Golden Entertainment reported third‑quarter 2025 financial results on November 6 2025. Revenue fell 4.3 % to $154.8 million from $161.2 million a year earlier, while the company posted a net loss of $4.7 million, or $0.18 per share, compared with a $5.2 million net income a year ago. Adjusted EBITDA declined 10.6 % to $30.5 million from $34.0 million in the prior year, and the company’s diluted earnings per share of $‑0.18 missed consensus estimates of $‑0.08 by $0.10, reflecting a broader earnings miss relative to analysts’ expectations.
The revenue decline was driven by softness in the company’s core gaming and hospitality segments, which were hit by weaker demand and higher operating costs. Segment data from the 10‑Q filing show that rooms and food‑and‑beverage revenue slipped, while gaming revenue remained relatively flat. The impact of the announced transaction—an agreement to sell operating assets to affiliates of Blake L. Sartini and casino real‑estate assets to VICI Properties—also contributed to the lower top line, as the sale removed several high‑margin properties from the company’s balance sheet and reduced future revenue streams.
The net loss and EPS miss were largely a result of one‑time charges associated with the transaction and the removal of previously reported gains from the sale of the Rocky Gap Casino Resort and Montana distributed gaming business. These gains had boosted the company’s 2024 results, so their exclusion in 2025 creates a sharper decline in profitability. Additionally, the company’s debt load of $430.1 million and associated interest expenses weighed on earnings, while cost inflation in the hospitality sector further compressed margins.
The transaction announced earlier that day is described as “transformative.” Golden Entertainment will sell its operating assets to affiliates of Blake L. Sartini and transfer seven casino real‑estate assets to VICI Properties. In return, stockholders will receive VICI shares and a cash distribution at closing, with the transaction expected to complete in 2026. The deal is intended to streamline the company’s portfolio, reduce debt, and create a more focused, cash‑generating business model.
Despite the net loss, Golden Entertainment will continue to pay its quarterly dividend of $0.25 per share, underscoring its commitment to returning capital to shareholders. The next dividend is payable on January 6 2026. Management emphasized that the company remains focused on cost discipline and strategic investments in high‑return segments, signaling confidence in maintaining profitability amid the transition.
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