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1. Company Snapshot

1.a. Company Description

Golden Entertainment, Inc., together with its subsidiaries, engages in the ownership and operation of a diversified entertainment platform in the United States.The company operates through four segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, and Distributed Gaming.The Nevada Casino Resorts segment comprises of destination casino resort properties that include various food and beverage outlets, entertainment venues, and other amenities.


The Nevada Locals Casinos segment consists of casino properties that cater to local customers.The Maryland Casino Resort segment operates Rocky Gap casino resort, including various food and beverage outlets, signature golf course, spa, and pool.The Distributed Gaming segment operates slot machines and amusement devices in non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores, and grocery stores.


As of February 17, 2022, the company operated approximately 16,900 slots, 120 table games, and 6,200 hotel rooms; 10 casinos; and video gaming devices at 1,100 locations, as well as owned 60 traditional taverns.The company was formerly known as Lakes Entertainment, Inc.and changed its name to Golden Entertainment, Inc.


in July 2015.Golden Entertainment, Inc.was incorporated in 1998 and is headquartered in Las Vegas, Nevada.

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1.b. Last Insights on GDEN

Golden Entertainment's recent performance was influenced by its announcement of a definitive agreement to sell its operating assets to Blake L. Sartini and affiliates, and seven casino real estate assets to VICI Properties Inc. in a sale-leaseback transaction. Under the terms, shareholders will receive 0.902 shares of VICI common stock and $2.75 from Blake Sartini for each share. The company's Q3 2025 revenues were $154.8 million, down from $161.2 million in Q3 2024. Law firms, including Halper Sadeh LLC and The Ademi Firm, are investigating the fairness of the transaction to shareholders.

1.c. Company Highlights

2. Golden Entertainment: Navigating a Mixed Landscape

Golden Entertainment delivered second-quarter 2025 revenue of $163.6 million, a slight increase from the previous year. While the company achieved $38.4 million in EBITDA, this figure represents a modest decline compared to the prior year. Earnings per share came in at $0.17, exceeding analyst expectations of $0.14, indicating a positive surprise.

Publication Date: Aug -17

📋 Highlights
  • Nevada Locals Casinos Growth:: Revenue +3% Y/Y, EBITDA +7% Y/Y with margins rising 170 bps to over 46%.
  • Casino Resorts Decline:: Revenue -3% Y/Y, EBITDA -5% Y/Y due to low table game hold in Laughlin.
  • STRAT Performance:: EBITDA -5% Y/Y, occupancy dropped to 69% (June slowdown), offset by cost-cutting.
  • Taverns Revenue Drop:: -7% Y/Y driven by competitive promotional environment.
  • M&A Strategy:: Focused on operational stabilization, plans to pursue M&A when debt markets improve and interest rates fall.

Nevada Locals Casinos Shine

The company's Nevada Locals Casinos segment emerged as a bright spot, recording a 3% year-over-year revenue increase and a 7% surge in EBITDA. This impressive performance can be attributed to the strength of the two Las Vegas Locals Casinos, which saw margins expand by 170 basis points to over 46%. This segment is poised for further growth, benefiting from favorable tax legislation slated to take effect in 2026.

Mixed Performance in Other Segments

Other segments, however, exhibited more mixed results. The Casino Resorts segment experienced a 3% revenue decline and a 5% drop in EBITDA, primarily due to a lower-than-expected table game hold in Laughlin. The STRAT, facing a challenging environment, saw its EBITDA decrease by 5% despite cost-cutting measures that helped mitigate the impact. Occupancy fell to 69% for the quarter, reflecting a slowdown in June. The Taverns segment also faced headwinds, with revenue declining by 7% year-over-year as the company navigated a promotional landscape.

Cautious Approach to M&A

Regarding future growth strategies, Golden Entertainment emphasized its focus on stabilizing operations. The company indicated that acquisitions will be pursued when debt capital markets improve and interest rates decline.

Outlook Remains Positive

Looking ahead, Golden Entertainment anticipates continued strong performance in its Nevada Locals Casinos and Laughlin. The company projects a stabilization in demand at the STRAT during the fourth quarter of 2025 and the first quarter of 2026, driven by improvements in convention schedules.

3. NewsRoom

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Head to Head Survey: MGM Resorts International (NYSE:MGM) and Golden Entertainment (NASDAQ:GDEN)

Nov -21

Source: defenseworld.net

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Locked-In Income: 2 Attractively Priced REITs Every Dividend Collector Should Consider

Nov -14

Source: seekingalpha.com

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New Strong Sell Stocks for Nov. 7

Nov -07

Source: zacks.com

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ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Golden Entertainment, Inc.

