Golden Entertainment Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Golden Entertainment Reports Second Quarter 2024 Financial Results
Golden Entertainment, Inc. (NASDAQ:GDEN) today announced its financial results for the second quarter ended June 30, 2024. Below is a summary of the key financial metrics for the quarter, including year-over-year and quarter-over-quarter comparisons, along with comparisons to consensus estimates.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Consensus Estimate | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Revenue | $167.3M | $286.7M | $173.61M | -41.6% | N/A |
| EPS | $0.02 | $0.40 | $0.19 | -95.0% | N/A |
| Adjusted EBITDA | $41.2M | $58.4M | N/A | -29.5% | N/A |
Interpretation : Golden Entertainment reported revenues of $167.3 million for Q2 2024, missing the consensus estimate of $173.61 million and reflecting a year-over-year decline of 41.6%. The company's earnings per share (EPS) were significantly lower at $0.02, compared to $0.40 in Q2 2023, and also missed the consensus estimate of $0.19. The decline in revenue and EPS was largely attributable to the sale of the Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada.
Segment Revenue Performance
| Segment | Q2 2024 | Q2 2023 | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Rocky Gap Casino & Resort | N/A | N/A | N/A | No guidance |
| Distributed Gaming Operations | N/A | N/A | N/A | No guidance |
| Core Casino Operations | Not Provided | Not Provided | N/A | Not Provided |
Segment Analysis : Specific segment performance details were not provided in the release, but the declines in overall revenue and Adjusted EBITDA were mainly due to the absence of revenue from previously sold assets, including the Rocky Gap Casino Resort and gaming operations in Montana and Nevada.
Comments from Management
Blake Sartini, Chairman and CEO of Golden Entertainment, highlighted the company's continued efforts to strengthen its balance sheet, including full repayment of outstanding bonds in April and an interest rate reduction on its term loan in May. He also noted the company’s aggressive return of capital to shareholders through dividends and share repurchases.
Dividends and Share Repurchase Program
- Quarterly Cash Dividend : $0.25 per share, payable on October 2, 2024.
- Share Repurchase Program : The company repurchased 989,117 shares during the quarter at an average price of $29.85 per share, amounting to $29.5 million. As of June 30, 2024, $61.4 million remained available under the share repurchase authorization.
Forward Guidance
The earnings report did not include any specific forward guidance for future quarters.
Stock Price Movement
Following the earnings release, Golden Entertainment's stock experienced a slight increase of 1.63%.
Summary : Golden Entertainment's second-quarter results showed significant declines in revenue and EPS compared to the previous year, largely due to the sale of key assets. However, the company demonstrated strong financial management through debt repayment and capital returns to shareholders. The market reacted positively with a modest stock price increase following the announcement.
For more details, visit Golden Entertainment's official website .
