 30, 2023 compared to the prior year period primarily related to the prepayment of outstanding Term Loan borrowings with a principal amount of $25 million, $37.5 million in repurchases of principal amount of our 7.625% Senior Notes due 2026 in open market transactions and $37.7 million in repurchases of our common stock pursuant to our share repurchase program during the six months ended June 30, 2022. The current period decrease in net cash used in financing activities was partially offset by a $4.8 million increase in cash paid for tax withholding on option exercises and the vesting of RSUs and PSUs during the current year period as well as $7.8 million paid in connection with the second amendment to our Credit Facility discussed in “Note 6 — Long-Term Debt” in Part I, Item 1: Financial Statements.

Long-Term Debt

Refer to “Note 6 — Long-Term Debt” in Part I, Item 1: Financial Statements of this Quarterly Report for discussion of our debt instruments.

Share Repurchase Program

Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with our finance

agreements. There is no minimum number of shares that we are required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. Refer to “Note 7 — Shareholders’ Equity and Stock Incentive Plans” in Part I, Item 1: Financial Statements of this Quarterly Report for additional information regarding our share repurchase program and common stock purchases made pursuant to our share repurchase program.

Other Items Affecting Liquidity

The outcome of the following specific matters, including our commitments and contingencies, may also affect our liquidity.

Commitments, Capital Spending and Development

We perform on-going refurbishment and maintenance at our facilities, of which certain maintenance costs are capitalized if such improvement or refurbishment extends the life of the related asset, while other maintenance costs that do not so qualify are expensed as incurred. The commitment of capital and the related timing thereof are contingent upon, among other things, negotiation of final agreements and receipt of approvals from the appropriate regulatory bodies. We intend to fund such capital expenditures through our operating cash flows and Revolving Credit Facility.

Refer to “Note 10 — Commitments and Contingencies” in Part I, Item 1: Financial Statements for additional information regarding commitments and contingencies that may also affect our liquidity.

Other Opportunities

We may investigate and pursue expansion opportunities in our existing or new markets from time to time. Such expansions will be influenced and determined by a number of factors, which may include licensing availability and approval, suitable investment opportunities and availability of acceptable financing. Investigation and pursuit of such opportunities may require us to make substantial investments or incur substantial costs, which we may fund through cash flows from operations or borrowing availability under our Revolving Credit Facility. To the extent such sources of funds are not sufficient, we may also seek to raise such additional funds through public or private equity or debt financings or from other sources. No assurance can be given that additional financing will be available or that, if available, such financing will be obtainable on terms favorable to us. Moreover, we can provide no assurances that the investigation or pursuit of an opportunity will result in a completed transaction.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period. On an ongoing basis, we evaluate our estimates and judgments, including those related to the application of the acquisition method of accounting, long-lived assets, goodwill and indefinite-lived intangible assets, revenue recognition, income taxes and share-based compensation expenses. We base our estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe that our estimates and assumptions are reasonable, based upon information presently available; however, actual results may differ from these estimates under different assumptions or conditions.

A description of our critical accounting estimates can be found under Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report. For a more extensive discussion of our accounting policies, refer to “Note 2 — Summary of Significant Accounting Policies” in Part II, Item 8: Financial Statements and Supplemental Data in our Annual Report. There were no material changes to our critical accounting policies and estimates during the three and six months ended June 30, 2023.

Seasonality

We believe that our businesses are affected by seasonal factors, including holidays, weather and travel conditions. Our casino properties, branded taverns and distributed gaming businesses in Nevada have historically experienced lower revenues during the summer as a result of fewer tourists due to higher temperatures, as well as increased vacation activity by local residents. Rocky Gap typically experiences higher revenues during summer months and may be significantly adversely impacted by inclement weather during winter months. Our Nevada branded taverns and distributed gaming operations typically experience higher revenues during the fall which corresponds with several professional sports seasons. Our Montana distributed gaming operations typically experience higher revenues during the winter due to the inclement weather in the state and less opportunity for outdoor activities, in addition to the impact from professional sports seasons during the fall. While other factors like unemployment levels, market competition and the diversification of our business may either offset or magnify seasonal effects, some seasonality is

likely to continue, which could result in significant fluctuation in our quarterly operating results.

Recently Issued Accounting Pronouncements

See “Note 1 — Nature of Business and Basis of Presentation” in Part I, Item 1: Financial Statements for information regarding recently issued accounting pronouncements.

Regulation and Taxes

The casino and distributed gaming industries are subject to extensive regulation by state gaming authorities. Changes in applicable laws or regulations could have a material adverse effect on us.

The gaming industry represents a significant source of tax revenues to regulators. From time to time, various federal and state legislators and officials have proposed changes in tax law, or in the administration of such law, affecting the gaming industry. It is not possible to determine the likelihood of possible changes in tax law or in the administration of such law. Such changes, if adopted, could have a material adverse effect on our future financial position, results of operations, cash flows and prospects.

Off Balance Sheet Arrangements

We have no off balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our primary exposure to market risk is interest rate risk associated with our variable rate long-term debt. As of June 30, 2023, our variable rate long-term debt primarily comprised our indebtedness under the Credit Facility (refer to “Note 6 — Long-Term Debt” in Part I, Item 1: Financial Statements).

As of June 30, 2023, we had $175 million in principal amount of outstanding Term Loan B borrowings and $400 million in principal amount of outstanding Term Loan B-1 borrowings under the Credit Facility with no outstanding borrowings under our $240 million Revolving Credit Facility (defined in “Note 6 — Long-Term Debt” in Part I, Item 1: Financial Statements). Subsequent to the end of the second quarter, we used a portion of the net cash proceeds from the sale of Rocky Gap to repay in full and discharge the Term Loan B under the Credit Facility. Our primary interest rate under the Credit Facility is the SOFR rate plus an applicable margin. The weighted-average effective interest rates on our outstanding borrowings under the Credit Facility were 7.97% and 7.75% for the three and six months ended June 30, 2023, respectively. Assuming the outstanding balance under our Credit Facility (after giving effect to the repayment in full of the Term Loan B-1 loans in July 2023) remained constant over a year, a 50 basis point increase in the applicable interest rate would increase interest incurred, prior to effects of capitalized interest, by $2.0 million over a twelve-month period.

As of June 30, 2023, we had $165.5 million in cash and cash equivalents, which included $44.7 million of cash and cash equivalents related to assets held for sale.

As discussed in “Note 13 — Subsequent Events” in Part I, Item 1: Financial Statements, we repaid the Term Loan B loans in full in July 2023. As a result, we no longer have any loans and other financial instruments that are linked to LIBOR.

ITEM 4. CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures designed to provide reasonable assurance of achieving the objective that information in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified and pursuant to the requirements of the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow for timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by SEC Rule 13a-15(b), we carried out an evaluation , with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of June 30, 2023, the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2023.

During the quarter ended June 30, 2023, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

A discussion of our legal proceedings is contained in “Note 10 — Commitments and Contingencies — Legal Matters and Other” in Part I, Item 1: Financial Statements.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K, as supplemented by the risk factors discussed in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which factors could materially affect our business, financial condition, liquidity or future results. There have been no material changes to the risk factors described in the “Risk Factors” section in our Annual Report and such Quarterly Report on Form 10-Q. The risks described in our Annual Report and such Quarterly Report on Form 10-Q are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, liquidity, results of operations, prospects or stock price.

ITEM 5. OTHER INFORMATION

Our directors and officers (as defined in Rule 16a-1(f)) did not adopt or terminate any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements (as such terms are defined in Item 408(c) of Regulation S-K) during the three months ended June 30, 2023.

ITEM 6. EXHIBITS


Exhibits						Description


10.1						Second Amendment to First Lien Credit Agreement, dated as of May 26, 2023, by and among Golden Entertainment, Inc. (as the borrower), the subsidiaries of Golden Entertainment, Inc. party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A. (as administrative agent) (incorporated by reference to Exhibit 10.1 to Golden Entertainment, Inc.’s Form 8-K dated May 26, 2023 and filed on May 30, 2023).

31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1						Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS						Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Calculation Definition Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.



			GOLDEN ENTERTAINMENT, INC.
			(Registrant)

Dated: August 4, 2023			/s/ BLAKE L. SARTINI
			Blake L. Sartini
			Chairman of the Board and Chief Executive Officer
			(Principal Executive Officer)

			/s/ CHARLES H. PROTELL
			Charles H. Protell
			President and Chief Financial Officer
			(Principal Financial Officer)

			/s/ THOMAS E. HAAS
			Thomas E. Haas
			Senior Vice President of Accounting
			(Principal Accounting Officer)

Exhibit 31.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF

2002

I, Blake L. Sartini, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Golden Entertainment, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant, and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: August 4, 2023			/s/ Blake L. Sartini
			Blake L. Sartini
			Chairman of the Board and Chief Executive Officer

Exhibit 31.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF

2002

I, Charles H. Protell, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Golden Entertainment, Inc.;

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: August 4, 2023			/s/ CHARLES H. PROTELL
			Charles H. Protell
			President and Chief Financial Officer

Exhibit 32.1

CERTIFICATIONS OF

CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Golden Entertainment, Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:

1.The Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: August 4, 2023			/s/ BLAKE L. SARTINI
			Blake L. Sartini
			Chairman of the Board and Chief Executive Officer

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: August 4, 2023			/s/ CHARLES H. PROTELL
			Charles H. Protell
			President and Chief Financial Officer

