Golden Entertainment, the Las Vegas-based company that operates casino and slot machine routes in Nevada and elsewhere, in addition to a major tavern chain, reported its second-quarter earnings today.
Company: Golden Entertainment Inc. (NASDAQ: GDEN)
Revenue: $102.6 million, compared to $88 million in the second quarter of 2015. Note: Lakes Entertainment, a public company, merged with privately owned Golden Gaming in August 2015. The $88 million figure represents the total revenue that would have been realized if Golden and Lakes had been combined during the second quarter of 2015.
Earnings: $2.8 million, compared to a $0.2 million loss during the same period a year earlier.
Earnings per share: 12 cents, compared to a loss of 1 cent during the same period a year earlier.
What it means: Golden Entertainment’s business includes a route of slot machines inside Nevada grocery stores and other locations, and similar operations in Montana. The company also runs Nevada taverns under brands including PT’s Pub, Sierra Gold and Sean Patrick’s, three casinos in Pahrump and one in Maryland.
Blake Sartini, Golden’s CEO, said the growth was driven by an increase in revenue from taverns, the company’s recent purchase of slot routes in Montana, and gains coming from the recent completion of a first phase of upgrades and renovations to the company’s Maryland property, Rocky Gap Casino Resort. He noted that Golden was now operating 51 tavern locations in Las Vegas. He said the company planned to add add two tavern locations in Las Vegas by the end of 2016, plus a third early next year.
“We are proud of our progress and view these achievements as collectively advancing our strategy to expand our core markets by scaling our leadership position in distributed gaming and taking advantage of organic growth opportunities in our casino portfolio.”