Golden Entertainment, Inc. reported significant declines in revenue and profitability for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for the third quarter were $161.2 million, a decrease of 37% from $257.7 million in Q3 2023. For the nine months, revenues fell 39% to $502.6 million from $822.5 million. The decline was primarily attributed to the exclusion of revenues from the recently sold Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada, which significantly impacted gaming revenues.

Operating income for Q3 2024 was $6.7 million, down from $323.7 million in the prior year, while net income plummeted to $5.2 million from $241.2 million. For the nine-month period, operating income decreased to $100.4 million from $392.1 million, and net income fell to $47.8 million from $265.1 million. Basic net income per share for Q3 2024 was $0.18, compared to $8.37 in Q3 2023.

The company's total assets decreased from $1.45 billion at the end of 2023 to $1.10 billion as of September 30, 2024. Total current assets also saw a significant drop, falling from $409.4 million to $105.5 million. However, total current liabilities decreased from $174.4 million to $94.8 million, and long-term debt reduced from $658.5 million to $386.3 million, reflecting a strategic effort to manage debt levels.

Golden Entertainment completed several strategic divestitures, including the sale of Rocky Gap Casino Resort for $260 million and distributed gaming operations in Montana and Nevada for $109 million and $213.5 million, respectively. The company also made acquisitions, including Lucky’s Lounge & Restaurant for $10 million and Great American Pub for $7.3 million, both enhancing its Nevada Taverns segment.

Adjusted EBITDA for Q3 2024 was $34 million, down from $53.2 million in the same quarter of 2023, while for the nine months, it decreased to $116.2 million from $173.8 million. The company’s share repurchase program, initiated in July 2023, has seen $55.4 million spent on repurchasing 1.8 million shares in the nine months ended September 30, 2024.

As of September 30, 2024, Golden Entertainment had $68.6 million in cash and cash equivalents and maintained a $240 million revolving credit facility with full borrowing availability. The company’s financial strategy appears focused on reducing debt while navigating the impacts of recent divestitures and acquisitions.