The foregoing certifications are being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. The foregoing certifications are not to be incorporated by reference into any filing of Golden Entertainment, Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-24993
Entity Registrant Name	GOLDEN ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-1913991
Entity Address, Address Line One	6595 S Jones Boulevard
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89118
City Area Code	702
Local Phone Number	893-7777
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	GDEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,863,577
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001071255
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 120,823	$ 136,889
Accounts receivable, net of allowance for credit losses of $1,090 and $775 at June 30, 2023 and December 31, 2022, respectively	12,616	20,495
Prepaid expenses	18,391	25,900
Inventories	7,778	8,117
Other	565	13,610
Assets held for sale	289,810	39,562
Total current assets	449,983	244,573
Property and equipment, net	815,239	840,731
Operating lease right-of-use assets, net	77,717	147,893
Goodwill	80,751	158,396
Intangible assets, net	49,376	89,552
Deferred income tax assets	11,822	11,822
Other assets	9,358	15,703
Total assets	1,494,246	1,508,670
Current liabilities
Current portion of long-term debt and finance leases	1,296	555
Current portion of operating leases	13,074	42,200
Accounts payable	18,521	25,168
Accrued payroll and related	17,968	21,227
Accrued liabilities	28,832	33,365
Liabilities related to assets held for sale	69,932	10,187
Total current liabilities	149,623	132,702
Long-term debt, net and non-current finance leases	895,602	900,464
Non-current operating leases	80,517	121,979
Deferred income tax liabilities	53	53
Other long-term obligations	407	552
Total liabilities	1,126,202	1,155,750
Commitments and contingencies (Note 10)
Shareholders’ equity
Common stock, $.01 par value; authorized 100,000 shares; 28,857 and 28,179 common shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	289	282
Additional paid-in capital	471,265	480,060
Accumulated deficit	(103,510)	(127,422)
Total shareholders’ equity	368,044	352,920
Total liabilities and shareholders’ equity	$ 1,494,246	$ 1,508,670

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 1,090	$ 775
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	28,857,000	28,179,000
Common stock, shares outstanding (in shares)	28,857,000	28,179,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 286,681	$ 289,372	$ 564,732	$ 563,016
Expenses
Other operating	7,905	5,346	11,735	9,322
Selling, general and administrative	67,093	57,287	129,129	118,197
Depreciation and amortization	21,454	25,332	44,962	51,608
(Gain) loss on disposal of assets	(34)	710	(120)	669
Preopening expenses	141	4	525	59
Total expenses	250,943	244,781	496,344	485,539
Operating income	35,738	44,591	68,388	77,477
Non-operating expense
Interest expense, net	(18,803)	(14,738)	(37,039)	(29,856)
Loss on debt extinguishment and modification	(405)	(1,073)	(405)	(1,254)
Total non-operating expense, net	(19,208)	(15,811)	(37,444)	(31,110)
Income before income tax (provision) benefit	16,530	28,780	30,944	46,367
Income tax (provision) benefit	(4,248)	(7,560)	(7,032)	10,919
Net income	$ 12,282	$ 21,220	$ 23,912	$ 57,286
Weighted-average common shares outstanding
Basic (in shares)	28,845	28,877	28,578	28,885
Diluted (in shares)	30,717	31,633	30,831	31,889
Net income per share
Basic (USD per share)	$ 0.43	$ 0.73	$ 0.84	$ 1.98
Diluted (USD per share)	$ 0.40	$ 0.67	$ 0.78	$ 1.80
Gaming
Revenues
Total revenues	$ 182,355	$ 196,679	$ 370,442	$ 387,466
Expenses
Cost of goods and services sold	105,380	109,740	212,306	215,391
Food and beverage
Revenues
Total revenues	46,534	44,451	92,805	86,907
Expenses
Cost of goods and services sold	33,645	32,546	67,667	64,003
Rooms
Revenues
Total revenues	30,918	33,174	61,495	58,920
Expenses
Cost of goods and services sold	15,359	13,816	30,140	26,290
Other
Revenues
Total revenues	$ 26,874	$ 15,068	$ 39,990	$ 29,723

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		28,830
Beginning balance at Dec. 31, 2021	$ 319,541	$ 288	$ 477,829	$ (158,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock on options exercised and restricted stock units vested (in shares)		419
Issuance of stock on options exercised and restricted stock units vested	4	$ 4
Repurchases of common stock (in shares)		(269)
Repurchase of common stock	(15,196)	$ (2)		(15,194)
Share-based compensation	3,141		3,141
Tax benefit from share-based compensation	(10,298)		(10,298)
Net income	36,066			36,066
Ending balance (in shares) at Mar. 31, 2022		28,980
Ending balance at Mar. 31, 2022	333,258	$ 290	470,672	(137,704)
Beginning balance (in shares) at Dec. 31, 2021		28,830
Beginning balance at Dec. 31, 2021	$ 319,541	$ 288	477,829	(158,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock (in shares)	(784)
Repurchase of common stock	$ (37,670)
Net income	57,286
Ending balance (in shares) at Jun. 30, 2022		28,501
Ending balance at Jun. 30, 2022	335,028	$ 285	473,696	(138,953)
Beginning balance (in shares) at Mar. 31, 2022		28,980
Beginning balance at Mar. 31, 2022	$ 333,258	$ 290	470,672	(137,704)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock on options exercised and restricted stock units vested (in shares)		36
Repurchases of common stock (in shares)	(515)	(515)
Repurchase of common stock	$ (22,474)	$ (5)		(22,469)
Share-based compensation	3,295		3,295
Tax benefit from share-based compensation	(271)		(271)
Net income	21,220			21,220
Ending balance (in shares) at Jun. 30, 2022		28,501
Ending balance at Jun. 30, 2022	$ 335,028	$ 285	473,696	(138,953)
Beginning balance (in shares) at Dec. 31, 2022	28,179	28,179
Beginning balance at Dec. 31, 2022	$ 352,920	$ 282	480,060	(127,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock on options exercised and restricted stock units vested (in shares)		658
Issuance of stock on options exercised and restricted stock units vested	6	$ 6
Share-based compensation	3,290		3,290
Tax benefit from share-based compensation	(15,373)		(15,373)
Net income	11,630			11,630
Ending balance (in shares) at Mar. 31, 2023		28,837
Ending balance at Mar. 31, 2023	$ 352,473	$ 288	467,977	(115,792)
Beginning balance (in shares) at Dec. 31, 2022	28,179	28,179
Beginning balance at Dec. 31, 2022	$ 352,920	$ 282	480,060	(127,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 23,912
Ending balance (in shares) at Jun. 30, 2023	28,857	28,857
Ending balance at Jun. 30, 2023	$ 368,044	$ 289	471,265	(103,510)
Beginning balance (in shares) at Mar. 31, 2023		28,837
Beginning balance at Mar. 31, 2023	352,473	$ 288	467,977	(115,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock on options exercised and restricted stock units vested (in shares)		20
Issuance of stock on options exercised and restricted stock units vested	1	$ 1
Share-based compensation	3,288		3,288
Net income	$ 12,282			12,282
Ending balance (in shares) at Jun. 30, 2023	28,857	28,857
Ending balance at Jun. 30, 2023	$ 368,044	$ 289	$ 471,265	$ (103,510)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 12,282	$ 11,630	$ 21,220	$ 36,066	$ 23,912		$ 57,286
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,454		25,332		44,962		51,608
Non-cash lease expense	(9)		230		24		411
Share-based compensation					6,578		6,436
Amortization of debt issuance costs and discounts on debt					2,133		2,236
(Gain) loss on disposal of assets	(34)		710		(120)		669
Provision for credit losses					501		300
Deferred income taxes					0		(16,914)
Loss on debt extinguishment and modification	405		1,073		405		1,254
Changes in operating assets and liabilities:
Accounts receivable					4,652		(139)
Prepaid expenses, inventories and other current assets					16,364		(5,727)
Other assets					515		(1,985)
Accounts payable and other accrued expenses					1,139		(3,279)
Other liabilities					(202)		(1,104)
Net cash provided by operating activities					100,863		91,052
Cash flows from investing activities
Purchase of property and equipment, net of change in accounts payables					(53,946)		(21,015)
Proceeds from disposal of property and equipment					291		102
Net cash used in investing activities					(53,655)		(20,913)
Cash flows from financing activities
Repayments of term loan					(400,000)		(25,000)
Issuance of new term loan					400,000		0
Repurchases of senior notes					0		(37,539)
Repayments of notes payable					(260)		(464)
Principal payments under finance leases					(280)		(266)
Payment for debt extinguishment and modification costs					(7,818)		(12)
Tax withholding on share-based payments					(15,373)		(10,569)
Proceeds from issuance of common stock, net of costs					7		4
Repurchases of common stock					0		(37,670)
Net cash used in financing activities					(23,724)		(111,516)
Change in cash and cash equivalents					23,484		(41,377)
Balance, beginning of period		$ 142,034		$ 220,540	142,034	$ 179,163	220,540
Balance, end of period	165,518		179,163		165,518	142,034	179,163
Cash and cash equivalents
Cash and cash equivalents	120,823		179,163		120,823	136,889	179,163
Cash and cash equivalents included in assets held for sale	44,695		0		44,695		0
Balance, end of period	$ 165,518		$ 179,163		165,518	$ 142,034	179,163
Supplemental cash flow disclosures
Cash paid for interest					35,518		27,418
Cash paid for income taxes					0		6,084
Non-cash investing and financing activities
Payables incurred for capital expenditures					2,605		3,272
Notes payable incurred for capital expenditures					3,571		0
Loss on debt extinguishment and modification					405		1,254
Operating lease right-of-use assets obtained in exchange for lease obligations					$ 479		$ 6,750

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Nature of Business and Basis of Presentation

Overview


Reportable Segment						Location
Nevada Casino Resorts
The STRAT Hotel, Casino & SkyPod (“The STRAT”)						Las Vegas, Nevada
Aquarius Casino Resort (“Aquarius”)						Laughlin, Nevada
Edgewater Casino Resort (“Edgewater”)						Laughlin, Nevada
Nevada Locals Casinos
Arizona Charlie’s Boulder						Las Vegas, Nevada
Arizona Charlie’s Decatur						Las Vegas, Nevada
Gold Town Casino						Pahrump, Nevada
Lakeside Casino & RV Park						Pahrump, Nevada
Pahrump Nugget Hotel Casino (“Pahrump Nugget”)						Pahrump, Nevada
Maryland Casino Resort
Rocky Gap Casino Resort (“Rocky Gap”) (1)						Flintstone, Maryland
Nevada Taverns
65 branded tavern locations						Nevada
Distributed Gaming
Nevada distributed gaming						Nevada
Montana distributed gaming						Montana

(1) Rocky Gap was sold subsequent to the end of the second quarter, as described below.

