Announcement • Feb 27
Golden Entertainment, Inc. Announces Quarterly Cash Dividend, Payable on April 1, 2026 Golden Entertainment, Inc. announced that on February 24, 2026, the company’s Board of Directors authorized the Company’s next recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock payable on April 1, 2026 to shareholders of record as of March 18, 2026. Announcement • Nov 13
Everbay Capital Releases Follow-Up Letter to Golden Entertainment's Board On November 13, 2025, Everbay Capital LP announced that it has released a letter to the Golden Entertainment Inc's Board of Directors, following up on the letter it sent, expresses significant concerns regarding the transactions announced, including the sale of the Company's casino real estate to Vici Properties Inc and the sale of the Company's casino operations and tavern business to the Company's Chairman & CEO, Blake L. Sartini, and Everbay Capital mentioned its concerns that the sale price of $2.75 per share, valuing RemainCo at 1.1x EBITDA, far below industry norms, it estimates fair value at $12 per share or more. In addition, Everbay Capital Real estate and RemainCo sales combined in one agreement, forcing shareholders to accept a low price for RemainCo. Further, Everbay Capital mentioned issues in the sale process that no evidence of a competitive sale process for RemainCo, go-shop period (1 month) too short and likely ineffective due to insider involvement, termination fee and Sartini’s voting rights further discourage other bidders. Furthermore, Everbay recommended the Company to separate shareholder votes for real estate and RemainCo sales, require approval by unaffiliated shareholders, extend go-shop period to 3 months, remove termination fee, allow bids for RemainCo without requiring real estate purchase. Announcement • Nov 08
Golden Entertainment, Inc. Declares Quarterly Cash Dividend, Payable on January 6, 2026 On November 4, 2025, Golden Entertainment, Inc.’s Board of Directors authorized the Company’s next recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock payable on January 6, 2026 to shareholders of record as of December 22, 2025. Announcement • Nov 07
Blake L. Sartini and affiliates entered into a definitive agreement to acquire Operating assets from Golden Entertainment, Inc. (NasdaqGM:GDEN). Blake L. Sartini and affiliates entered into a definitive agreement to acquire Operating assets from Golden Entertainment, Inc. (NasdaqGM:GDEN) on November 6, 2025. In a related transaction, VICI Properties Inc. (NYSE: VICI) entered into a definitive agreement to acquire seven of casino real estate assets from Golden Entertainment, Inc. (NasdaqGM:GDEN) on November 6, 2025. Golden stockholders will receive total consideration of a fixed exchange ratio of 0.902 shares of VICI common stock for the sale of seven casino real estate assets and a cash distribution with proceeds from Blake Sartini of $2.75 for each share of Golden stock held at the closing of the transaction. The $30.00 value of consideration at signing represents a 41% premium to Golden’s closing share price on November 5, 2025. The Company will continue to pay shareholders regular quarterly cash dividends of $0.25 per share through the close of the transaction. Santander has provided Blake Sartini a debt financing commitment to support the cash portion of the price, any excess debt and fees and expenses. Blake Sartini, Blake Sartini II and affiliated trusts, who own approximately 25% of the voting power of Golden’s outstanding shares of common stock, have signed a voting and support agreement in favor of the transaction. Upon completion of the transactions, shares of Golden common stock will no longer be listed on NASDAQ. The agreement includes a “go-shop” period through December 5, 2025, during which time Golden and its advisors may solicit, consider and negotiate alternative acquisition proposals from third parties.
The proposed transaction, which is expected to close in mid-2026, is subject to customary closing conditions, including the receipt of regulatory approvals and approval by a majority of Golden stockholders.
