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GDEN

Golden Entertainment, Inc.

GDEN

Golden Entertainment, Inc. • NASDAQ
$30.02 ▲ 0.30% (+0.09)
Market Cap $785.74 M
52w High $35.49
52w Low $19.57
Dividend Yield 1.00%
P/E 136.45
Volume 63.33K
Outstanding Shares 26.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $154.818M ▼ $80.496M ▲ $-4.658M ▼ -3.009% ▼ $-0.18 ▼ $23.75M ▼
Q2-2025 $163.62M ▲ $77.183M ▲ $4.632M ▲ 2.831% ▲ $0.18 ▲ $34.47M ▲
Q1-2025 $160.843M ▼ $76.737M ▼ $2.499M ▼ 1.554% ▼ $0.094 ▼ $33.511M ▼
Q4-2024 $164.204M ▲ $77.12M ▼ $2.978M ▼ 1.814% ▼ $0.11 ▼ $36.525M ▲
Q3-2024 $161.233M $79.66M $5.167M 3.205% $0.18 $29.098M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $58.265M ▲ $1.036B ▼ $601.89M ▼ $434.153M ▼
Q2-2025 $52.308M ▲ $1.046B ▼ $602.575M ▲ $443.295M ▼
Q1-2025 $50.495M ▼ $1.058B ▼ $596.045M ▼ $462.038M ▼
Q4-2024 $57.725M ▼ $1.08B ▼ $605.679M ▲ $474.227M ▼
Q3-2024 $68.551M $1.102B $588.452M $513.132M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.658M ▼ $26.861M ▲ $-7.471M ▲ $-13.433M ▼ $5.957M ▲ $19.315M ▲
Q2-2025 $4.632M ▲ $17.414M ▼ $-13.419M ▼ $-2.182M ▲ $1.813M ▲ $3.99M ▼
Q1-2025 $2.499M ▼ $28.566M ▲ $-11.891M ▼ $-23.905M ▲ $-7.23M ▲ $16.648M ▲
Q4-2024 $2.978M ▼ $22.532M ▲ $-7.895M ▼ $-25.463M ▲ $-10.826M ▲ $14.328M ▼
Q3-2024 $5.167M $22.516M $-7.848M $-34.755M $-20.087M $14.668M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Casino
Casino
 $160.00M ▲$80.00M ▼$80.00M ▲$80.00M ▲
Food and Beverage
Food and Beverage
 $90.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲
Occupancy
Occupancy
 $60.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Golden’s income statement shows a company that has reshaped itself and is now smaller but more focused. Revenue has stepped down from earlier highs, largely reflecting asset sales and a tighter concentration on core Nevada operations. Even with lower sales, profitability on the remaining business has generally improved, with healthier margins than a few years ago. The company moved from a clear loss during the pandemic to several years of solid profits, although earnings have come down from the unusually strong year in 2023. Overall, the business looks profitable and more efficient, but earnings are volatile and now coming from a narrower set of assets, which can make results more sensitive to local conditions and competitive pressures in Nevada.

Balance Sheet

Balance Sheet The balance sheet tells a story of deliberate cleanup and de-risking. Debt has been steadily reduced from prior years, easing financial pressure and lowering interest burdens. Equity has been rebuilt from the weak position seen in 2020, which suggests past profits have strengthened the company’s capital base. At the same time, cash on hand is not especially large and has moved down recently, so day‑to‑day liquidity is adequate but not generous. A key strength is ownership of much of its real estate, which underpins asset value and offers flexibility for transactions like sale‑leasebacks. The planned move to an asset‑light model with a large real estate partner will likely mean less reported debt but higher ongoing rent, shifting the risk mix rather than removing it.

Cash Flow

Cash Flow Golden has produced consistent positive cash flow from its operations in recent years, though the level has come down from its best year. After covering capital spending, free cash flow has generally remained positive, showing that the core business can fund its own maintenance and a modest level of reinvestment. Capital spending has been kept at a controlled but steady pace, supporting renovations and technology upgrades without overextending the balance sheet. The main trade‑off is that while cash generation is solid, it is not exceptionally large relative to the size of the business, which limits how aggressively the company can pursue expansion, buybacks, or further de‑leveraging without new financing or asset transactions.

Competitive Edge

Competitive Edge Golden’s competitive position is built around a very focused Nevada strategy and a dense local network. The company is a major tavern operator in Nevada and combines those neighborhood locations with larger casino properties, including The STRAT on the Las Vegas Strip. All of this is tied together with a single loyalty ecosystem, which encourages customers to stay within the Golden network for both local and destination entertainment. Strengths include brand recognition among Nevada locals, physical scale in taverns, control of key real estate, and the ability to cross‑market between properties. The partnership with a leading sportsbook operator lets Golden offer strong sports betting without building its own platform. On the risk side, the business is heavily concentrated in one state and one customer base, and it competes against larger casino chains and other well‑entrenched locals operators, making execution and customer experience critical.

Innovation and R&D

Innovation and R&D Golden is not a heavy R&D spender in the classic tech sense, but it is actively modernizing how it engages guests and runs its properties. The True Rewards loyalty program and mobile app are central, creating a single ID for customers across taverns and casinos and supporting cardless play, personalized offers, and direct digital marketing. This kind of data‑driven loyalty platform is a key part of its moat. The company is upgrading slot systems and has partnered with Light & Wonder to build a more connected gaming floor, which should help optimize game mix and player experience. Rather than owning every piece of technology, Golden leans on partnerships (for example, with Caesars/William Hill for sports betting) to access advanced capabilities with less capital and risk. The redevelopment of The STRAT, including attractions like Atomic Golf, shows a focus on experiential, non‑gaming draws that can broaden appeal and diversify revenue. Innovation here is practical and customer‑centric: better systems, better loyalty, and more reasons for locals and tourists to choose Golden venues, rather than groundbreaking proprietary tech.

Summary

Golden Entertainment has transitioned from a more diversified, heavier balance sheet model to a leaner, Nevada‑centric gaming and tavern platform. Financially, it has moved from pandemic‑era losses to steady profitability, with margins on remaining assets generally stronger even as total revenue has fallen with asset sales. Debt has been worked down and equity rebuilt, although the cash buffer is modest. Cash flow is positive and supports ongoing investment, but is not so large that it can easily fund major expansion without external capital or further asset transactions. Strategically, Golden’s moat rests on its integrated Nevada footprint: a large tavern network, recognizable casino brands, a unified loyalty program, and owned real estate. Planned steps to go private and enter sale‑leaseback arrangements would deepen its shift to an asset‑light, operations‑focused model, trading some balance sheet strength for greater flexibility and near‑term capital. Key things to watch include: the profitability and stability of its refocused Nevada portfolio, the impact of higher rent obligations after real estate deals, the success of tavern expansion and land development near The STRAT, and whether technology and loyalty investments continue to strengthen its hold on Nevada locals and value‑seeking visitors.

NEWS

November 10, 2025 · 10:57 AM UTC

Golden Entertainment Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Golden Entertainment, Inc. - GDEN

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November 6, 2025 · 3:56 PM UTC

ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Golden Entertainment, Inc.

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November 6, 2025 · 12:21 PM UTC

Shareholder Alert: The Ademi Firm investigates whether Golden Entertainment Inc. is obtaining a Fair Price for its Public Shareholders

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November 6, 2025 · 11:31 AM UTC

GDEN Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of Golden Entertainment, Inc. is Fair to Shareholders

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November 6, 2025 · 8:02 AM UTC

Golden Entertainment Reports 2025 Third Quarter Results

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