Basis of Presentation

Significant Accounting Policies

There have been no changes to the significant accounting policies disclosed in the Company’s Annual Report.

Cash and Cash Equivalents

Net Income Per Share

Recent Accounting Pronouncements

Accounting Standards Issued and Adopted

Management does not believe that any other recently issued accounting standards that are not yet effective are likely to have a material impact on the Company’s financial statements.

Assets Held for Sale

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for SaleThe Company classifies assets as held for sale when a sale is probable, is expected to be completed within one year, and the asset group meets all of the accounting criteria to be classified as held for sale.

The carrying amounts of the assets and liabilities held for sale in the Rocky Gap Transactions and Distributed Gaming Transactions consisted of the following:


	June 30, 2023
(In thousands)	Maryland Casino Resort		Distributed Gaming		Total
ASSETS
Current assets
Cash and cash equivalents	$	6,297	$	38,398	$	44,695
Accounts receivables, net	2,027		3,053		5,080
Prepaid expenses	605		1,795		2,400
Inventories	760		—		760
Other	60		2,442		2,502
Total current assets held for sale	9,749		45,688		55,437
Property and equipment, net	24,441		33,868		58,309
Operating lease right-of-use assets, net	5,980		46,326		52,306
Goodwill	—		77,645		77,645
Intangible assets, net	1,064		38,506		39,570
Other assets	2		6,541		6,543
Total assets held for sale	$	41,236	$	248,574	$	289,810
LIABILITIES
Current liabilities
Current portion of long-term debt and finance leases	$	105	$	2,433	$	2,538
Current portion of operating leases	436		24,203		24,639
Accounts payable	1,585		3,630		5,215
Accrued payroll and related	923		1,370		2,293
Other accrued liabilities	2,631		4,758		7,389
Total current liabilities related to assets held for sale	5,680		36,394		42,074
Non-current finance leases	153		—		153
Non-current operating leases	5,206		22,433		27,639
Other long-term obligations	—		66		66
Total liabilities related to assets held for sale	$	11,039	$	58,893	$	69,932

Revenues and pretax income generated by the assets held for sale were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Maryland Casino Resort
Revenues	$	19,605	$	20,546	$	37,733	$	38,438
Pretax income	5,693		6,049		10,810		10,537
Distributed Gaming
Revenues	$	89,084	$	93,225	$	179,485	$	183,993
Pretax income	9,400		8,191		16,943		16,555

Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net, consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Land	$	125,240	$	125,240
Building and improvements	951,191		923,157
Furniture and equipment	187,550		244,735
Construction in process	16,294		23,224
Property and equipment	1,280,275		1,316,356
Accumulated depreciation	(465,036)		(475,625)
Property and equipment, net	$	815,239	$	840,731

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table summarizes goodwill balances by reportable segment:


(In thousands)	Nevada Casino Resorts		Nevada Locals Casinos		Maryland Casino Resort		Nevada Taverns		Distributed Gaming		Total Goodwill
Balance, December 31, 2022	$	22,105	$	38,187	$	—	$	20,459	$	77,645	$	158,396
Balance, June 30, 2023	$	22,105	$	38,187	$	—	$	20,459	$	—	$	80,751

Intangible assets, net, consisted of the following:


	June 30, 2023
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Player relationships	2-14	42,990		(40,777)		—		2,213
Non-compete agreements	2-5	3,957		(3,594)		—		363
Other	4-25	45		(45)		—		—
		46,992		(44,416)		—		2,576
Balance, June 30, 2023		$	100,682	$	(44,416)	$	(6,890)	$	49,376


	December 31, 2022
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Customer relationships	4-16	81,105		(41,743)		—		39,362
Player relationships	2-14	42,990		(40,455)		—		2,535
Non-compete agreements	2-5	9,840		(9,114)		—		726
Other	4-25	1,366		(1,237)		—		129
		135,301		(92,549)		—		42,752
Balance, December 31, 2022		$	188,991	$	(92,549)	$	(6,890)	$	89,552

Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Gaming liabilities	$	10,398	$	10,952
Interest	5,890		6,036
Accrued taxes, other than income taxes	4,896		9,291
Other accrued liabilities	5,419		5,027
Deposits	2,229		2,059
Total current accrued liabilities	$	28,832	$	33,365

Long-Term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt, net, consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Term Loan B	$	175,000	$	575,000
Term Loan B-1	400,000		—
2026 Unsecured Notes	335,461		335,461
Finance lease liabilities	1,925		2,157
Notes payable	969		90
Total long-term debt and finance leases	913,355		912,708
Unamortized discount	(9,167)		(7,899)
Unamortized debt issuance costs	(7,290)		(3,790)
Total long-term debt and finance leases after debt issuance costs and discount	896,898		901,019
Current portion of long-term debt and finance leases	(1,296)		(555)
Long-term debt, net and finance leases	$	895,602	$	900,464

Senior Secured Credit Facility

The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was 7.97% and 7.75% for the three and six months ended June 30, 2023, respectively.

The Company was in compliance with its financial and other covenants under the Credit Facility as of June 30, 2023.

Senior Unsecured Notes

Shareholders’ Equity and Stock Incentive Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Shareholders’ Equity and Stock Incentive Plans

Share Repurchase Program


	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2022
(In thousands, except per share data)
Shares repurchased (1)	515		784
Total cost, including brokerage fees	$	22,474	$	37,670
Average repurchase price per share (2)	$	43.63	$	50.08

(1)All repurchased shares were retired and constitute authorized but unissued shares.

(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.

Stock Options

The following table summarizes the Company’s stock option activity:


	Stock Options
	Shares	Weighted-Average Exercise Price
Outstanding at January 1, 2023	2,071,994	$	11.35
Granted	—	$	—
Exercised	(41,140)	$	16.37
Cancelled	—	$	—
Expired	—	$	—
Outstanding at June 30, 2023	2,030,854	$	11.25
Exercisable at June 30, 2023	2,030,854	$	11.25

Restricted Stock Units

The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):


	RSUs			PSUs
	Shares	Weighted-Average Grant Date Fair Value		Shares (1)		Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	547,671	$	26.09	1,076,159	(2)	$	17.17
Granted	159,043	$	42.17	114,898	(1)	$	41.92
Vested	(285,179)	$	22.79	(733,574)	(3)	$	8.86
Cancelled	—	$	—	(8,699)	(4)	$	53.51
Outstanding at June 30, 2023	421,535	$	34.38	448,784		$	36.40

(2) Includes PSUs granted in March 2020 and March 2021 at 200% of the target and PSUs granted in March 2022 at target.

(3) Represents PSUs granted in March 2020 that vested in March 2023 at 200% of the target PSUs.

Income Tax	6 Months Ended
Income Tax	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The Company’s effective income tax rates were 25.7% and 22.7% for the three and six months ended June 30, 2023, respectively, and 26.3% and (23.5)% for the three and six months ended June 30, 2022, respectively. The Company recorded income tax expense of $4.2 million and $7.0 million for the three and six months ended June 30, 2023, respectively. The Company recorded income tax expense of $7.6 million for the three months ended June 30, 2022 and income tax benefit of $10.9 million for the six months ended June 30, 2022. The Company performs a continuing evaluation of its deferred tax asset valuation allowance on a quarterly basis. During the three months ended March 31, 2022, the Company concluded that it was more likely than not that the Company would generate sufficient taxable income within the applicable net operating loss carry-forward periods to realize a portion of its deferred tax assets, which resulted in a partial reversal of the deferred tax asset valuation allowance in that period. The partial reversal of the deferred tax asset valuation allowance during the three months ended March 31, 2022 resulted in the negative effective income tax rate and income tax benefit for the six months ended June 30, 2022. The effective income tax rate and the income tax expense for the three and six months ended June 30, 2023 differed from the federal tax rate of 21% primarily due to the limitation on tax deductions for executive compensation in excess of $1 million under Section 162(m) of the Internal Revenue Code. As of June 30, 2023, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS. As of June 30, 2023 and December 31, 2022, the Company had no material uncertain tax positions.

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Financial Instruments

The carrying values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short duration of these financial instruments.

The following table summarizes the fair value measurement of the Company’s long-term debt:


	June 30, 2023
(In thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy
Term Loan B	$	175,000	$	175,438	Level 2
Term Loan B-1	400,000		400,000		Level 2
2026 Unsecured Notes	335,461		335,998		Level 2
Finance lease liabilities	1,925		1,925		Level 3
Notes payable	969		969		Level 3
Total debt	$	913,355	$	914,330


	December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy
Term Loan B	$	575,000	$	575,000	Level 2
2026 Unsecured Notes	335,461		330,630		Level 2
Finance lease liabilities	2,157		2,157		Level 3
Notes payable	90		90		Level 3
Total debt	$	912,708	$	907,877

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Participation Agreements The Company enters into certain slot placement contracts in the form of participation agreements. Under participation agreements, the Company and the business location each hold a state issued gaming license in order to be able to receive a percentage of gaming revenue earned on the Company’s slot machines. The business location retains a percentage of the gaming revenue generated from the Company’s slot machines. The Company is considered to be the principal in these arrangements and therefore, records its share of revenue generated under participation agreements on a gross basis with the business location’s share of revenue recorded as gaming expenses. The aggregate contingent payments recognized by the Company as gaming expenses under participation agreements were $52.9 million and $106.2 million for the three and six months ended June 30, 2023, respectively, and $55.2 million and $108.0 million for the three and six months ended June 30, 2022, respectively. Legal Matters and Other From time to time, the Company is involved in a variety of lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of business, including proceedings concerning labor and employment matters, personal injury claims, breach of contract claims, commercial disputes, business practices, intellectual property, tax and other matters for which the Company records reserves. Although lawsuits, claims, investigations and other legal proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its currently pending matters should not have a material adverse effect on its business, financial condition, results of operations or liquidity. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect the Company’s business, financial condition, results of operations or liquidity in a particular period. During the three months ended June 30, 2023, the Company received $8.1 million related to the sale of certain of its business interruption claims and incurred $2.4 million in fees related to this matter. The proceeds from the sale were included in other revenue and the fees were included in selling, general and administrative expenses in the Company’s statement of operations.