Nov -06

Source: prnewswire.com

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Shareholder Alert: The Ademi Firm investigates whether Golden Entertainment Inc. is obtaining a Fair Price for its Public Shareholders

Nov -06

Source: prnewswire.com

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GDEN Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of Golden Entertainment, Inc. is Fair to Shareholders

Nov -06

Source: businesswire.com

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Golden Entertainment (GDEN) Reports Q3 Loss, Misses Revenue Estimates

Nov -06

Source: zacks.com

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Golden Entertainment Reports 2025 Third Quarter Results

Nov -06

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.87%)

6. Segments

Nevada Casino Resorts

Expected Growth: 4.5%

Growing demand for luxury experiences, increasing tourism in Nevada, and expansion of non-gaming amenities drive growth in Nevada Casino Resorts. Golden Entertainment's diversified portfolio, including Stratosphere, Arizona Charlie's, and Aquarius Casino Resort, positions the company for continued growth.

Distributed Gaming

Expected Growth: 12.3%

Growing demand for data-driven casino operations, increasing adoption of digital solutions, and rising need for real-time analytics drive the growth of Distributed Gaming platform.

Nevada Locals Casinos

Expected Growth: 4.5%

Nevada locals casinos' growth is driven by increasing demand for convenient entertainment options among local residents, coupled with Golden Entertainment's focus on comfort and customer experience. This, combined with the company's strategic expansion and renovation efforts, is expected to fuel growth in the segment.

Nevada Taverns

Expected Growth: 4.5%

Nevada Taverns' growth is driven by increasing demand for social gathering spaces, rising disposable income, and a growing population in Nevada. Additionally, Golden Entertainment's strategic expansion and renovation efforts will further boost revenue.

Maryland Casino Resort

Expected Growth: 4.5%

Growing demand for luxury entertainment, increasing tourism in Maryland, and expansion of amenities at Rocky Gap Resort drive growth. Additionally, Golden Entertainment's strategic marketing and loyalty programs contribute to the resort's attractiveness, further boosting revenue.

Corporate and Other

Expected Growth: 3.5%

Golden Entertainment's Corporate and Other segment is expected to grow driven by increasing corporate overhead expenses, expansion of distributed gaming operations, and rising administrative costs.

7. Detailed Products

Casinos

Golden Entertainment operates several casinos in Nevada, including the Stratosphere Casino, Hotel & Tower, Arizona Charlie's Decatur, Arizona Charlie's Boulder, and Aquarius Casino Resort.

Distributed Gaming

Golden Entertainment distributes gaming devices and systems to bars, restaurants, and other locations in Nevada.

PT's Taverns

Golden Entertainment operates a chain of taverns in Nevada, offering food, drinks, and gaming options.

Slot Route Operations

Golden Entertainment operates a slot route operation, providing gaming devices and services to bars, restaurants, and other locations in Nevada.

8. Golden Entertainment, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Golden Entertainment, Inc. operates in the gaming industry, which has a moderate threat of substitutes. While there are alternative forms of entertainment, such as online gaming and sports betting, they do not pose a significant threat to the company's core business.

Bargaining Power Of Customers

Golden Entertainment, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's loyalty programs and rewards schemes help to retain customers and reduce the threat of customer switching.

Bargaining Power Of Suppliers

Golden Entertainment, Inc. relies on a few key suppliers for gaming equipment and services. While the company has some bargaining power due to its size, suppliers still have some leverage, particularly in the provision of specialized equipment.

Threat Of New Entrants

The gaming industry has significant barriers to entry, including high capital requirements, regulatory hurdles, and the need for specialized expertise. These barriers limit the threat of new entrants and provide some protection for Golden Entertainment, Inc.

Intensity Of Rivalry

The gaming industry is highly competitive, with many established players competing for market share. Golden Entertainment, Inc. faces intense rivalry from other gaming companies, which can lead to pricing pressure and increased marketing expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 55.67%
Debt Cost 11.22%
Equity Weight 44.33%
Equity Cost 15.28%
WACC 13.02%
Leverage 125.56%

11. Quality Control: Golden Entertainment, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Monarch Casino & Resort

A-Score: 6.3/10

Value: 3.6

Growth: 7.0

Quality: 8.6

Yield: 3.0

Momentum: 8.5

Volatility: 7.3

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Playa Hotels & Resorts

A-Score: 5.9/10

Value: 3.4

Growth: 7.8

Quality: 5.9

Yield: 0.0

Momentum: 9.5

Volatility: 8.7

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PlayAGS

A-Score: 5.3/10

Value: 5.1

Growth: 6.7

Quality: 5.7

Yield: 0.0

Momentum: 6.0

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Golden Entertainment

A-Score: 5.0/10

Value: 6.0

Growth: 4.8

Quality: 4.2

Yield: 6.0

Momentum: 2.5

Volatility: 6.3

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Everi

A-Score: 4.8/10

Value: 5.1

Growth: 4.7

Quality: 4.8

Yield: 0.0

Momentum: 6.0

Volatility: 8.3

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Canterbury Park

A-Score: 4.3/10

Value: 3.6

Growth: 2.3

Quality: 5.2

Yield: 3.0

Momentum: 6.0

Volatility: 5.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

27.97$

Current Price

27.97$

Potential

-0.00%

Expected Cash-Flows