Macquarie Capital is serving as exclusive financial advisor and Steven Stokdyk, Brian Duff, Michele Anderson, Colleen Smith, Ana O'Brien, Katharine Moir, William Kessler, Brett Rosenblatt, Bryan Monson, Achraf Farraj, David Kuiper, Heather Deixler, James Mann, Holly Bauer, Aron Potash and Ann Buckingham of Latham & Watkins LLP are serving as legal counsel to the Golden Independent Committee. Santander is serving as exclusive financial advisor and Greenberg Traurig LLP is serving as legal counsel to Blake Sartini. Announcement • Oct 14
Golden Entertainment, Inc. to Report Q3, 2025 Results on Nov 06, 2025 Golden Entertainment, Inc. announced that they will report Q3, 2025 results at 4:00 PM, Eastern Standard Time on Nov 06, 2025 Announcement • Jul 17
Golden Entertainment, Inc. to Report Q2, 2025 Results on Aug 07, 2025 Golden Entertainment, Inc. announced that they will report Q2, 2025 results at 4:00 PM, Eastern Standard Time on Aug 07, 2025 Announcement • Apr 17
Golden Entertainment, Inc. to Report Q1, 2025 Results on May 08, 2025 Golden Entertainment, Inc. announced that they will report Q1, 2025 results After-Market on May 08, 2025 Announcement • Apr 10
Golden Entertainment, Inc., Annual General Meeting, May 22, 2025 Golden Entertainment, Inc., Annual General Meeting, May 22, 2025. Announcement • Feb 05
Golden Entertainment, Inc. to Report Q4, 2024 Results on Feb 27, 2025 Golden Entertainment, Inc. announced that they will report Q4, 2024 results After-Market on Feb 27, 2025 New Risk • Nov 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.2% Last year net profit margin: 25% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.2% net profit margin). Significant insider selling over the past 3 months (€311k sold). Announcement • Nov 08
Golden Entertainment Declares Quarterly Cash Dividend, Payable on January 7, 2025 On November 5, 2024, Golden Entertainment, Inc. announced that the Board of Directors authorized the Company’s recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock payable on January 7, 2025 to shareholders of record as of December 20, 2024. Announcement • Oct 17
Golden Entertainment, Inc. to Report Q3, 2024 Results on Nov 07, 2024 Golden Entertainment, Inc. announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 Recent Insider Transactions • Sep 22
Independent Director recently sold €311k worth of stock On the 20th of September, Mark Lipparelli sold around 11k shares on-market at roughly €28.91 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.3m more than they bought in the last 12 months. Upcoming Dividend • Sep 10
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 17 September 2024. Payment date: 02 October 2024. Payout ratio is a comfortable 5.2% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (1.7%). New Risk • Aug 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings are forecast to decline by an average of 93% per year for the foreseeable future. High level of non-cash earnings (28% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: US$0.022 (vs US$0.43 in 2Q 2023) Second quarter 2024 results: EPS: US$0.022 (down from US$0.43 in 2Q 2023). Revenue: US$167.3m (down 42% from 2Q 2023). Net income: US$623.0k (down 95% from 2Q 2023). Profit margin: 0.4% (down from 4.3% in 2Q 2023). Revenue is expected to decline by 5.7% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Germany are expected to grow by 9.9%. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €25.20, the stock trades at a forward P/E ratio of 14x. Average trailing P/E is 26x in the Hospitality industry in Germany. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.53 per share. Buy Or Sell Opportunity • Aug 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to €26.20. The fair value is estimated to be €33.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 24% in 2 years. Earnings are forecast to decline by 84% in the next 2 years. Announcement • Jul 19
Golden Entertainment, Inc. to Report Q2, 2024 Results on Aug 08, 2024 Golden Entertainment, Inc. announced that they will report Q2, 2024 results After-Market on Aug 08, 2024 Upcoming Dividend • Jun 07
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 02 July 2024. Payout ratio is a comfortable 2.5% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.6%). Announcement • May 25
Golden Entertainment, Inc. Appoints Anthony A. Marnell as Director Golden Entertainment, Inc. at its AGM held on May 23, 2024, the company approved the appointment of Anthony A. Marnell as Director. Announcement • May 15
