Golden Ent. release positive second quarter earnings results
August 10, 2018 9:20 AM
by Robert Mann
Golden Entertainment, Inc. via Blake L. Sartini, Chairman and Chief Executive Officer, released positive second quarter earnings results this week in a conference call with stock market analysts.
Golden reported second-quarter revenues of $216.5 million, up from $109.9 million in the second quarter of 2017. Net income for the second quarter of 2018 was $3.6 million or $0.13 per share, compared to net income of $1.7 million or $0.08 per share in the second quarter of 2017. Adjusted EBITDA was $46.3 million for the second quarter compared to $15.0 million for the second quarter of 2017.
“We are pleased with our second quarter results which saw revenue growth across both our casino and distributed gaming segments. Our strong financial performance was driven by our diversified portfolio, with particular strength from our Las Vegas locals’ properties, our existing casino resort in Laughlin and our Rocky Gap property in Maryland. During the quarter, we were excited to begin our Phase I renovations to the Stratosphere, which we expect to be completed by year end.”
Sartini added, “We also look forward to expanding our casino portfolio with our pending acquisition of two Laughlin casino resorts from Marnell Gaming, which is expected to close in the first quarter of 2019.”