Golden Entertainment posts lower 2025 revenue as privatization deal advances

Golden Entertainment Inc. continues moving toward private ownership after reporting a net loss of $6 million for 2025, reversing a $50.7 million profit recorded in 2024.

The Las Vegas-based casino operator generated $634.9 million in revenue for the year, down from $666.8 million the previous year. Adjusted EBITDA for 2025 totaled $140 million, compared with $155.4 million in 2024. The company said its results were affected by a $10.2 million loss from asset disposals.

In the fourth quarter, revenue reached $155.6 million, an $8.6 million decline from the same period a year earlier. The company reported a net loss of $8.5 million for the quarter after posting a profit in the fourth quarter of 2024. Adjusted earnings fell to $33.5 million from $39.2 million at the end of 2024, according to public filings.

As of Dec. 31, Golden had $438.7 million in total debt, primarily from a $390 million term loan. Cash on hand stood at $55.3 million. The company reported $195 million available under its revolving credit facility at year-end, a figure that rose to $203 million following an $8 million repayment in late January.

Golden has stopped holding earnings calls as it advances a previously announced agreement to sell its operating assets to company Chairman and Chief Executive Officer Blake Sartini and several of its casino real estate holdings to VICI Properties Inc.

The Nevada properties involved in the transaction include The Strat at the north end of Las Vegas Boulevard, the Aquarius and Edgewater resorts in Laughlin, the Pahrump Nugget, and two Arizona Charlie’s casinos in Las Vegas. Once the deal closes, Golden’s stock will be delisted, and the company will operate privately.

Despite the weaker financial performance, Golden maintained its regular quarterly dividend. The company paid $0.25 per share in January and authorized another $0.25 payment for April 1 to shareholders of record on March 18.