Gambling in the USA
Golden Entertainment Reports 2021 Fourth Quarter Results
Golden Entertainment, Inc. reported financial results for the fourth quarter and full year ended December 31, 2021.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “Our strong fourth quarter results concluded a record year for Golden, as we successfully navigated challenges to our operations throughout 2021. The improved performance across our diverse operations drove our total annual revenue to over $1 billion for the first time in history with full year Adjusted EBITDA growing to $292 million, almost 60% higher than full year 2019. For 2022, we are focused on maximizing our operating performance and cash flow which will position the Company to refinance its existing indebtedness and accelerate returning capital to shareholders.”
Consolidated Results
The Company’s 2021 fourth quarter revenues of $282.0 million rose 37% from $205.6 million for the 2020 fourth quarter. Net income for the 2021 fourth quarter was $19.1 million, or $0.59 per fully diluted share, compared to a net loss of $18.5 million, or a loss of $0.66 per share, for the 2020 fourth quarter. Adjusted EBITDA was $67.8 million for the 2021 fourth quarter, a 72% increase from Adjusted EBITDA of $39.4 million for the 2020 fourth quarter. Adjusted EBITDA margin was 24% for the 2021 fourth quarter compared to 19% for the 2020 fourth quarter.
Full year 2021 revenues of $1.1 billion rose 58% from $694.2 million for the 2020 full year. Adjusted EBITDA of $291.7 million for the 2021 full year, represents a 165% increase compared to Adjusted EBITDA of $110.3 million for the 2020 full year. Adjusted EBITDA margin was 27% for the 2021 full year compared to 16% for the 2020 full year.
During the 2021 fourth quarter, the Company updated its segment reporting and now presents results of its operations through four reportable segments:
Nevada Casino Resorts: comprised of The STRAT Hotel, Casino & SkyPod, Aquarius Casino Resort and Edgewater Hotel & Casino Resort, as well as Colorado Belle Hotel & Casino Resort whose operations remain closed.
Nevada Locals Casinos: comprised of Arizona Charlie’s Boulder, Arizona Charlie’s Decatur, Gold Town Casino, Lakeside Casino & RV Park and Pahrump Nugget Hotel Casino.
Maryland Casino Resort: comprised of the Rocky Gap Casino Resort.
Distributed Gaming: comprised of all of the Company’s distributed gaming operations in Nevada and Montana including its branded taverns in Nevada.
Nevada Casino Resorts
Revenues for Nevada Casino Resorts were $104.5 million for the 2021 fourth quarter compared to $64.5 million for the 2020 fourth quarter. Adjusted EBITDA was $36.6 million compared to $14.9 million for the 2020 fourth quarter. Adjusted EBITDA margin was 35% for the 2021 fourth quarter compared to 23% for the 2020 fourth quarter.
Full year 2021 revenues for Nevada Casino Resorts were $389.7 million compared to $250.6 million in 2020. Full year 2021 Adjusted EBITDA was $149.1 million compared to $57.5 million in 2020. Adjusted EBITDA margin was 38% in 2021 compared to 23% in 2020.
Nevada Locals Casinos
Revenues for Nevada Locals Casinos were $39.7 million for the 2021 fourth quarter compared to $33.1 million for the 2020 fourth quarter. Adjusted EBITDA was $18.8 million compared to $14.2 million for the 2020 fourth quarter. Adjusted EBITDA margin was 47% for the 2021 fourth compared to 43% for the 2020 fourth quarter.
Full year 2021 revenues for Nevada Locals Casinos were $159.9 million compared to $113.0 million in 2020. Full year 2021 Adjusted EBITDA was $80.0 million compared to $45.6 million in 2020. Adjusted EBITDA margin was 50% compared to 40% in 2020.
Maryland Casino Resort
Revenues for Maryland Casino Resort were $19.2 million for the 2021 fourth quarter compared to $15.0 million for the 2020 fourth quarter. Adjusted EBITDA was $5.9 million compared to $4.4 million for the 2020 fourth quarter. Adjusted EBITDA margin was 31% for the 2021 fourth quarter compared to 29% for the 2020 fourth quarter.
