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Golden Entertainment Reports 2024 Third Quarter Results
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.
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Legendz Social Casino & Sportsbook Officially Launches in 43 States
Legendz Social Casino & Sportsbook announced its highly anticipated launch, offering players an unparalleled social gaming experience across 43 states in English and Spanish language. With a vast array of games, innovative features, and a player-first philosophy, Legendz is set to redefine the online social and sweepstakes gaming landscape.
Hundreds of Slot Games, Live Table Games, and a Full Sportsbook
Legendz delivers a comprehensive entertainment experience featuring hundreds of fan-favorite slot games and live table games from trusted providers. Sports enthusiasts will be able to make predictions on single teams, totals, player props, parlays, and more —covering over a thousand markets across multiple sports.
“With a full suite of slots, live casino, and sportsbook as well as some unique features that we’ll be rolling out over the next few months, we think our guests will find a social gaming experience they can’t get anywhere else,” said Henrik Persson Ekdahl, Co-founder of Legendz.com.
Play for Free, Redeem for Real Prizes
At Legendz, anyone over 18 can join the fun and play for free while having the chance to redeem winnings for real prizes. Players receive a free daily reward just for visiting the site each day.
“Legendz is introducing a groundbreaking approach to rewarding loyal users and retaining its players with its unique daily reward slot game. The game will offer a chance to win hundreds of free Sweeps Coins every single day. We’re transforming traditional rewards into an engaging experience, staying true to our core value: delivering entertainment at its finest,” said Managing Director Charlie McMaw.
Highest Return to Player on the Market
With a commitment to a generous, player-first approach, Legendz boasts the highest return to player available in the social gaming industry. Players can enjoy more value for their play ensuring an exciting and rewarding experience every time they use Legendz.
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BetConstruct to Participate at GAT Caribbean Cancún
BetConstruct has announced their participation at this year’s GAT Caribbean Cancún that takes place in Mexico from November 26-28.
Taking place at the Cancún International Center, the GAT Caribe Cancú is a prestigious event that gathers manufacturers, operators, and marketers to broaden the horizons of the online and land-based markets in Mexico, the Caribbean region, and Central America.
Exhibiting at stand A36, BetConstruct are set to showcase the company’s wide array of Land Based Solutions alongside comprehensive Sports Betting Solutions and Casino Suite. These offerings have the full capabilities and features that are essential for catering to the regional markets and open vast opportunities for both new and entrant operators.
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BGaming pens Brazilian multi-brand agreement with Cometa Gaming
Popular iGaming content provider BGaming has solidified its market position in Brazil by securing an aggregation deal with Cometa Gaming.
Cometa Gaming is an online casino and sportsbook aggregator with several brands in Brazilian market, all in the regulatory process. The group handpicks the best slot studios in the industry to meet the high standards of its passionate players.
BGaming has initially launched its entire portfolio with Cometa Gaming’s iGaming and sports betting brand Br4bet, including popular titles such as Fruit Million, Burning Chilli X and Space XY. The provider will continue to roll out its games across several of the platform’s other brands over the coming months.
This latest partnership demonstrates BGaming’s growing demand in LatAm ahead of the Brazil’s regulated market launching in January, where it remains committed to delivering a safe, fair and entertaining experience for players.
Gian Carlo Ferrini, Sales Manager at BGaming, said: “Partnering with Cometa Gaming is a major move for BGaming, enabling us to broaden the reach of our award-winning content to LatAm players across its multiple brands. So far, we have enjoyed early success with Br4bet and look forward to launching with Cometa Gaming’s other casino sites in the future.”
Thomaz Campos, COO at Cometa Gaming, said: “BGaming continues to break new ground in Brazil and we are delighted to have them live on Br4bet. Their games will help us achieve our goal of delivering the most appealing and forward-thinking content to players, as we both work towards a shared commitment to excellence.”
BGaming is a fast-growing iGaming content provider converting gambling into gaming. Thanks to an expert team and a player-driven approach, the studio creates innovative and engaging products featured on reputable platforms and 1,600+ online casinos worldwide. BGaming is the world’s first to support cryptocurrencies and offer Provably Fair games. Today the brand’s portfolio includes 150+ products with HD graphics and a clear user interface for every device. The studio is also known for its brand exclusives created in partnerships with leading operators in the industry.
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