Golden Entertainment, Inc. (NASDAQ:GDEN) ("Golden Entertainment" or the "Company") today reported financial results for the third quarter ended September 30, 2025. In light of the transaction that we announced this morning, we will be cancelling our earnings call previously scheduled for later today.

Consolidated Results

The Company reported third quarter 2025 revenues of $154.8 million, compared to revenues of $161.2 million for the third quarter of 2024. Net loss for the third quarter of 2025 was $4.7 million, or $0.18 per share, compared to net income of $5.2 million, or $0.18 per fully diluted share, for the third quarter of 2024. Third quarter 2025 Adjusted EBITDA was $30.5 million, compared to Adjusted EBITDA of $34.0 million for the third quarter of 2024.

The Company paid a quarterly cash dividend of $0.25 per share on October 3, 2025. On November 4, 2025, the Company's Board of Directors authorized the Company's next recurring quarterly cash dividend of $0.25 per share of the Company's outstanding common stock payable on January 6, 2026 to shareholders of record as of December 22, 2025.

Debt and Liquidity

As of September 30, 2025, the Company's total principal amount of debt outstanding was $430.1 million, consisting primarily of $391 million in outstanding term loan borrowings and $35 million in outstanding borrowings under the Company's revolving credit facility.

As of September 30, 2025, the Company had cash and cash equivalents of $58.3 million and $205 million of remaining availability under its revolving credit facility.

Forward-Looking Statements

This press release contains forward-looking statements regarding future events and the Company's future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "potential," "seek," "should," "think," "will," "would" and similar expressions, or they may use future dates. In addition, forward-looking statements in this press release include, without limitation, statements regarding: the Company's strategies, objectives, business opportunities and plans; anticipated future growth and trends in the Company's business or key markets and business outlook; return of capital to shareholders (including through the payment of recurring quarterly cash dividends or repurchase of shares of the Company's common stock); projections of future financial condition, operating results or other financial items; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause the actual results to differ materially include: changes in national, regional and local economic and market conditions (including a continued shutdown of the U.S. government); legislative and regulatory matters; increases in gaming taxes and fees in the jurisdictions in which the Company operates; litigation; increased competition; reliance on key personnel; the Company's ability to comply with covenants in its debt instruments; terrorist incidents; natural disasters; severe weather conditions; the effects of environmental and structural building conditions; the effects of disruptions to the Company's information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company's filings with the SEC, including the "Risk Factors" sections of the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.

Non-GAAP Financial Measures

To supplement the Company's consolidated financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses Adjusted EBITDA because it is the primary metric used by its chief operating decision maker and investors in measuring both the Company's past and future expectations of performance. Adjusted EBITDA provides useful information to the users of the Company's financial statements by excluding specific expenses and gains that the Company believes are not indicative of its core operating results. Further, the Company's annual performance plan used to determine compensation for its executive officers and employees is tied to the Adjusted EBITDA metric. It is also a measure of operating performance widely used in the gaming industry. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. In addition, other companies in the gaming industry may calculate Adjusted EBITDA differently than the Company does.

The Company defines "Adjusted EBITDA" as earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges and non-recurring expenses that are deemed to be not indicative of the Company's core operating results.

About Golden Entertainment

Golden Entertainment operates a diversified entertainment platform of gaming and hospitality assets. The Company operates eight casinos and 72 gaming taverns in Nevada, featuring approximately 5,600 slots, 80 table games and 6,000 hotel rooms. For more information, visit www.goldenent.com.