Full year 2021 revenues for Maryland Casino Resort were $78.2 million compared to $51.6 million in 2020. Full year 2021 Adjusted EBITDA was $26.7 million compared to $15.1 million in 2020. Adjusted EBITDA margin was 34% compared to 29% in 2020.
Distributed Gaming
Revenues for Distributed Gaming were $118.3 million for the 2021 fourth quarter compared to $93.0 million for the 2020 fourth quarter. Adjusted EBITDA was $20.3 million compared to $14.0 million for the 2020 fourth quarter. Adjusted EBITDA margin was 17% for the 2021 fourth quarter compared to 15% for the 2020 fourth quarter.
Full year 2021 revenues for Distributed Gaming were $467.6 million compared to $278.3 million in 2020. Adjusted EBITDA was $87.3 million compared to $27.0 million in 2020. Adjusted EBITDA margin was 19% in 2021 compared to 10% in 2020.
Gambling in the USA
Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion
Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.
The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.
Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.
“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.
In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.
One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.
In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.
Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.
Gambling in the USA
Wind Creek Chicago Southland to Open to the Public on November 11
Wind Creek Chicago Southland has announced that it will open to the public on November 11. The state-of-the-art casino represents the first step toward delivering a full-scale integrated resort experience, scheduled for completion in spring 2025.
Spanning an impressive 70,000 square feet, Wind Creek Chicago Southland features over 1400 slot machines, 56 table games, high-limit slot areas, a high-limit table games salon, a poker room, a dynamic sportsbook, and 4 “Hidden Gems” throughout the casino floor–offering visitors a unique and customizable private gaming and event microenvironment. Designed with an emphasis on curated entertainment spaces, this new offering aims to redefine leisure and hospitality for the entire region.
“The opening of Wind Creek Chicago Southland underscores our dedication to making a positive economic impact in the communities we serve. We’re committed to create opportunities that support the region, offer competitive benefits for Team Members, and further strengthen the vibrant Southland community,” said Jay Dorris, President and CEO of Wind Creek Hospitality.
Wind Creek Chicago Southland is expected to create more than 1000 full-time jobs in fields ranging from hospitality to technology. Roles will include security, gaming attendants, food service, IT technicians, and environmental services, reinforcing Wind Creek’s commitment to strengthening the local economy. Additionally, Homewood and East Hazel Crest will benefit from gambling revenue, along with 42 other south suburban communities—funding essential local services within the immediate and surrounding communities.
“Wind Creek Chicago Southland is more than a casino—it’s a community-driven destination. The Tribe and Wind Creek will continue to prioritize the Villages of Homewood and East Hazel Crest as we are committed to uplifting our neighbors,” said Stephanie Bryan, Tribal Chair and CEO, Poarch Creek Indians.
On Nov. 6th and Nov. 7th, the Illinois Gaming Board visited the casino for two mandatory test days, which also included an extended invitation to family friends and local dignitaries. Wind Creek Hospitality received notice of approval on Nov. 8th to operate on Monday, Nov. 11th at approximately 11:00 a.m.
The Nov. 11th opening marks only the beginning of what will become a flagship destination. High-limit gaming rooms, a hotel, spa, poker room, a sportsbook and more will be available for Guests seeking diverse experiences. Wind Creek’s partnership with Fabio Viviani Hospitality Group will also introduce an exceptional range of signature restaurants and food & beverage offerings to the highly anticipated property.
“Whether you’re looking for elevated dining, quick-service eateries, or something in between—you won’t be disappointed as we’re creating something truly unforgettable,” said Fabio Viviani.
“From the start, our mission has been to create jobs, spur economic growth, and offer the ultimate entertainment escape. We’re thrilled to welcome our Guests on Nov. 11th to experience the excitement firsthand,” said Roger Kuehn, EVP and General Manager of Wind Creek Chicago Southland.
Gambling in the USA
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