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
Aristocrat Interactive™ to Showcase Innovative iLottery Solutions at NASPL 2025 Annual Conference & Trade Show

Aristocrat Interactive™, the Real Money Gaming (RMG) division of Aristocrat, today announced its participation as a Level II Sponsor at the North American Association of State and Provincial Lotteries (NASPL) 2025 Annual Conference & Trade Show.
NASPL, the leading trade association representing 53 lottery organizations across North America, serves as a platform for collaboration, research, standards, and best practices that drive the future of the industry. Taking place September 8–11, 2025 at the Niagara Falls Convention Center in Ontario, Canada, the event, themed “Here to Play”, will gather lottery leaders from across North America to explore the evolving future of the industry.
Aristocrat Interactive will be showcasing its latest innovations for the iLottery sector through an interactive booth setup, one-on-one director’s dialogue sessions, a product and services showcase, and more. Attendees will get a first look at new eInstant titles, featuring fresh game mechanics and the business’s first cross-over game with its iGaming & Sports division. Aristocrat Interactive will also highlight its successful omnichannel solutions, which connect retail and online play to enhance player engagement and experience.
Building on this momentum, Aristocrat Interactive recently launched the New Hampshire Lottery’s new digital platform, signed long-term contracts with the Michigan Lottery and the Massachusetts Lottery, and secured a two-year extension with its NeoPollard Joint Venture in North Carolina—where Aristocrat Interactive provides the iLottery platform. These partnerships underscore Aristocrat Interactive’s commitment to helping lotteries deliver engaging digital experiences and sustainable growth.
“NASPL always sets the table for engaging discussions that can advance our customer-driven strategies to drive real digital growth for lotteries,” said Chris Shaban, Managing Director, iLottery at Aristocrat Interactive. “We’re looking forward to another opportunity to showcase Aristocrat Interactive as a solidified, future-ready unit with global gaming expertise.”
Attendees can connect with Aristocrat Interactive at Booth #209 and meet the team for one-on-one discussions in Room #205. Aristocrat Interactive will also hold a showcase on Wednesday, September 10 at 1:30 p.m. at its booth.
For more information about Aristocrat Interactive and its iLottery solutions, please visit aristocratinteractive.com.
Gambling in the USA
Scientific Games Introduces Obsidian, All-Black Holographic Lottery Scratch Games

Premium Instant Scratch Game Innovation Adds Luxury and Uniqueness at Retail with Exclusive Play Experience
Scientific Games announces Obsidian, its latest breakthrough in instant scratch game innovation. A revolutionary addition to the global lottery company’s holographic product offerings, Obsidian will debut at the North American Association of State & Provincial Lotteries 2025 Conference taking place September 8 to September 11 in Ontario, Canada.
With 18 unique design concepts, Obsidian games feature a dramatic combination of all-black tones and holographics to create a sleek, glasslike appearance. Named after naturally occurring volcanic rock, the Obsidian line offers a bold, ultra-premium look and scratch experience.
Obsidian is one of a number of new product designs from Scientific Games to be unveiled at NASPL 2025. The new products were developed by Scientific Games’ Innovation and Discovery teams at its metro Atlanta global headquarters, the largest lottery instant game production facility in the world. Obsidian games will also be produced at the company’s Canadian and UK facilities.
“Our game innovators have followed holographic trends on high-end luxury items and were inspired to create fresh, new games centered on value proposition design for our lottery partners,” said Danielle Hodges, Senior Director, Global Product Innovation & Development for Scientific Games. “At a time when the market basket average is increasing, holographic games allow lotteries to differentiate their games by adding a touch of luxury and uniqueness. In sneak previews of Obsidian with several lotteries, the response we’ve received is pure excitement.”
The company continues to lead the industry in scratch game innovation, using holographics to heighten retail appeal and create immersive player experiences.
Scientific Games, the world’s largest creator, producer and manager of lottery instant games, offers more than 100 strategic enhancements for its world-leading scratch products. The company’s products represent 70% of global instant game retail sales.
Innovating products and solutions that move the global lottery industry forward since 1973, Scientific Games provides retail and digital games, technology, analytics and services to 150 lotteries in 50 countries around the globe, including nearly every North American lottery.
Obsidian™ is a trademark of Scientific Games, LLC. © 2025 Scientific Games, LLC. All Rights Reserved.
Gambling in the USA
ETPL APPOINTS LONDON-BASED OAKVALE CAPITAL AS EXCLUSIVE INVESTMENT BANKER TO LEAD CAPITAL RAISE AND GROWTH STRATEGY

The European T20 Premier League (ETPL), an ICC-approved T20 league co-owned by Abhishek Bachchan and backed by Cricket Ireland, Cricket Scotland, and the Royal Dutch Cricket Association, has appointed Oakvale Capital as its exclusive investment banker.
“Oakvale’s deep expertise in sports finance will be a game-changer for ETPL’s long-term vision. We look forward to working closely with their expert team to help bring our event to fruition,” said Warren Deutrom, CEO, Cricket Ireland.
“Oakvale is one of the leading London-based investment banks in the sports and gaming ecosystem. Their sector depth, global network, and track record advising rights-holders, clubs, and technology platforms make them the right partner for ETPL as we scale,” said Saurav Banerjee, Co-owner and Director, ETPL.
“We’re excited to support ETPL’s bold and innovative approach to cricket. The vision to elevate the sport in Europe with a premium, differentiated offering aligns well with Oakvale’s strategic focus in global sports properties,” said Sandford Loudon, Partner, Oakvale Capital.
Blending world-class cricket with a distinctively European experience, ETPL aims to redefine the sport through elite talent, immersive fan experiences, and data-driven innovation. In addition, KPMG in India has been appointed as ETPL’s strategic advisor.
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