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

The Company conducts its business through five reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, Nevada Taverns, and Distributed Gaming.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Revenues
Nevada Casino Resorts
Gaming	$	38,625	$	46,114	$	80,918	$	90,344
Food and beverage	24,473		23,123		48,704		44,507
Rooms	26,353		28,573		52,563		50,602
Other	13,111		9,688		20,553		18,480
Nevada Casino Resorts revenues	$	102,562	$	107,498	$	202,738	$	203,933
Nevada Locals Casinos
Gaming	$	28,796	$	29,048	$	58,445	$	58,429
Food and beverage	6,564		6,301		13,255		12,480
Rooms	2,416		2,529		5,238		4,773
Other	2,053		1,907		4,129		3,992
Nevada Locals Casinos revenues	$	39,829	$	39,785	$	81,067	$	79,674
Maryland Casino Resort
Gaming	$	14,421	$	15,456	$	28,935	$	29,913
Food and beverage	2,348		2,222		4,214		3,870
Rooms	2,149		2,072		3,694		3,545
Other	687		796		890		1,110
Maryland Casino Resort revenues	$	19,605	$	20,546	$	37,733	$	38,438
Nevada Taverns
Gaming	$	13,187	$	14,289	$	26,212	$	28,611
Food and beverage	12,962		12,630		26,267		25,683
Other	1,170		1,225		2,433		2,304
Nevada Taverns revenue	$	27,319	$	28,144	$	54,912	$	56,598
Distributed Gaming
Gaming	$	87,326	$	91,772	$	175,932	$	180,169
Food and beverage	187		175		365		367
Other	1,571		1,278		3,188		3,457
Distributed Gaming revenues	$	89,084	$	93,225	$	179,485	$	183,993
Corporate and other	8,282		174		8,797		380
Total revenues	$	286,681	$	289,372	$	564,732	$	563,016


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Adjusted EBITDA
Nevada Casino Resorts	$	28,044	$	38,892	$	59,755	$	72,467
Nevada Locals Casinos	19,471		19,795		39,631		39,833
Maryland Casino Resort	5,898		7,242		11,026		12,814
Nevada Taverns	8,450		10,654		16,988		21,430
Distributed Gaming	9,950		11,540		19,734		22,817
Corporate and other	(13,403)		(13,107)		(26,557)		(27,020)
Total Adjusted EBITDA	58,410		75,016		120,577		142,341
Adjustments
Depreciation and amortization	(21,454)		(25,332)		(44,962)		(51,608)
Non-cash lease expense	9		(230)		(24)		(411)
Share-based compensation	(3,288)		(3,311)		(7,181)		(6,983)
Gain (loss) on disposal of assets	34		(710)		120		(669)
Loss on debt extinguishment and modification	(405)		(1,073)		(405)		(1,254)
Preopening and related expenses (1)	(141)		(4)		(525)		(59)
Other, net	2,168		(838)		383		(5,134)
Interest expense, net	(18,803)		(14,738)		(37,039)		(29,856)
Income tax (provision) benefit	(4,248)		(7,560)		(7,032)		10,919
Net Income	$	12,282	$	21,220	$	23,912	$	57,286

Assets

The Company’s assets by reportable segment consisted of the following amounts:


(In thousands)	Nevada Casino Resorts		Nevada Locals Casinos		Maryland Casino Resort		Nevada Taverns		Distributed Gaming		Corporate and Other		Consolidated
Balance at June 30, 2023	$	780,041	$	159,834	$	41,236	$	134,849	$	248,574	$	129,712	$	1,494,246

Balance at December 31, 2022	$	784,242	$	164,580	$	39,562	$	145,065	$	258,260	$	116,961	$	1,508,670

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In November 2018, the Company entered into a lease agreement for office space in a building adjacent to the Company’s office headquarters building to be constructed and owned by a company 33% beneficially owned by Mr. Sartini, 3% beneficially owned by Mr. Arcana, and 1.67% beneficially owned by each of Mr. Sartini’s three children (including Blake L. Sartini II). Mr. Sartini serves as the Chairman of the Board and Chief Executive Officer of the Company and is co-trustee of The Blake L. Sartini and Delise F. Sartini Family Trust, which is a significant shareholder of the Company. Mr. Arcana serves as the Executive Vice President and Chief Operating Officer of the Company. The lease commenced in August 2020 and expires on December 31, 2030. The rent expense for the space was $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $0.1 million for each of the three and six months ended June 30, 2022. Additionally, the lease agreement includes a right of first refusal for additional space on the second floor of the building. A portion of the Company’s office headquarters building is sublet to Sartini Enterprises, Inc., a company controlled by Mr. Sartini. Rental income for each of the three and six months ended June 30, 2023 and 2022 for the sublet portion of the office headquarters building was less than $0.1 million. No amount was owed to the Company under such sublease as of June 30, 2023 and December 31, 2022. From time to time, the Company’s executive officers and employees use a private aircraft leased to Sartini Enterprises, Inc. for Company business purposes pursuant to aircraft time-sharing, co-user and cost-sharing agreements between the Company and Sartini Enterprises, Inc., all of which have been approved by the Audit Committee of the Board of Directors. The aircraft time-sharing, co-user and cost-sharing agreements specify the maximum expense reimbursement that Sartini Enterprises, Inc. can charge the Company under the applicable regulations of the Federal Aviation Administration for the use of the aircraft and the flight crew. Such costs include fuel, landing fees, hangar and tie-down costs away from the aircraft’s operating base, flight planning and weather contract services, crew costs and other related expenses. In addition, the Company and Sartini Enterprises, Inc. participate in certain cost-sharing arrangements. The Company’s compliance department reviews the cost-sharing agreements and reimbursements on a regular basis. The Company incurred less than $0.1 million under the aircraft time-sharing, co-user and various cost-sharing agreements with Sartini Enterprises, Inc. for each of the three months ended June 30, 2023 and 2022. The Company incurred $0.1 million and $0.4 million under such agreements for the six months ended June 30, 2023 and 2022, respectively. The Company is owed $0.3 million under such agreements as of June 30, 2023 and the Company owed $0.1 million under such agreements as of December 31, 2022. During the three months ended June 30, 2022, the Company repurchased 210,000 shares of its common stock from Anthony A. Marnell III, an independent non-employee member of the Company’s Board of Directors, pursuant to its share repurchase program at a price of $42.61 per share, resulting in a charge to accumulated deficit of $8.9 million. This transaction was approved by the Audit Committee of the Board of Directors prior to being executed.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company’s management evaluates subsequent events through the date of issuance of the consolidated financial statements. On July 25, 2023, the Company closed the Rocky Gap Transactions for aggregate cash consideration of $260 million, subject to adjustments, and incurred $0.3 million in transactions costs since the announcement of the sale, which were recorded in selling, general and administrative expenses during the fourth quarter of 2022 and for the six months ended June 30, 2023. In July 2023, the Company incurred an additional $8.0 million in transaction costs, $1.9 million of which were paid upon closing. The Company used a portion of the net cash proceeds from the sale of Rocky Gap to repay in full and discharge the Term Loan B under the Credit Facility. The Company’s $400 million Term Loan B-1 and undrawn $240 million Revolving Credit Facility remain outstanding. On July 27, 2023, the Board of Directors re-authorized the Company’s share repurchase program as discussed in “Note 7 — Shareholders ’ Equity and Stock Incentive Plans” and authorized a one-time dividend as discussed in “Liquidity and Capital Resources” in Part I, item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations. There were no additional subsequent events that occurred after June 30, 2023 but prior to the date of issuance of the consolidated financial statements that would require adjustment to or disclosure in the consolidated financial statements as of and for the three and six months ended June 30, 2023.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 12,282	$ 11,630	$ 21,220	$ 36,066	$ 23,912	$ 57,286

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
Nature of Business and Basis of Presentation (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) has been condensed and/or omitted. For further information, refer to the audited consolidated financial statements of the Company for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable. These reclassifications had no effect on previously reported net income.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents include cash on hand and in banks and highly liquid investments with original maturities of three months or less. As of June 30, 2023, the Company had $165.5 million in cash and cash equivalents, which included $44.7 million of cash and cash equivalents related to assets held for sale. Although cash and cash equivalents balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits.
Net Income Per Share	Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. In the event of a net loss, diluted shares are not considered because of their anti-dilutive effect. For the three and six months ended June 30, 2023, diluted net income per share excluded the weighted average effect of 74,231 and 4,408 shares of common stock, respectively, related to time-based and performance-based restricted stock units due to such shares being anti-dilutive. No shares of common stock related to time-based and performance-based restricted stock units were anti-dilutive for the three and six months ended June 30, 2022.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Accounting Standards Issued and Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU improves the accounting for revenue contracts with customers acquired in a business combination by addressing diversity in practice and inconsistency related to recognition of contract assets and liabilities acquired in a business combination. The provisions of this ASU require that an acquiring entity account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. The Company adopted the standard effective January 1, 2023, and the adoption did not have a material impact on the Company’s financial statements or disclosures. Management does not believe that any other recently issued accounting standards that are not yet effective are likely to have a material impact on the Company’s financial statements.

