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Golden Entertainment Reports 2023 First Quarter Results

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Golden Entertainment Inc. reported financial results for the first quarter ended March 31, 2023.

Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented: “In the first quarter we were able to grow revenue but elevated costs relative to last year continued to impact our Adjusted EBITDA. During the quarter, we announced the sale of our distributed gaming businesses in both Nevada and Montana, which will allow us to focus on investing in our wholly-owned casino assets and growing our tavern portfolio in Nevada. We expect the sale of our distributed gaming businesses to close by the end of 2023 and continue to expect the previously announced sale of our Rocky Gap property in Maryland to close by the end of June. Most of the sales proceeds from these transactions will further reduce leverage, which will position us well to continue investing in our owned properties, accelerate capital returns to shareholders and pursue future strategic initiatives.”

Consolidated Results

Revenues of $278.1 million for the first quarter of 2023 increased 2% from $273.6 million for the first quarter of 2022. Net income for the first quarter of 2023 was $11.6 million, or $0.38 per fully diluted share, compared to net income of $36.1 million, or $1.12 per fully diluted share, for the first quarter of 2022. First quarter 2023 Adjusted EBITDA was $62.2 million, compared to Adjusted EBITDA of $67.3 million for the first quarter of 2022.

Debt and Liquidity

As of March 31, 2023, the Company’s total principal amount of debt outstanding was $913 million, consisting primarily of $575 million in outstanding term loan borrowings and $335 million of senior unsecured notes. As of March 31, 2023, the Company had cash and cash equivalents of $156 million, and short-term cash investments of $5 million that will convert into cash during the quarter ending June 30, 2023, and there continues to be no outstanding borrowings under the Company’s $240 million revolving credit facility.

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Rush Street Interactive Appoints Brian Sapp as Chief Marketing Officer

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Rush Street Interactive Inc. announced the appointment of Brian Sapp to the newly-created role of Chief Marketing Officer.

In his role as CMO, Brian brings a wealth of experience and a proven track record in leading data-driven marketing and live operations within the mobile industry and joins the Company’s executive leadership team reporting directly to Richard Schwartz, Chief Executive Officer.

“As we continue to grow and expand across the Americas, a marketing leader with Brian’s unique blend of gaming and mobile experience, strategic insight, and creativity will be additive to the team as we shape the future of our brand and continue to innovate our customer first experience. We are thrilled to welcome him aboard to lead our marketing strategy, team, and operations,” said Richard Schwartz.

As RSI’s growth continues to accelerate, Mattias Stetz, the company’s Chief Operations Officer who previously led the marketing team, has deepened his focus on scaling operations and increasing Latin American growth.

Brian Sapp said: “I am thrilled to join Rush Street Interactive at a time when the company has such strong momentum. RSI’s customer first focus really resonated with me as a marketer who understands what it takes to succeed in a competitive mobile landscape. I look forward to leveraging my experience and expertise to drive forward our marketing initiatives during RSI’s next phase of growth and deliver exceptional experiences to our customers.”

Prior to joining Rush Street Interactive, Brian served on the Executive Team at Rec Room, overseeing several functions, including media buying, product marketing, creative, social, and first-party revenue, where he played a pivotal role in driving the company’s growth strategies and user base to new heights. Before his tenure at Rec Room, Brian held the position of Senior Vice President of User Acquisition & Ads at Jam City, overseeing the successful marketing campaigns for a diverse portfolio of casual and social mobile games.

With a career spanning nearly two decades, Brian also served as the Director of Digital Publishing at WB Games, where he managed all aspects of user acquisition, analytics, and monetization for WB’s mobile gaming portfolio. He began his journey in the mobile industry at Tapjoy, where he served as Director of Developer Partnerships, playing a key role in strategic partnerships, developer relations, and app distribution and monetization.

Brian’s appointment underscores Rush Street Interactive’s commitment to innovation and strategic growth in the rapidly evolving online gaming landscape. His extensive experience and proven leadership will undoubtedly propel Rush Street Interactive to new heights of success as new markets come online and existing markets continue to mature.

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MotorCity Casino Hotel Promotes Stacey Young to SVP of Casino Operations

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MotorCity Casino Hotel has announced the promotion of Stacey Young to Senior Vice President of Casino Operations. With 25 years of casino management experience, Young brings exceptional leadership skills and strategic insight to his new role.

Young joined MotorCity Casino Hotel in 2003 as a Slot Technical Manager where he demonstrated exceptional technical skills. Young continued his successful career by taking on various operational roles, including Director of Slot Operations and Vice President of Slot Operations.

As Senior Vice President of Casino Operations, Young assumes primary responsibility for all facets of casino operations including, slots, table games, poker, and the sportsbook.

“I’m thrilled to be part of such an outstanding team, and I’m excited to continue elevating the guest experience at MotorCity Casino Hotel,” said Young.

“Stacey’s dedication and expertise have been instrumental in delivering MotorCity Casino’s world-class experience. We’re eager to see Stacey continue to excel in his new role,” John Policicchio, General Manager of MotorCity Casino Hotel, said.

Young holds a master’s in information management from Central Michigan University. He also served with distinction in the United States Marine Corps and is a Desert Storm veteran.

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TPI Appoints Joe Tingson as Vice President of Customer Success

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TPI, a leading provider of innovative player communication solutions for the casino industry, has appointed Joe Tingson as its new Vice President of Customer Success. With his unparalleled dedication to his customers, Joe will play a pivotal role as a leader for our digital Customer Success and Product teams.

In his new role as VP of Customer Success, Joe Tingson will be responsible for the vision and strategy of TPI’s mobile app, Player Connect, and other digital products including Digital Mailers and Player Portals. Drawing on his wealth of experience in the casino industry, Joe will work closely with TPI’s clients to understand their needs, identify opportunities for improvement, and ensure they derive maximum value from TPI’s Player Connect and suite of digital solutions.

“Joe’s proven track record of building strong relationships and intense passion for both marketing and the casino industry makes him the right person to lead the future of digital within TPI. We are thrilled to welcome him to the TPI team and are confident that his leadership will further strengthen our commitment to delivering unparalleled service and support to our clients,” Kane Johnson, President of TPI, said.

With over 20 years of experience in the casino industry, Joe Tingson brings a wealth of knowledge and expertise to his new position at TPI. Throughout his career, he has demonstrated a passion for product development, elevating the patron experience and success through strategic planning and tailored solutions.

“I am honored to join TPI as the Vice President of Customer Success and am excited to work with our clients to create a highly personalized player experience. TPI has a strong reputation for delivering innovative solutions and exceptional service, and I look forward to building upon that foundation. The digital transformation journey begins (and ends) with TPI,” Joe Tingson said.

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