Golden Entertainment, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues
Gaming	$	77,078		$	75,684		$	236,069		$	240,880
Food and beverage		39,623			41,849			122,975			128,623
Rooms		25,394			28,938			81,987			89,760
Other		12,723			14,762			38,250			43,351
Total revenues		154,818			161,233			479,281			502,614
Expenses
Gaming		20,454			20,141			61,516			67,796
Food and beverage		32,870			34,226			100,589			102,702
Rooms		15,034			16,202			46,463			48,888
Other		5,082			4,276			12,430			11,140
Selling, general and administrative		55,517			57,056			164,221			173,130
Depreciation and amortization		22,868			22,626			67,812			67,362
Loss (gain) on disposal of assets		1,901			(256	)		1,953			(242	)
Gain on sale of business		—			—			—			(68,944	)
Preopening expenses		210			234			430			377
Total expenses		153,936			154,505			455,414			402,209
Operating income		882			6,728			23,867			100,405
Non-operating expense
Interest expense, net		(7,941	)		(7,959	)		(23,167	)		(27,255	)
Loss on debt extinguishment and modification		—			—			—			(4,446	)
Total non-operating expense, net		(7,941	)		(7,959	)		(23,167	)		(31,701	)
(Loss) income before income tax benefit (provision)		(7,059	)		(1,231	)		700			68,704
Income tax benefit (provision)		2,401			6,398			1,773			(20,951	)
Net (loss) income	$	(4,658	)	$	5,167		$	2,473		$	47,753

Weighted-average common shares
Basic		26,166			28,153			26,319			28,557
Diluted		26,166			29,408			27,330			30,141
Net (loss) income per share
Basic	$	(0.18	)	$	0.18		$	0.09		$	1.67
Diluted	$	(0.18	)	$	0.18		$	0.09		$	1.58

Golden Entertainment, Inc.
Reconciliation of Adjusted EBITDA
(Unaudited, in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues
Nevada Casino Resorts	$	93,020		$	99,547		$	285,437		$	301,652
Nevada Locals Casinos		35,789			35,405			113,531			112,262
Nevada Taverns		25,733			26,042			79,458			82,001
Corporate and Other		276			239			855			680
Total revenues - Continuing Operations		154,818			161,233			479,281			496,595
Distributed Gaming		—			—			—			6,019
Total revenues - Divested Operations		—			—			—			6,019
Total revenues	$	154,818		$	161,233		$	479,281		$	502,614
Adjusted EBITDA
Nevada Casino Resorts	$	21,463		$	24,614		$	72,202		$	78,897
Nevada Locals Casinos		14,939			14,274			50,866			48,738
Nevada Taverns		5,291			5,317			18,516			20,669
Corporate and Other		(11,212	)		(10,191	)		(35,083	)		(32,590	)
Total Adjusted EBITDA - Continuing Operations		30,481			34,014			106,501			115,714
Distributed Gaming		—			—			—			484
Total Adjusted EBITDA - Divested Operations		—			—			—			484
Total Adjusted EBITDA	$	30,481		$	34,014		$	106,501		$	116,198
Adjustments
Depreciation and amortization		(22,868	)		(22,626	)		(67,812	)		(67,362	)
Non-cash lease benefit		86			65			291			298
Share-based compensation		(2,059	)		(2,969	)		(7,335	)		(8,688	)
(Loss) gain on disposal of assets		(1,901	)		256			(1,953	)		242
Gain on sale of business		—			—			—			68,944
Loss on debt extinguishment and modification		—			—			—			(4,446	)
Preopening and related expenses		(210	)		(234	)		(430	)		(377	)
System implementation costs⁽¹⁾		(208	)		—			(486	)		—
Other, net		(2,439	)		(1,778	)		(4,909	)		(8,850	)
Interest expense, net		(7,941	)		(7,959	)		(23,167	)		(27,255	)
Income tax benefit (provision)		2,401			6,398			1,773			(20,951	)
Net (loss) income	$	(4,658	)	$	5,167		$	2,473		$	47,753

(1)

System implementation costs represent expenses related to the implementation of new enterprise resource planning, finance, payroll and human capital management software.

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Investors

Charles H. Protell

President and Chief Financial Officer

(702) 893-7777

James Adams

VP Corporate Finance and Treasurer

(702) 495-4470

james.adams@goldenent.com

Golden Entertainment Reports 2025 Third Quarter Results