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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 27, 2025
________________________________________
GOLDEN ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
________________________________________
Minnesota000-2499341-1913991
(State or other jurisdiction of incorporation)(Commission File Number)(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
________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueGDENThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐




Item 2.02 Results of Operations and Financial Condition.
On February 27, 2025, Golden Entertainment, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
99.1
104The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

























SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GOLDEN ENTERTAINMENT, INC.
(Registrant)
Dated: February 27, 2025/s/ Charles H. Protell
Name:Charles H. Protell
Title:President and Chief Financial Officer



Exhibit 99.1


image_1.jpg


GOLDEN ENTERTAINMENT REPORTS 2024 FOURTH QUARTER
AND FULL YEAR 2024 RESULTS
LAS VEGAS – February 27, 2025 – Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden Entertainment” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2024. In addition, on February 25, 2025, the Company’s Board of Directors authorized the Company’s next recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock payable on April 2, 2025 to shareholders of record as of March 21, 2025.
Blake Sartini, Chairman and Chief Executive Officer of Golden, commented, “Our fourth quarter performance improved sequentially over the third quarter and we anticipate business conditions will continue to improve in 2025. For 2025, we remain focused on investing in our own assets, returning capital to shareholders and pursuing potential strategic opportunities.”
The Company repurchased 1.1 million shares of common stock in the fourth quarter at an average price of $32.65 per share for a total of $36.2 million. During 2024, the Company repurchased 2.9 million shares of common stock in the aggregate at an average price of $31.63 per share for a total of $91.5 million. In 2024, the Company also paid aggregate cash dividends of $21.3 million.
Consolidated Results
The Company reported fourth quarter 2024 revenues of $164.2 million, compared to revenues of $230.7 million for the fourth quarter 2023. Net income for the fourth quarter 2024 was $3.0 million, or $0.10 per fully diluted share, compared to net loss of $9.4 million, or a loss of $0.33 per share, for the fourth quarter 2023 (which reflected an asset impairment charge of $12.1 million related to the Colorado Belle Casino Resort, the operations of which remain suspended). Fourth quarter 2024 Adjusted EBITDA was $39.2 million, compared to Adjusted EBITDA of $48.8 million for the fourth quarter of 2023. Fourth quarter 2024 declines in revenues and Adjusted EBITDA over the prior year period were primarily related to the exclusion from the current year period of the results for the Company’s distributed gaming operations in Nevada that were sold on January 10, 2024.
The Company reported full year 2024 revenues of $666.8 million, compared to revenues of $1.1 billion for 2023. Net income for the full year 2024 was $50.7 million, or $1.71 per fully diluted share, compared to $255.8 million, or $8.31 per fully diluted share, for 2023. Net income and diluted earnings per share for the full year 2024 included the benefit of the $69.2 million gain on the sale of distributed gaming operations in Nevada completed on January 10, 2024, compared to the $303.2 million gain on the sales of the Rocky Gap Casino Resort and distributed gaming operations in Montana completed on July 25, 2023 and September 13, 2023, respectively. Full year 2024 Adjusted EBITDA was $155.4 million, compared to Adjusted EBITDA of $222.5 million for 2023. Full year 2024 declines in revenues and Adjusted EBITDA over the prior year were primarily related to the exclusion of the results of Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada discussed above after their respective dates of sale.
Debt and Liquidity

As of December 31, 2024, the Company’s total principal amount of debt outstanding was $417.6 million, consisting primarily of $394 million in outstanding term loan borrowings and $20 million in outstanding borrowings under the Company’s revolving credit facility. The Company repaid $282.4 million of its debt obligations in 2024.