Nature of Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Operating Segments

Each reportable segment is comprised of the following properties and operations:


Reportable Segment						Location
Nevada Casino Resorts
The STRAT Hotel, Casino & SkyPod (“The STRAT”)						Las Vegas, Nevada
Aquarius Casino Resort (“Aquarius”)						Laughlin, Nevada
Edgewater Casino Resort (“Edgewater”)						Laughlin, Nevada
Nevada Locals Casinos
Arizona Charlie’s Boulder						Las Vegas, Nevada
Arizona Charlie’s Decatur						Las Vegas, Nevada
Gold Town Casino						Pahrump, Nevada
Lakeside Casino & RV Park						Pahrump, Nevada
Pahrump Nugget Hotel Casino (“Pahrump Nugget”)						Pahrump, Nevada
Maryland Casino Resort
Rocky Gap Casino Resort (“Rocky Gap”) (1)						Flintstone, Maryland
Nevada Taverns
65 branded tavern locations						Nevada
Distributed Gaming
Nevada distributed gaming						Nevada
Montana distributed gaming						Montana

Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets Held for Sale

The carrying amounts of the assets and liabilities held for sale in the Rocky Gap Transactions and Distributed Gaming Transactions consisted of the following:


	June 30, 2023
(In thousands)	Maryland Casino Resort		Distributed Gaming		Total
ASSETS
Current assets
Cash and cash equivalents	$	6,297	$	38,398	$	44,695
Accounts receivables, net	2,027		3,053		5,080
Prepaid expenses	605		1,795		2,400
Inventories	760		—		760
Other	60		2,442		2,502
Total current assets held for sale	9,749		45,688		55,437
Property and equipment, net	24,441		33,868		58,309
Operating lease right-of-use assets, net	5,980		46,326		52,306
Goodwill	—		77,645		77,645
Intangible assets, net	1,064		38,506		39,570
Other assets	2		6,541		6,543
Total assets held for sale	$	41,236	$	248,574	$	289,810
LIABILITIES
Current liabilities
Current portion of long-term debt and finance leases	$	105	$	2,433	$	2,538
Current portion of operating leases	436		24,203		24,639
Accounts payable	1,585		3,630		5,215
Accrued payroll and related	923		1,370		2,293
Other accrued liabilities	2,631		4,758		7,389
Total current liabilities related to assets held for sale	5,680		36,394		42,074
Non-current finance leases	153		—		153
Non-current operating leases	5,206		22,433		27,639
Other long-term obligations	—		66		66
Total liabilities related to assets held for sale	$	11,039	$	58,893	$	69,932

Revenues and pretax income generated by the assets held for sale were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Maryland Casino Resort
Revenues	$	19,605	$	20,546	$	37,733	$	38,438
Pretax income	5,693		6,049		10,810		10,537
Distributed Gaming
Revenues	$	89,084	$	93,225	$	179,485	$	183,993
Pretax income	9,400		8,191		16,943		16,555

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment

Property and equipment, net, consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Land	$	125,240	$	125,240
Building and improvements	951,191		923,157
Furniture and equipment	187,550		244,735
Construction in process	16,294		23,224
Property and equipment	1,280,275		1,316,356
Accumulated depreciation	(465,036)		(475,625)
Property and equipment, net	$	815,239	$	840,731

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Activity by Reportable Segment

The following table summarizes goodwill balances by reportable segment:


(In thousands)	Nevada Casino Resorts		Nevada Locals Casinos		Maryland Casino Resort		Nevada Taverns		Distributed Gaming		Total Goodwill
Balance, December 31, 2022	$	22,105	$	38,187	$	—	$	20,459	$	77,645	$	158,396
Balance, June 30, 2023	$	22,105	$	38,187	$	—	$	20,459	$	—	$	80,751

Schedule of Finite-Lived Intangible Assets

Intangible assets, net, consisted of the following:


	June 30, 2023
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Player relationships	2-14	42,990		(40,777)		—		2,213
Non-compete agreements	2-5	3,957		(3,594)		—		363
Other	4-25	45		(45)		—		—
		46,992		(44,416)		—		2,576
Balance, June 30, 2023		$	100,682	$	(44,416)	$	(6,890)	$	49,376


	December 31, 2022
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Customer relationships	4-16	81,105		(41,743)		—		39,362
Player relationships	2-14	42,990		(40,455)		—		2,535
Non-compete agreements	2-5	9,840		(9,114)		—		726
Other	4-25	1,366		(1,237)		—		129
		135,301		(92,549)		—		42,752
Balance, December 31, 2022		$	188,991	$	(92,549)	$	(6,890)	$	89,552

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net, consisted of the following:


	June 30, 2023
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Player relationships	2-14	42,990		(40,777)		—		2,213
Non-compete agreements	2-5	3,957		(3,594)		—		363
Other	4-25	45		(45)		—		—
		46,992		(44,416)		—		2,576
Balance, June 30, 2023		$	100,682	$	(44,416)	$	(6,890)	$	49,376


	December 31, 2022
(In thousands)	Useful Life (Years)	Gross Carrying Value		Cumulative Amortization		Cumulative Impairment		Intangible Assets, Net
Indefinite-lived intangible assets
Trade names	Indefinite	$	53,690	$	—	$	(6,890)	$	46,800
		53,690		—		(6,890)		46,800
Amortizing intangible assets
Customer relationships	4-16	81,105		(41,743)		—		39,362
Player relationships	2-14	42,990		(40,455)		—		2,535
Non-compete agreements	2-5	9,840		(9,114)		—		726
Other	4-25	1,366		(1,237)		—		129
		135,301		(92,549)		—		42,752
Balance, December 31, 2022		$	188,991	$	(92,549)	$	(6,890)	$	89,552

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Gaming liabilities	$	10,398	$	10,952
Interest	5,890		6,036
Accrued taxes, other than income taxes	4,896		9,291
Other accrued liabilities	5,419		5,027
Deposits	2,229		2,059
Total current accrued liabilities	$	28,832	$	33,365

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt, net, consisted of the following:


(In thousands)	June 30, 2023		December 31, 2022
Term Loan B	$	175,000	$	575,000
Term Loan B-1	400,000		—
2026 Unsecured Notes	335,461		335,461
Finance lease liabilities	1,925		2,157
Notes payable	969		90
Total long-term debt and finance leases	913,355		912,708
Unamortized discount	(9,167)		(7,899)
Unamortized debt issuance costs	(7,290)		(3,790)
Total long-term debt and finance leases after debt issuance costs and discount	896,898		901,019
Current portion of long-term debt and finance leases	(1,296)		(555)
Long-term debt, net and finance leases	$	895,602	$	900,464

Shareholders’ Equity and Stock Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share Repurchase Activity

The following table includes the Company’s share repurchase activity for the three and six months ended June 30, 2022:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2022
(In thousands, except per share data)
Shares repurchased (1)	515		784
Total cost, including brokerage fees	$	22,474	$	37,670
Average repurchase price per share (2)	$	43.63	$	50.08

(1)All repurchased shares were retired and constitute authorized but unissued shares.

(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity:


	Stock Options
	Shares	Weighted-Average Exercise Price
Outstanding at January 1, 2023	2,071,994	$	11.35
Granted	—	$	—
Exercised	(41,140)	$	16.37
Cancelled	—	$	—
Expired	—	$	—
Outstanding at June 30, 2023	2,030,854	$	11.25
Exercisable at June 30, 2023	2,030,854	$	11.25

Schedule of Activity Related To Time-based Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)

The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):


	RSUs			PSUs
	Shares	Weighted-Average Grant Date Fair Value		Shares (1)		Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	547,671	$	26.09	1,076,159	(2)	$	17.17
Granted	159,043	$	42.17	114,898	(1)	$	41.92
Vested	(285,179)	$	22.79	(733,574)	(3)	$	8.86
Cancelled	—	$	—	(8,699)	(4)	$	53.51
Outstanding at June 30, 2023	421,535	$	34.38	448,784		$	36.40

(2) Includes PSUs granted in March 2020 and March 2021 at 200% of the target and PSUs granted in March 2022 at target.

(3) Represents PSUs granted in March 2020 that vested in March 2023 at 200% of the target PSUs.

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement of Long-term Debt

The following table summarizes the fair value measurement of the Company’s long-term debt:


	June 30, 2023
(In thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy
Term Loan B	$	175,000	$	175,438	Level 2
Term Loan B-1	400,000		400,000		Level 2
2026 Unsecured Notes	335,461		335,998		Level 2
Finance lease liabilities	1,925		1,925		Level 3
Notes payable	969		969		Level 3
Total debt	$	913,355	$	914,330


	December 31, 2022
(In thousands)	Carrying Amount		Fair Value		Fair Value Hierarchy
Term Loan B	$	575,000	$	575,000	Level 2
2026 Unsecured Notes	335,461		330,630		Level 2
Finance lease liabilities	2,157		2,157		Level 3
Notes payable	90		90		Level 3
Total debt	$	912,708	$	907,877

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Revenues
Nevada Casino Resorts
Gaming	$	38,625	$	46,114	$	80,918	$	90,344
Food and beverage	24,473		23,123		48,704		44,507
Rooms	26,353		28,573		52,563		50,602
Other	13,111		9,688		20,553		18,480
Nevada Casino Resorts revenues	$	102,562	$	107,498	$	202,738	$	203,933
Nevada Locals Casinos
Gaming	$	28,796	$	29,048	$	58,445	$	58,429
Food and beverage	6,564		6,301		13,255		12,480
Rooms	2,416		2,529		5,238		4,773
Other	2,053		1,907		4,129		3,992
Nevada Locals Casinos revenues	$	39,829	$	39,785	$	81,067	$	79,674
Maryland Casino Resort
Gaming	$	14,421	$	15,456	$	28,935	$	29,913
Food and beverage	2,348		2,222		4,214		3,870
Rooms	2,149		2,072		3,694		3,545
Other	687		796		890		1,110
Maryland Casino Resort revenues	$	19,605	$	20,546	$	37,733	$	38,438
Nevada Taverns
Gaming	$	13,187	$	14,289	$	26,212	$	28,611
Food and beverage	12,962		12,630		26,267		25,683
Other	1,170		1,225		2,433		2,304
Nevada Taverns revenue	$	27,319	$	28,144	$	54,912	$	56,598
Distributed Gaming
Gaming	$	87,326	$	91,772	$	175,932	$	180,169
Food and beverage	187		175		365		367
Other	1,571		1,278		3,188		3,457
Distributed Gaming revenues	$	89,084	$	93,225	$	179,485	$	183,993
Corporate and other	8,282		174		8,797		380
Total revenues	$	286,681	$	289,372	$	564,732	$	563,016


