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Golden Entertainment Reports 2024 Third Quarter Results

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Golden Entertainment Inc. reported financial results for the third quarter ended September 30, 2024. The Company reported third quarter revenue of $161.2 million, net income of $5.2 million and Adjusted EBITDA of $34.0 million. In addition, on November 5, 2024, the Company’s Board of Directors authorized the Company’s recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock payable on January 7, 2025 to shareholders of record as of December 20, 2024. The Company’s Board of Directors also increased the Company’s share repurchase authorization by $100 million, creating $131.4 million of current availability under the Company’s share repurchase program.

Blake Sartini, Chairman and Chief Executive Officer of Golden, said: “In the third quarter, we have maintained our commitment to returning capital to shareholders through our regular dividend and share buyback program despite a challenging operating environment for our properties. We anticipate that business conditions will improve in the fourth quarter and, with our increased share buyback authorization currently at over $130 million, we expect to continue to use our liquidity to acquire our own shares throughout the year.”

The Company repurchased 815,116 shares of common stock in the third quarter, at an average price of $31.65 per share for a total of $25.8 million. In October, after the end of the quarter, an additional 134,613 shares were repurchased for a total of $4.2 million. Year to date, the Company has repurchased 1.94 million shares of the Company’s common stock at an average price of $30.70 per share for a total of $59.5 million.

Consolidated Results

The Company reported third quarter of 2024 revenues of $161.2 million and Adjusted EBITDA of $34.0 million, compared to revenues of $257.7 million and Adjusted EBITDA of $53.2 million for the third quarter of 2023. The declines in revenues and Adjusted EBITDA over the prior year period were primarily related to the exclusion of the results for the Company’s Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada that were sold on July 25, 2023, September 13, 2023 and January 10, 2024, respectively. The Company reported net income of $5.2 million, or $0.18 per fully diluted share, for the third quarter of 2024, compared to net income of $241.2 million, or $7.83 per fully diluted share, for the third quarter of 2023. The third quarter of 2023 results included the impact of the $305.8 million gain on the sales of the Rocky Gap Casino Resort and the Montana distributed gaming business recognized during the quarter.

Debt and Liquidity

As of September 30, 2024, the Company’s total principal amount of debt outstanding was $399.0 million, consisting primarily of $395.0 million in outstanding term loan borrowings.

As of September 30, 2024, the Company had cash and cash equivalents of $68.6 million. There continues to be no outstanding borrowings under the Company’s $240 million revolving credit facility.

Industry News

Gaming and Leisure Properties Inc. Names Carlo Santarelli Senior Vice President, Corporate Strategy and Investor Relations

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Gaming and Leisure Properties Inc. announced that Carlo Santarelli has been appointed Senior Vice President, Corporate Strategy and Investor Relations, a new position at the Company. Mr. Santarelli will begin his new position on August 18, 2025 and will report to GLPI President and Chief Operating Officer, Brandon Moore.

Mr. Santarelli brings over 25 years of Wall Street experience in Equity Research and Investment Banking to his new role and joins the Company from Deutsche Bank where he was Managing Director of Gaming & Lodging Equity Research. Prior to Deutsche Bank, Mr. Santarelli held similar positions at Bear Stearns, JP Morgan and Wells Fargo. He consistently ranked highly in Institutional Investor and other sell-side analyst research polls as a thought leader in the space, providing unique perspectives on industry events and trends with his data-driven approach and stock picking talent. Carlo Santarelli graduated from the University of Pennsylvania with a B.A. in Economics in 2000.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, said: “We’ve known and respected Carlo’s research work on the gaming, lodging and gaming REIT sectors for many years. Carlo brings to GLPI an in-depth knowledge of the industry and its participants, having experienced GLPI’s original formation of the gaming triple-net-REIT structure from a research analyst and capital markets perspective. We value his deep network of contacts among institutional investors, sell-side analysts and a wide range of gaming industry operators and we look forward to the value of his contributions.”

In his new role, Mr. Santarelli will work with Mr. Carlino and GLPI’s senior management to develop and evaluate growth opportunities and strategic relationships, and will oversee investor relations interactions.

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Industry News

VIP Play Announces Departure of Chief Financial Officer

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VIP Play, a technology-driven leader in interactive consumer engagement, announced that Jim Mackey, the Company’s Chief Financial Officer, will step down from his role, effective August 8, 2025.

The Company has initiated a transition process and is in the process of identifying a successor. Mackey will assist in an orderly transition over the coming weeks.

“We thank Jim for his contributions to the Company, particularly during a transformative period for our business. We remain focused on executing our strategic priorities, including financial visibility, operating efficiency, and delivering value to our stakeholders,” said Les Ottolenghi, CEO of VIP Play.

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BETBY LAUNCHES COMPREHENSIVE REPORT ON PERU’S REGULATED GAMBLING MARKET

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BETBY LAUNCHES COMPREHENSIVE REPORT ON PERU’S REGULATED GAMBLING MARKET

 

BETBY, the premium supplier of cutting-edge sportsbook solutions, has published a detailed report titled “The Peruvian Breakthrough: A Market Ready for Takeoff”, offering a thorough analysis of the country’s newly regulated iGaming industry.

Following the implementation of Peru’s online gambling framework in 2024, this report explores the legislative transformation, market growth trends, and consumer behavior shaping one of Latin America’s most promising emerging markets.

The report covers several key aspects, including:

Evolution of Peru’s gambling legislation and its impact on market structure and operator licensing;
Market performance analysis, including land-based vs. online growth and mobile channel adoption;
Economic indicators, such as GDP contribution, per capita GGR, and projected market size through 2030;
Player profiles and betting behavior, with insights into frequency, motivations, and engagement across age and gender groups;
Digital readiness, including mobile usage, internet speeds, and device preferences;
Competitive landscape, with a breakdown of leading operators and changes in market share.

🔗 DOWNLOAD the report to discover strategic insights and unlock growth opportunities in Peru’s regulated gambling ecosystem.

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