As of December 31, 2024, the Company had cash and cash equivalents of $57.7 million and $220 million of remaining availability on its revolving credit facility.
Investor Conference Call and Webcast
The Company will host a webcast and conference call today, February 27, 2025 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), to discuss the 2024 fourth quarter and full year results. The conference call may be accessed live over the phone by dialing (877) 407-0789 or for international callers by dialing (201) 689-8562. A replay will be available beginning at 8:00 p.m. Eastern Time today and may be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the passcode is 13751149. The replay will be available until March 6, 2025. The call will also be webcast live through the “Investors” section of the Company’s website, www.goldenent.com. A replay of the audio webcast will also be archived on the Company’s website, www.goldenent.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding future events and the Company’s future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates. In addition, forward-looking statements in this press release include, without limitation statements regarding: the Company’s strategies, objectives, business opportunities and plans; anticipated future growth and trends in the Company’s business or key markets and business outlook; return of capital to shareholders (including through the payment of recurring quarterly cash dividends or repurchase of shares of the Company’s common stock); projections of future financial condition, operating results or other financial items; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause the actual results to differ materially include: changes in national, regional and local economic and market conditions; legislative and regulatory matters; increases in gaming taxes and fees in the jurisdictions in which the Company operates; litigation; increased competition; reliance on key personnel; the Company’s ability to comply with covenants in its debt instruments; terrorist incidents; natural disasters; severe weather conditions; the effects of environmental and structural building conditions; the effects of disruptions to the Company’s information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company’s filings with the SEC, including the “Risk Factors” sections of the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses Adjusted EBITDA because it is the primary metric used by its chief operating decision maker and investors in measuring both the Company’s past and future expectations of performance. Adjusted EBITDA provides useful information to the users of the Company’s financial statements by excluding specific expenses and gains that the Company believes are not indicative of its core operating results. Further, the Company’s annual performance plan used to determine compensation for its executive officers and employees is tied to the Adjusted EBITDA metric. It is also a measure of operating performance widely used in the gaming industry. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with
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GAAP. In addition, other companies in gaming industry may calculate Adjusted EBITDA differently than the Company does.
The Company defines “Adjusted EBITDA” as earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
About Golden Entertainment
Golden Entertainment operates a diversified entertainment platform of gaming and hospitality assets. The Company operates eight casinos and 72 gaming taverns in Nevada, featuring approximately 5,500 slots, 100 table games and over 6,000 hotel rooms. For more information, visit www.goldenent.com.
Investors
Charles H. ProtellJames Adams
President and Chief Financial OfficerVP Corporate Finance and Treasurer
(702) 893-7777(702) 495-4470
james.adams@goldenent.com
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Golden Entertainment, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenues
Gaming$78,387 $138,682 $319,267 $674,301 
Food and beverage43,302 45,096 171,925 182,408 
Rooms29,805 31,737 119,565 124,649 
Other12,710 15,176 56,061 71,791 
Total revenues164,204 230,691 666,818 1,053,149 
Expenses
Gaming20,375 72,803 88,171 379,929 
Food and beverage35,576 34,130 138,278 135,373 
Rooms16,191 16,179 65,079 62,297 
Other3,223 5,193 14,363 22,415 
Selling, general and administrative52,183 58,709 225,313 255,565 
Depreciation and amortization22,672 21,758 90,034 88,933 
Loss (gain) on disposal of assets29 (103)(213)(228)
(Gain) loss on sale of businesses(294)2,650 (69,238)(303,179)
Preopening expenses131 185 508 760 
Impairment of assets2,399 12,072 2,399 12,072 
Total expenses 152,485 223,576 554,694 653,937 
Operating income11,719 7,115 112,124 399,212 
Non-operating expense
Interest expense, net(7,629)(13,170)(34,884)(65,515)
Loss on debt extinguishment and modification— (1,329)(4,446)(1,734)
Total non-operating expense, net(7,629)(14,499)(39,330)(67,249)
Income (loss) before income tax provision4,090 (7,384)72,794 331,963 
Income tax provision(1,112)(1,988)(22,063)(76,207)
Net income (loss)$2,978 $(9,372)$50,731 $255,756 
Weighted-average common shares outstanding
Basic27,115 28,627 28,184 28,653 
Diluted28,401 28,627 29,699 30,781 
Net income per share
Basic$0.11 $(0.33)$1.80 $8.93 
Diluted$0.10 $(0.33)$1.71 $8.31 







4



Golden Entertainment, Inc.
Reconciliation of Adjusted EBITDA
(Unaudited, in thousands)
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenues
Nevada Casino Resorts $97,487 $104,796 $399,139 $413,058 
Nevada Locals Casinos 38,710 38,467 150,972 157,435 
Nevada Taverns 27,722 27,763 109,723 109,215 
Corporate and Other285 342 965 9,305 
Total Revenues - Continuing Operations164,204 171,368 660,799 689,013 
Distributed Gaming — 59,323 6,019 320,680 
Maryland Casino Resort — — — 43,456 
Total Revenues - Divested Operations— 59,323 6,019 364,136 
Total Revenues$164,204 $230,691 $666,818 $1,053,149 
Adjusted EBITDA
Nevada Casino Resorts
$24,441 $29,664 $103,338 $120,256 
Nevada Locals Casinos
17,766 17,337 66,504 73,846 
Nevada Taverns 6,468 8,175 27,137 32,682 
Corporate and Other(9,498)(12,786)(42,088)(51,459)
Total Adjusted EBITDA - Continuing Operations39,177 42,390 154,891 175,325 
Distributed Gaming — 6,370 484 34,545 
Maryland Casino Resort— — — 12,652 
Total Adjusted EBITDA - Divested Operations— 6,370 484 47,197 
Total Adjusted EBITDA$39,177 $48,760 $155,375 $222,522 
Adjustments
Depreciation and amortization(22,672)(21,758)(90,034)(88,933)
Non-cash lease benefit82 29 380 15 
Share-based compensation(1,746)(2,851)(10,434)(13,476)
(Loss) gain on disposal of assets(29)103 213 228 
Gain (loss) on sale of businesses294 (2,650)69,238 303,179 
Loss on debt extinguishment and modification— (1,329)(4,446)(1,734)
Preopening and related expenses(131)(185)(508)(760)
Impairment of assets(2,399)(12,072)(2,399)(12,072)
Other, net (857)(2,261)(9,707)(11,491)
Interest expense, net(7,629)(13,170)(34,884)(65,515)
Income tax provision(1,112)(1,988)(22,063)(76,207)
Net income (loss)$2,978 $(9,372)$50,731 $255,756 

5
v3.25.0.1
Cover
Feb. 27, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2025
Entity Registrant Name GOLDEN ENTERTAINMENT, INC.
Entity Incorporation, State or Country Code MN
Entity File Number 000-24993
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol GDEN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001071255
Amendment Flag false
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