Golden Entertainment, Inc. Announces Resignation of Anthony A. Marnell III as A Director Golden Entertainment, Inc. announced that Mr. Anthony A. Marnell III, who has been a director of Golden Entertainment, Inc. since 2019, informed the Company of his decision to resign from the Company’s Board of Directors. Mr. Marnell’s resignation is effective on May 13, 2024. His decision is based on commitments to other opportunities and is not the result of any disagreement between Mr. Marnell and the Company, the Company’s management or the Board on any matters relating to the Company’s operations, policies or practices. The Company and the Board thank Mr. Marnell for his valuable insights, perspective and commitment during his service on the Company’s Board. New Risk • May 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 92% per year for the foreseeable future. High level of non-cash earnings (28% accrual ratio). Minor Risk Dividend is not well covered by cash flows (216% cash payout ratio). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$1.46 (vs US$0.41 in 1Q 2023) First quarter 2024 results: EPS: US$1.46 (up from US$0.41 in 1Q 2023). Revenue: US$174.0m (down 37% from 1Q 2023). Net income: US$42.0m (up 261% from 1Q 2023). Profit margin: 24% (up from 4.2% in 1Q 2023). Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Germany are expected to grow by 9.3%. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Apr 21
Golden Entertainment, Inc. to Report Q1, 2024 Results on May 08, 2024 Golden Entertainment, Inc. announced that they will report Q1, 2024 results After-Market on May 08, 2024 New Risk • Apr 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings are forecast to decline by an average of 86% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Announcement • Apr 11
Golden Entertainment, Inc., Annual General Meeting, May 23, 2024 Golden Entertainment, Inc., Annual General Meeting, May 23, 2024, at 16:00 Pacific Standard Time. Agenda: To elect the six director nominees to hold office until next annual meeting of shareholders or until their successors have been elected and qualified; to approve, on a non-binding advisory basis, the compensation of named executive officers as disclosed in the accompanying proxy statement; to ratify the appointment of Ernst & Young LLP as independent registered public accounting firm for the year ending December 31, 2024; and to transact other business that may properly come before the Annual Meeting or any adjournments or postponements of the Annual Meeting. Announcement • Mar 26
Golden Entertainment Inc Announces Leadership Changes Golden Entertainment, Inc. announced that effective March 20, 2024, Blake Sartini II, Golden’s Executive Vice President of Operations, became the Company’s Chief Operating Officer. Blake Sartini II initially joined Golden in June 2007, working with Golden’s tavern operations and building what is now the largest branded tavern portfolio in Nevada with 69 locations. Currently, as Executive Vice President of Operations, in addition to oversight of Golden’s taverns, he has direct responsibility for the Company’s five local casinos in Las Vegas and Pahrump. Steve Arcana, Golden’s current Chief Operating Officer, became the Company’s Chief Development Officer also effective March 20, 2024. In this newly created role, Mr. Arcana will be responsible for all new tavern development, finding new third-party food and beverage concepts for the Company’s casino resorts, and exploring opportunities to unlock value in the Company’s excess real estate in Las Vegas, Laughlin and Pahrump. Mr. Arcana initially joined Golden in 2003 and has overseen the Company’s operations as it has grown from a privately held, 900-slot machine route operation to a publicly traded gaming company with casinos in Las Vegas, Laughlin and Pahrump in addition to its significant tavern portfolio. Upcoming Dividend • Mar 08
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 04 April 2024. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (3.1%). New Risk • Mar 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings are forecast to decline by an average of 79% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Significant insider selling over the past 3 months (€961k sold). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: US$8.93 (vs US$2.87 in FY 2022) Full year 2023 results: EPS: US$8.93 (up from US$2.87 in FY 2022). Revenue: US$1.05b (down 6.1% from FY 2022). Net income: US$255.8m (up 211% from FY 2022). Profit margin: 24% (up from 7.3% in FY 2022). Revenue is expected to decline by 22% p.a. on average during the next 2 years, while revenues in the Hospitality industry in Germany are expected to grow by 8.1%. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
Golden Entertainment, Inc. to Report Q4, 2023 Results on Feb 29, 2024 Golden Entertainment, Inc. announced that they will report Q4, 2023 results After-Market on Feb 29, 2024 Announcement • Jan 12
J&J Ventures Gaming, LLC completed the acquisition of distributed gaming operations in Nevada of Golden Entertainment, Inc. (NasdaqGM:GDEN) . J&J Ventures Gaming, LLC entered into definitive agreement to acquire distributed gaming operations in Nevada of Golden Entertainment, Inc. (NasdaqGM:GDEN) for approximately $213.5 million on March 3, 2023. As per the terms J&J Ventures Gaming, LLC will pay $213.5 million in cash plus $34million purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing). The transaction is subject to customary regulatory approvals and closing conditions. Kirkland & Ellis LLP served as legal advisor to J&J Ventures Gaming, LLC and Latham & Watkins LLP served as legal advisors to Golden Entertainment, Inc. (NasdaqGM:GDEN). The transaction is expected to close during the fourth quarter of 2023.
