Golden Entertainment reported second-quarter revenue of $289.4 million, a 1% decrease from last year’s $292.5 million.
Golden’s top-line results remained relatively consistent year on year in Q2. However, this was offset by a minor cost increase, which contributed to a drop in profitability.
Total expenses for the second quarter were $244.8 million, a 5% increase, while Golden’s net income was $21.2 million, a 79 percent decrease from the previous year’s $103 million.
Furthermore, adjusted EBITDA fell from $91 million to $75 million, while Golden’s adjusted EBITDA margin fell from 31% to 26%.
However, Golden’s Chairman and CEO, Blake Sartini, remained upbeat, saying, “Our operating discipline supported strong second quarter results and offset challenges in the current economic environment.”
“Over the last four quarters, we have maintained our adjusted EBITDA margin while exceeding 2019 performance levels.”
Golden’s ‘Nevada Casino Resorts’ saw an increase in revenue. This segment generated $107.5 million, an increase from $106 million. However, this increase occurred despite an 8% drop in gaming revenue to $46.1 million.
Golden’s revenue for the first half of the year was $563 million, a 6% increase over the previous year’s $532.2 million. However, rising costs offset this once again.
Total expenses for the first quarter increased from $445.8 million to $485.5 million, while net income fell from $113.6 million to $57.3 million.
“Since the beginning of 2021, we have reduced indebtedness by nearly $200 million, and since December 2021, we have repurchased nearly $50 million of our common stock,” Sartini continued.
“We expect to remain focused on maintaining the strength of our balance sheet and opportunistically returning capital to shareholders for the remainder of the year.”