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Adjusted EBITDA
Nevada Casino Resorts	$	28,044	$	38,892	$	59,755	$	72,467
Nevada Locals Casinos	19,471		19,795		39,631		39,833
Maryland Casino Resort	5,898		7,242		11,026		12,814
Nevada Taverns	8,450		10,654		16,988		21,430
Distributed Gaming	9,950		11,540		19,734		22,817
Corporate and other	(13,403)		(13,107)		(26,557)		(27,020)
Total Adjusted EBITDA	58,410		75,016		120,577		142,341
Adjustments
Depreciation and amortization	(21,454)		(25,332)		(44,962)		(51,608)
Non-cash lease expense	9		(230)		(24)		(411)
Share-based compensation	(3,288)		(3,311)		(7,181)		(6,983)
Gain (loss) on disposal of assets	34		(710)		120		(669)
Loss on debt extinguishment and modification	(405)		(1,073)		(405)		(1,254)
Preopening and related expenses (1)	(141)		(4)		(525)		(59)
Other, net	2,168		(838)		383		(5,134)
Interest expense, net	(18,803)		(14,738)		(37,039)		(29,856)
Income tax (provision) benefit	(4,248)		(7,560)		(7,032)		10,919
Net Income	$	12,282	$	21,220	$	23,912	$	57,286

The Company’s assets by reportable segment consisted of the following amounts:


(In thousands)	Nevada Casino Resorts		Nevada Locals Casinos		Maryland Casino Resort		Nevada Taverns		Distributed Gaming		Corporate and Other		Consolidated
Balance at June 30, 2023	$	780,041	$	159,834	$	41,236	$	134,849	$	248,574	$	129,712	$	1,494,246

Balance at December 31, 2022	$	784,242	$	164,580	$	39,562	$	145,065	$	258,260	$	116,961	$	1,508,670

Nature of Business and Basis of Presentation - Additional Information (Details)			3 Months Ended		6 Months Ended
	Jul. 25, 2023 USD ($)	Mar. 03, 2023 USD ($)	Jun. 30, 2023 USD ($) location property shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) segment location property shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Nature Of Business And Basis Of Presentation [Line Items]
Number of reportable segments \| segment					5
Cash and cash equivalents			$ 165,518,000	$ 179,163,000	$ 165,518,000	$ 179,163,000	$ 142,034,000	$ 220,540,000
Cash and cash equivalents included in assets held for sale			$ 44,695,000	$ 0	$ 44,695,000	$ 0
Anti-dilutive potential common share equivalents excluded (in shares) \| shares			74,231	0	4,408	0
Rocky Gap Property \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Subsequent Event
Nature Of Business And Basis Of Presentation [Line Items]
Aggregate consideration	$ 260,000,000
Rocky Gap Property \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Century Casinos, Inc. \| Subsequent Event
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses	56,100,000
Rocky Gap Property \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| VICI Properties, L.P. \| Subsequent Event
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses	$ 203,900,000
Distributed Gaming \| Disposal Group, Held-for-sale, Not Discontinued Operations
Nature Of Business And Basis Of Presentation [Line Items]
Aggregate consideration		$ 322,500,000
Nevada and Maryland
Nature Of Business And Basis Of Presentation [Line Items]
Number of resort casino properties \| property			8		8
Nevada \| Nevada Taverns
Nature Of Business And Basis Of Presentation [Line Items]
Number of tavern locations \| location			65		65
Nevada \| Distributed Gaming \| Disposal Group, Held-for-sale, Not Discontinued Operations \| J&J Gaming
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses		213,500,000
Montana \| Distributed Gaming \| Disposal Group, Held-for-sale, Not Discontinued Operations \| J&J Gaming
Nature Of Business And Basis Of Presentation [Line Items]
Proceeds from divestiture of businesses		$ 109,000,000

Assets Held for Sale - Additional Information (Details) - Subsequent Event - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Rocky Gap Property - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jul. 25, 2023	Jul. 31, 2023	Jul. 25, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transactions costs		$ 8.0	$ 0.3
Payment for transactions costs	$ 1.9

Assets Held for Sale - Schedule of Components of Assets and Liabilities Held for Sate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Current assets
Total current assets held for sale	$ 289,810		$ 289,810		$ 39,562
Current liabilities
Total current liabilities related to assets held for sale	69,932		69,932		$ 10,187
Disposal Group, Held-for-sale, Not Discontinued Operations
Current assets
Cash and cash equivalents	44,695		44,695
Accounts receivables, net	5,080		5,080
Prepaid expenses	2,400		2,400
Inventories	760		760
Other	2,502		2,502
Total current assets held for sale	55,437		55,437
Property and equipment, net	58,309		58,309
Operating lease right-of-use assets, net	52,306		52,306
Goodwill	77,645		77,645
Intangible assets, net	39,570		39,570
Other assets	6,543		6,543
Total assets held for sale	289,810		289,810
Current liabilities
Current portion of long-term debt and finance leases	2,538		2,538
Current portion of operating leases	24,639		24,639
Accounts payable	5,215		5,215
Accrued payroll and related	2,293		2,293
Other accrued liabilities	7,389		7,389
Total current liabilities related to assets held for sale	42,074		42,074
Non-current finance leases	153		153
Non-current operating leases	27,639		27,639
Other long-term obligations	66		66
Total liabilities related to assets held for sale	69,932		69,932
Disposal Group, Held-for-sale, Not Discontinued Operations \| Maryland Casino Resort
Current assets
Cash and cash equivalents	6,297		6,297
Accounts receivables, net	2,027		2,027
Prepaid expenses	605		605
Inventories	760		760
Other	60		60
Total current assets held for sale	9,749		9,749
Property and equipment, net	24,441		24,441
Operating lease right-of-use assets, net	5,980		5,980
Goodwill	0		0
Intangible assets, net	1,064		1,064
Other assets	2		2
Total assets held for sale	41,236		41,236
Current liabilities
Current portion of long-term debt and finance leases	105		105
Current portion of operating leases	436		436
Accounts payable	1,585		1,585
Accrued payroll and related	923		923
Other accrued liabilities	2,631		2,631
Total current liabilities related to assets held for sale	5,680		5,680
Non-current finance leases	153		153
Non-current operating leases	5,206		5,206
Other long-term obligations	0		0
Total liabilities related to assets held for sale	11,039		11,039
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	19,605	$ 20,546	37,733	$ 38,438
Pretax income	5,693	6,049	10,810	10,537
Disposal Group, Held-for-sale, Not Discontinued Operations \| Distributed Gaming
Current assets
Cash and cash equivalents	38,398		38,398
Accounts receivables, net	3,053		3,053
Prepaid expenses	1,795		1,795
Inventories	0		0
Other	2,442		2,442
Total current assets held for sale	45,688		45,688
Property and equipment, net	33,868		33,868
Operating lease right-of-use assets, net	46,326		46,326
Goodwill	77,645		77,645
Intangible assets, net	38,506		38,506
Other assets	6,541		6,541
Total assets held for sale	248,574		248,574
Current liabilities
Current portion of long-term debt and finance leases	2,433		2,433
Current portion of operating leases	24,203		24,203
Accounts payable	3,630		3,630
Accrued payroll and related	1,370		1,370
Other accrued liabilities	4,758		4,758
Total current liabilities related to assets held for sale	36,394		36,394
Non-current finance leases	0		0
Non-current operating leases	22,433		22,433
Other long-term obligations	66		66
Total liabilities related to assets held for sale	58,893		58,893
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	89,084	93,225	179,485	183,993
Pretax income	$ 9,400	$ 8,191	$ 16,943	$ 16,555

Property and Equipment - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 125,240	$ 125,240
Building and improvements	951,191	923,157
Furniture and equipment	187,550	244,735
Construction in process	16,294	23,224
Property and equipment	1,280,275	1,316,356
Accumulated depreciation	(465,036)	(475,625)
Property and equipment, net	$ 815,239	$ 840,731

Property and Equipment - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 21,100,000	$ 23,400,000	$ 43,300,000	$ 47,800,000
Impairment on goodwill and intangible assets	$ 0	$ 0	$ 0	$ 0

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment on goodwill and intangible assets	$ 0	$ 0	$ 0	$ 0
Amortization of intangible assets	$ 400,000	$ 1,900,000	$ 1,700,000	$ 3,800,000

Goodwill and Intangible Assets - Schedule of Goodwill Activity by Reportable Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 80,751	$ 158,396
Nevada Casino Resorts
Goodwill [Line Items]
Goodwill	22,105	22,105
Nevada Locals Casinos
Goodwill [Line Items]
Goodwill	38,187	38,187
Maryland Casino Resort
Goodwill [Line Items]
Goodwill	0	0
Nevada Taverns
Goodwill [Line Items]
Goodwill	20,459	20,459
Distributed Gaming
Goodwill [Line Items]
Goodwill	$ 0	$ 77,645