J&J Ventures Gaming, LLC completed the acquisition of distributed gaming operations in Nevada of Golden Entertainment, Inc. (NasdaqGM:GDEN) on January 10, 2024. Taft Stettinius & Hollister LLP served as legal advisors and Macquarie Capital (USA) Inc. served as financial advisor to J&J Ventures Gaming, LLC Recent Insider Transactions • Dec 23
President recently sold €961k worth of stock On the 20th of December, Charles Protell sold around 26k shares on-market at roughly €37.18 per share. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Charles' only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €34.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Hospitality industry in Europe. Total returns to shareholders of 186% over the past three years. New Risk • Nov 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings are forecast to decline by an average of 77% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$8.37 (vs US$0.49 in 3Q 2022) Third quarter 2023 results: EPS: US$8.37 (up from US$0.49 in 3Q 2022). Revenue: US$257.7m (down 7.6% from 3Q 2022). Net income: US$241.2m (up US$227.2m from 3Q 2022). Profit margin: 94% (up from 5.0% in 3Q 2022). Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Germany are expected to grow by 9.9%. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Oct 14
Golden Entertainment, Inc. to Report Q3, 2023 Results on Nov 02, 2023 Golden Entertainment, Inc. announced that they will report Q3, 2023 results After-Market on Nov 02, 2023 Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: US$0.43 (vs US$0.73 in 2Q 2022) Second quarter 2023 results: EPS: US$0.43 (down from US$0.73 in 2Q 2022). Revenue: US$286.7m (flat on 2Q 2022). Net income: US$12.3m (down 42% from 2Q 2022). Profit margin: 4.3% (down from 7.3% in 2Q 2022). Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Germany are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 71% per year whereas the company’s share price has increased by 74% per year. Announcement • Aug 01
Golden Entertainment, Inc. Declares Special Cash Dividend, Payable on August 25, 2023 Golden Entertainment, Inc.’s Board of Directors has declared a one-time cash dividend of $2.00per share of its outstanding common stock. The one-time cash dividend is payable on August 25, 2023 to stockholders of record as of August 11, 2023. Announcement • Jul 14
Golden Entertainment, Inc. to Report Q2, 2023 Results on Jul 31, 2023 Golden Entertainment, Inc. announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Jul 31, 2023 Reported Earnings • May 11
First quarter 2023 earnings released: EPS: US$0.41 (vs US$1.25 in 1Q 2022) First quarter 2023 results: EPS: US$0.41 (down from US$1.25 in 1Q 2022). Revenue: US$278.1m (up 1.6% from 1Q 2022). Net income: US$11.6m (down 68% from 1Q 2022). Profit margin: 4.2% (down from 13% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 15% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: US$2.87 (vs US$5.64 in FY 2021) Full year 2022 results: EPS: US$2.87 (down from US$5.64 in FY 2021). Revenue: US$1.12b (up 2.3% from FY 2021). Net income: US$82.3m (down 49% from FY 2021). Profit margin: 7.3% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Germany are expected to grow by 17%. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
Golden Entertainment, Inc. to Report Q4, 2022 Results on Mar 01, 2023 Golden Entertainment, Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Mar 01, 2023 Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$0.49 (vs US$1.00 in 3Q 2021) Third quarter 2022 results: EPS: US$0.49 (down from US$1.00 in 3Q 2021). Revenue: US$279.0m (down 1.2% from 3Q 2021). Net income: US$14.0m (down 52% from 3Q 2021). Profit margin: 5.0% (down from 10% in 3Q 2021). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Germany are expected to grow by 24%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Announcement • Oct 15
Golden Entertainment, Inc. to Report Q3, 2022 Results on Nov 03, 2022 Golden Entertainment, Inc. announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 03, 2022 Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.73 (vs US$3.60 in 2Q 2021) Second quarter 2022 results: EPS: US$0.73 (down from US$3.60 in 2Q 2021). Revenue: US$289.4m (down 1.1% from 2Q 2021). Net income: US$21.2m (down 79% from 2Q 2021). Profit margin: 7.3% (down from 35% in 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 707% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Announcement • Jul 08
