Golden Entertainment breaks revenue record in Q2
The record figure for the company also represents a significant increase on the same period last year, jumping 285.0%.
Gaming revenue was the biggest contributor to the overall figure, rising from $56.7m last year to $205.0m. Food and drink revenue came to $44.9m, room revenue was $30.2m, and other sources brought in an additional $12.3m.
Expenses were also on the rise for the company, increasing 68.6% to $232.5m. Gaming expenses were $106.8m, whilst food and drink costs were $29.5m. General and administrative costs totaled $54.3m, whilst depreciation and amortization accounted for $26.7m.
However with revenue growing faster than expenses, operating income grew, as the company made $60.0m compared to a $62.0m loss last year. After accounting for $43.8m of non-operating income and $786,000 in income tax, net income for Golden Entertainment stood at $103.0m for the quarter.
Adjusted earnings before interest, taxation, depreciation and amortization was $91.0m, compared to $5.5m for the same period last year.
Nevada was the most lucrative territory for the company, with the casino sector generating $149.5m and the distributed games segment raising $94.5m. Maryland Casinos brought in $21.2m whilst its distributed games subsidiary drew in $26.9m.
Golden Entertainment chairman and CEO Blake Sartini said:
“Our second quarter operating results demonstrated improvement over our first quarter, as we generated record quarterly levels of revenue, net income and Adjusted EBITDA. These results highlight strong levels of visitation and spend at all of our properties, including The STRAT, combined with the margin improvement we have sustained over the last twelve months.”