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Indefinite-lived intangible assets
Gross Carrying Value	$ 53,690	$ 53,690
Cumulative Impairment	(6,890)	(6,890)
Intangible Assets, Net	46,800	46,800
Amortizing intangible assets
Gross Carrying Value	46,992	135,301
Cumulative Amortization	(44,416)	(92,549)
Intangible Assets, Net	2,576	42,752
Gross Carrying Value	100,682	188,991
Intangible Assets, Net	49,376	89,552
Customer relationships
Amortizing intangible assets
Gross Carrying Value		81,105
Cumulative Amortization		(41,743)
Intangible Assets, Net		$ 39,362
Customer relationships \| Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)		4 years
Customer relationships \| Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)		16 years
Player relationships
Amortizing intangible assets
Gross Carrying Value	42,990	$ 42,990
Cumulative Amortization	(40,777)	(40,455)
Intangible Assets, Net	$ 2,213	$ 2,535
Player relationships \| Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)	2 years	2 years
Player relationships \| Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)	14 years	14 years
Non-compete agreements
Amortizing intangible assets
Gross Carrying Value	$ 3,957	$ 9,840
Cumulative Amortization	(3,594)	(9,114)
Intangible Assets, Net	$ 363	$ 726
Non-compete agreements \| Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)	2 years	2 years
Non-compete agreements \| Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)	5 years	5 years
Other
Amortizing intangible assets
Gross Carrying Value	$ 45	$ 1,366
Cumulative Amortization	(45)	(1,237)
Intangible Assets, Net	$ 0	$ 129
Other \| Minimum
Amortizing intangible assets
Intangible assets, useful life (in years)	4 years	4 years
Other \| Maximum
Amortizing intangible assets
Intangible assets, useful life (in years)	25 years	25 years
Trade names
Indefinite-lived intangible assets
Gross Carrying Value	$ 53,690	$ 53,690
Cumulative Impairment	(6,890)	(6,890)
Intangible Assets, Net	$ 46,800	$ 46,800

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Gaming liabilities	$ 10,398	$ 10,952
Interest	5,890	6,036
Accrued taxes, other than income taxes	4,896	9,291
Other accrued liabilities	5,419	5,027
Deposits	2,229	2,059
Total current accrued liabilities	$ 28,832	$ 33,365

Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2026 Unsecured Notes	$ 335,461,000	$ 335,461,000
Finance lease liabilities	1,925,000	2,157,000
Notes payable	969,000	90,000
Total long-term debt and finance leases	913,355,000	912,708,000
Unamortized discount	(9,167,000)	(7,899,000)
Unamortized debt issuance costs	(7,290,000)	(3,790,000)
Total long-term debt and finance leases after debt issuance costs and discount	896,898,000	901,019,000
Current portion of long-term debt and finance leases	(1,296,000)	(555,000)
Long-term debt, net and finance leases	895,602,000	900,464,000
Term Loan B
Debt Instrument [Line Items]
Term loan	175,000,000	575,000,000
Term Loan B-1
Debt Instrument [Line Items]
Term loan	$ 400,000,000	$ 0

Long-Term Debt - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	May 26, 2023	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Oct. 12, 2021	Apr. 15, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2017
Debt Instrument [Line Items]
Debt fees			$ 7,290,000		$ 7,290,000	$ 3,790,000
Loss on debt extinguishment and modification			405,000	$ 1,073,000	405,000		$ 1,254,000
Letters of credit outstanding			0		0
Repurchases of senior notes					0		37,539,000
2026 Unsecured Notes			$ 335,461,000		$ 335,461,000	335,461,000
Senior Secured First Lien Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount										$ 1,000,000,000		$ 900,000,000
Debt fees	$ 10,000,000
Loss on debt extinguishment and modification	400,000
Debt issuance costs	8,000,000
Debt instrument, interest rate during period			7.97%		7.75%
Senior Secured First Lien Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 240,000,000		$ 200,000,000	$ 100,000,000	100,000,000
Revolving credit facility			$ 0		$ 0
Line of credit facility, maximum amount outstanding during period					240,000,000
Senior Secured First Lien Credit Facility \| Revolving Credit Facility \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, floor rate		1.00%
Senior Secured First Lien Credit Facility \| Revolving Credit Facility \| Minimum \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Senior Secured First Lien Credit Facility \| Revolving Credit Facility \| Maximum \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Senior Secured First Lien Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, credit spread adjustment		0.10%
Senior Secured First Lien Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Senior Secured First Lien Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.50%
Senior Secured First Lien Credit Facility, Term Loan B
Debt Instrument [Line Items]
Debt instrument, face amount												$ 800,000,000
Loss on debt extinguishment and modification							200,000
Term loan			175,000,000		175,000,000	575,000,000
Senior Secured First Lien Credit Facility, Term Loan B \| Base Rate
Debt Instrument [Line Items]
Debt instrument, floor rate		1.75%
Debt instrument, basis spread on variable rate		2.00%
Senior Secured First Lien Credit Facility, Term Loan B \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, floor rate		0.75%
Debt instrument, basis spread on variable rate		3.00%
Senior Secured First Lien Credit Facility, Term Loan B \| Secured Overnight Financing Rate (SOFR) \| Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, floor rate		0.50%
Debt instrument, basis spread on variable rate		2.75%
Senior Secured First Lien Credit Facility, Term Loan B-1
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Term loan			$ 400,000,000		$ 400,000,000	0
Senior Secured First Lien Credit Facility, Term Loan B-1 \| Base Rate \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, floor rate		1.50%
Debt instrument, basis spread on variable rate		1.75%
Senior Secured First Lien Credit Facility, Term Loan B-1 \| Secured Overnight Financing Rate (SOFR) \| Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, credit spread adjustment		0.10%
Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Debt instrument, face amount									$ 375,000,000
Debt instrument interest stated percentage	7.625%								7.625%
Loss on debt extinguishment and modification				1,100,000
Repurchases of senior notes						$ 2,000,000	37,500,000
2026 Unsecured Notes				$ 335,500,000			$ 335,500,000

Shareholders’ Equity and Stock Incentive Plans - Additional Information (Details) - USD ($)		3 Months Ended			6 Months Ended		12 Months Ended
	Jan. 01, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 27, 2023	Nov. 01, 2022	Aug. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase, remaining authorized repurchase amount		$ 61,500,000			$ 61,500,000
Share-based compensation expense, net					$ 0	$ 0
Common stock available for grants of awards (in shares)		3,988,688			3,988,688
Number of shares available for grant annual increase (in shares)	1,127,160
Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net		$ 0		$ 0
Stock options, unrecognized share-based compensation expense		0		0	$ 0	0
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net		1,400,000		1,500,000	$ 2,900,000	3,100,000
Percentage of target number of PSU's eligible to vest at "maximum" performance level					200.00%
Unamortized share-based compensation expense		8,400,000		9,800,000	$ 8,400,000	$ 9,800,000
Share-based compensation expense not yet recognized, weighted-average period for recognition					1 year 4 months 24 days	2 years
PSUs \| Award Date, March 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level					200.00%
PSUs \| Award Date, March 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level					200.00%
PSUs \| Award Date, March 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level					200.00%
PSUs \| Award Date, March 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target number of PSU's eligible to vest at "maximum" performance level					89.60%
Actual number of PSUs granted to each recipient, eligible to vest (in shares)			74,880				83,579
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, net		1,900,000		1,800,000	$ 3,700,000	$ 3,300,000
Unamortized share-based compensation expense		$ 11,200,000		$ 11,800,000	$ 11,200,000	$ 11,800,000
Share-based compensation expense not yet recognized, weighted-average period for recognition					1 year 7 months 6 days	2 years
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock repurchase, authorized									$ 75,000,000	$ 50,000,000
Common stock \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock repurchase, authorized								$ 100,000,000

Shareholders’ Equity and Stock Incentive Plans - Schedule of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Shares repurchased (in shares)	515		784
Shares repurchased	$ 22,474	$ 15,196	$ 37,670
Average repurchase price per share (USD per share)	$ 43.63		$ 50.08

Shareholders’ Equity and Stock Incentive Plans - Schedule of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Shares
Outstanding, beginning of year (in shares) \| shares	2,071,994
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(41,140)
Cancelled (in shares) \| shares	0
Expired (in shares) \| shares	0
Outstanding, end of year (in shares) \| shares	2,030,854
Exercisable (in shares) \| shares	2,030,854
Weighted-Average Exercise Price
Outstanding, beginning of year (USD per share) \| $ / shares	$ 11.35
Granted (USD per share) \| $ / shares	0
Exercised (USD per share) \| $ / shares	16.37
Cancelled (USD per share) \| $ / shares	0
Expired (USD per share) \| $ / shares	0
Outstanding, end of year (USD per share) \| $ / shares	11.25
Exercisable (USD per share) \| $ / shares	$ 11.25

Shareholders’ Equity and Stock Incentive Plans - Schedule of Activity Related To Time-based Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
RSUs
Shares
Outstanding, beginning of year (in shares) \| shares	547,671
Granted (in shares) \| shares	159,043
Vested (in shares) \| shares	(285,179)
Cancelled (in shares) \| shares	0
Outstanding, end of year (in shares) \| shares	421,535
Weighted-Average Grant Date Fair Value
Outstanding, beginning of year (USD per share) \| $ / shares	$ 26.09
Granted (USD per share) \| $ / shares	42.17
Vested (USD per share) \| $ / shares	22.79
Cancelled (USD per share) \| $ / shares	0
Outstanding, end of year (USD per share) \| $ / shares	$ 34.38
PSUs
Shares
Outstanding, beginning of year (in shares) \| shares	1,076,159
Granted (in shares) \| shares	114,898
Vested (in shares) \| shares	(733,574)
Cancelled (in shares) \| shares	(8,699)
Outstanding, end of year (in shares) \| shares	448,784
Weighted-Average Grant Date Fair Value
Outstanding, beginning of year (USD per share) \| $ / shares	$ 17.17
Granted (USD per share) \| $ / shares	41.92
Vested (USD per share) \| $ / shares	8.86
Cancelled (USD per share) \| $ / shares	53.51
Outstanding, end of year (USD per share) \| $ / shares	$ 36.40

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	25.70%	26.30%	22.70%	(23.50%)
Income tax (provision) benefit	$ 4,248	$ 7,560	$ 7,032	$ (10,919)

Financial Instruments and Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2026 Unsecured Notes	$ 335,461,000	$ 335,461,000
Finance lease liabilities	1,925,000	2,157,000
Notes payable	969,000	90,000
Term Loan B
Debt Instrument [Line Items]
Term loan	175,000,000	575,000,000
Term Loan B-1
Debt Instrument [Line Items]
Term loan	400,000,000	0
Carrying Amount
Debt Instrument [Line Items]
Total debt	913,355,000	912,708,000
Carrying Amount \| Level 2
Debt Instrument [Line Items]
2026 Unsecured Notes	335,461,000	335,461,000
Carrying Amount \| Level 2 \| Term Loan B
Debt Instrument [Line Items]
Term loan	175,000,000	575,000,000
Carrying Amount \| Level 2 \| Term Loan B-1
Debt Instrument [Line Items]
Term loan	400,000,000
Carrying Amount \| Level 3
Debt Instrument [Line Items]
Finance lease liabilities	1,925,000	2,157,000
Notes payable	969,000	90,000
Fair Value
Debt Instrument [Line Items]
Total debt	914,330,000	907,877,000
Fair Value \| Level 2
Debt Instrument [Line Items]
2026 Unsecured Notes	335,998,000	330,630,000
Fair Value \| Level 2 \| Term Loan B
Debt Instrument [Line Items]
Term loan	175,438,000	575,000,000
Fair Value \| Level 2 \| Term Loan B-1
Debt Instrument [Line Items]
Term loan	400,000,000
Fair Value \| Level 3
Debt Instrument [Line Items]
Finance lease liabilities	1,925,000	2,157,000
Notes payable	$ 969,000	$ 90,000

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments And Contingencies [Line Items]
Proceeds from sale of business interruption claims	$ 8,100
Legal fees	2,400
Gaming
Commitments And Contingencies [Line Items]
Cost of goods and services sold	105,380	$ 109,740	$ 212,306	$ 215,391
Participation and Revenue Share Agreements \| Gaming
Commitments And Contingencies [Line Items]
Cost of goods and services sold	$ 52,900	$ 55,200	$ 106,200	$ 108,000

Segment Information - Additional Information (Details) location in Thousands	6 Months Ended
	Jun. 30, 2023 segment location slotMachine mi	Jul. 25, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	5
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Rocky Gap Property \| Subsequent Event
Segment Reporting Information [Line Items]
Aggregate consideration \| $		$ 260,000,000
Nevada Locals Casinos
Segment Reporting Information [Line Items]
Number of mile radius for local customers \| mi	5
Taverns
Segment Reporting Information [Line Items]
Number of onsite slots \| slotMachine	15
Distributed Gaming
Segment Reporting Information [Line Items]
Number of non-casino locations \| location	1

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues
Total revenues	$ 286,681		$ 289,372		$ 564,732	$ 563,016
Adjusted EBITDA	58,410		75,016		120,577	142,341
Depreciation and amortization	(21,454)		(25,332)		(44,962)	(51,608)
Non-cash lease expense	9		(230)		(24)	(411)
Share-based compensation	(3,288)		(3,311)		(7,181)	(6,983)
Gain (loss) on disposal of assets	34		(710)		120	(669)
Loss on debt extinguishment and modification	(405)		(1,073)		(405)	(1,254)
Preopening and related expenses	(141)		(4)		(525)	(59)
Other, net	2,168		(838)		383	(5,134)
Interest expense, net	(18,803)		(14,738)		(37,039)	(29,856)
Income tax (provision) benefit	(4,248)		(7,560)		(7,032)	10,919
Net income	12,282	$ 11,630	21,220	$ 36,066	23,912	57,286
Assets	1,494,246				1,494,246		$ 1,508,670
Gaming
Revenues
Total revenues	182,355		196,679		370,442	387,466
Food and beverage
Revenues
Total revenues	46,534		44,451		92,805	86,907
Rooms
Revenues
Total revenues	30,918		33,174		61,495	58,920
Other
Revenues
Total revenues	26,874		15,068		39,990	29,723
Nevada Taverns
Revenues
Adjusted EBITDA	8,450		10,654		16,988	21,430
Operating Segments \| Nevada Casino Resorts
Revenues
Total revenues	102,562		107,498		202,738	203,933
Adjusted EBITDA	28,044		38,892		59,755	72,467
Assets	780,041				780,041		784,242
Operating Segments \| Nevada Casino Resorts \| Gaming
Revenues
Total revenues	38,625		46,114		80,918	90,344
Operating Segments \| Nevada Casino Resorts \| Food and beverage
Revenues
Total revenues	24,473		23,123		48,704	44,507
Operating Segments \| Nevada Casino Resorts \| Rooms
Revenues
Total revenues	26,353		28,573		52,563	50,602
Operating Segments \| Nevada Casino Resorts \| Other
Revenues
Total revenues	13,111		9,688		20,553	18,480
Operating Segments \| Nevada Locals Casinos
Revenues
Total revenues	39,829		39,785		81,067	79,674
Adjusted EBITDA	19,471		19,795		39,631	39,833
Assets	159,834				159,834		164,580
Operating Segments \| Nevada Locals Casinos \| Gaming
Revenues
Total revenues	28,796		29,048		58,445	58,429
Operating Segments \| Nevada Locals Casinos \| Food and beverage
Revenues
Total revenues	6,564		6,301		13,255	12,480
Operating Segments \| Nevada Locals Casinos \| Rooms
Revenues
Total revenues	2,416		2,529		5,238	4,773
Operating Segments \| Nevada Locals Casinos \| Other
Revenues
Total revenues	2,053		1,907		4,129	3,992
Operating Segments \| Maryland Casino Resort
Revenues
Total revenues	19,605		20,546		37,733	38,438
Adjusted EBITDA	5,898		7,242		11,026	12,814
Assets	41,236				41,236		39,562
Operating Segments \| Maryland Casino Resort \| Gaming
Revenues
Total revenues	14,421		15,456		28,935	29,913
Operating Segments \| Maryland Casino Resort \| Food and beverage
Revenues
Total revenues	2,348		2,222		4,214	3,870
Operating Segments \| Maryland Casino Resort \| Rooms
Revenues
Total revenues	2,149		2,072		3,694	3,545
Operating Segments \| Maryland Casino Resort \| Other
Revenues
Total revenues	687		796		890	1,110
Operating Segments \| Nevada Taverns
Revenues
Total revenues	27,319		28,144		54,912	56,598
Assets	134,849				134,849		145,065
Operating Segments \| Nevada Taverns \| Gaming
Revenues
Total revenues	13,187		14,289		26,212	28,611
Operating Segments \| Nevada Taverns \| Food and beverage
Revenues
Total revenues	12,962		12,630		26,267	25,683
Operating Segments \| Nevada Taverns \| Other
Revenues
Total revenues	1,170		1,225		2,433	2,304
Operating Segments \| Distributed Gaming
Revenues
Total revenues	89,084		93,225		179,485	183,993
Adjusted EBITDA	9,950		11,540		19,734	22,817
Assets	248,574				248,574		258,260
Operating Segments \| Distributed Gaming \| Gaming
Revenues
Total revenues	87,326		91,772		175,932	180,169
Operating Segments \| Distributed Gaming \| Food and beverage
Revenues
Total revenues	187		175		365	367
Operating Segments \| Distributed Gaming \| Other
Revenues
Total revenues	1,571		1,278		3,188	3,457
Corporate and other
Revenues
Total revenues	8,282		174		8,797	380
Adjusted EBITDA	(13,403)		$ (13,107)		(26,557)	$ (27,020)
Assets	$ 129,712				$ 129,712		$ 116,961

Related Party Transactions (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
Related Party Transactions (Details) - USD ($)	Nov. 30, 2018	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable		$ 12,616,000			$ 12,616,000		$ 20,495,000
Accounts payable		18,521,000			18,521,000		25,168,000
Shares repurchased (in shares)			515,000			784,000
Shares repurchased			$ 22,474,000	$ 15,196,000		$ 37,670,000
Accumulated Deficit
Related Party Transaction [Line Items]
Shares repurchased			$ 22,469,000	$ 15,194,000
Related Party \| Anthony A. Marnell III
Related Party Transaction [Line Items]
Shares repurchased (in shares)			210,000
Shares repurchased (USD per share)			$ 42.61			$ 42.61
Related Party \| Anthony A. Marnell III \| Accumulated Deficit
Related Party Transaction [Line Items]
Shares repurchased			$ 8,900,000
Related Party \| Office Space, Adjacent To Office Headquarters Lease \| Mr. Sartini
Related Party Transaction [Line Items]
Percentage of counterparty ownership by related party	33.00%
Related party transaction, amounts of transaction		100,000	100,000		200,000	$ 100,000
Related Party \| Office Space, Adjacent To Office Headquarters Lease \| Mr. Arcana
Related Party Transaction [Line Items]
Percentage of counterparty ownership by related party	3.00%
Related Party \| Office Space, Adjacent To Office Headquarters Lease \| Mr. Sartini's Immediate Family Members
Related Party Transaction [Line Items]
Percentage of counterparty ownership by related party	1.67%
Related Party \| Office Headquarters, Sublet \| Mr. Sartini
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		100,000	100,000		100,000	100,000
Accounts receivable		0			0		0
Related Party \| Aircraft Time-sharing, Co-user and Various Cost-sharing Agreements \| Sartini Enterprises
Related Party Transaction [Line Items]
Accounts receivable		300,000			300,000
Reimbursement expense incurred		$ 100,000	$ 100,000		$ 100,000
Reimbursement expense paid						$ 400,000
Accounts payable							$ 100,000

Subsequent Events (Details) - USD ($)		1 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 25, 2023	Jul. 31, 2023	Jul. 25, 2023	Jun. 30, 2023	Dec. 31, 2022
Subsequent Event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Rocky Gap Property
Subsequent Event [Line Items]
Aggregate consideration	$ 260,000,000		$ 260,000,000
Transactions costs		$ 8,000,000	$ 300,000
Payment for transactions costs	$ 1,900,000
Term Loan B-1
Subsequent Event [Line Items]
Term loan				$ 400,000,000	$ 0
Term Loan B-1 \| Subsequent Event
Subsequent Event [Line Items]
Term loan		400,000,000
Senior Secured First Lien Credit Facility \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, remaining borrowing capacity		$ 240,000,000