Golden Entertainment, Inc. to Report Q2, 2022 Results on Aug 04, 2022 Golden Entertainment, Inc. announced that they will report Q2, 2022 results After-Market on Aug 04, 2022 Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €38.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Hospitality industry in Europe. Total returns to shareholders of 220% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 15% share price gain to €43.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Hospitality industry in Europe. Total returns to shareholders of 285% over the past three years. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: US$1.25 (vs US$0.38 in 1Q 2021) First quarter 2022 results: EPS: US$1.25 (up from US$0.38 in 1Q 2021). Revenue: US$273.6m (up 14% from 1Q 2021). Net income: US$36.1m (up 240% from 1Q 2021). Profit margin: 13% (up from 4.4% in 1Q 2021). Over the next year, revenue is forecast to stay flat compared to a 114% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
Golden Entertainment, Inc. to Report Q1, 2022 Results on May 05, 2022 Golden Entertainment, Inc. announced that they will report Q1, 2022 results After-Market on May 05, 2022 Recent Insider Transactions • Mar 07
Executive VP & COO recently sold €1.6m worth of stock On the 2nd of March, Stephen Arcana sold around 33k shares on-market at roughly €49.23 per share. This was the largest sale by an insider in the last 3 months. Stephen has been a seller over the last 12 months, reducing personal holdings by €1.8m. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 17% share price gain to €51.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Hospitality industry in Europe. Total returns to shareholders of 245% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €93.97 per share. Reported Earnings • Feb 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$5.64 (up from US$4.87 loss in FY 2020). Revenue: US$1.10b (up 58% from FY 2020). Net income: US$161.8m (up US$298.4m from FY 2020). Profit margin: 15% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to stay flat compared to a 112% growth forecast for the restaurants industry in Germany. Over the last 3 years on average, earnings per share has increased by 52% per year whereas the company’s share price has increased by 49% per year. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 22% share price gain to €47.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Hospitality industry in Europe. Total returns to shareholders of 205% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €91.66 per share. Announcement • Feb 11
Golden Entertainment, Inc. to Report Q4, 2021 Results on Feb 17, 2022 Golden Entertainment, Inc. announced that they will report Q4, 2021 results After-Market on Feb 17, 2022 Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$1.00 (vs US$0.25 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$282.4m (up 38% from 3Q 2020). Net income: US$29.1m (up US$36.0m from 3Q 2020). Profit margin: 10% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Aug 29
Independent Director recently sold €673k worth of stock On the 25th of August, Anthony Marnell sold around 15k shares on-market at roughly €44.84 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.1m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improved over the past week After last week's 17% share price gain to €43.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Hospitality industry in Europe. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €60.29 per share. Executive Departure • Aug 09
Independent Director Robert Miodunski has left the company On the 6th of August, Robert Miodunski's tenure as Independent Director ended after 6.0 years in the role. We don't have any record of a personal shareholding under Robert's name. Robert is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.08 years. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS US$3.60 (vs US$2.80 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$292.5m (up 285% from 2Q 2020). Net income: US$103.0m (up US$181.6m from 2Q 2020). Profit margin: 35% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Recent Insider Transactions • May 25
Independent Director recently sold €810k worth of stock On the 20th of May, Anthony Marnell sold around 25k shares on-market at roughly €32.42 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €892k more than they bought in the last 12 months. Reported Earnings • May 08
First quarter 2021 earnings released: EPS US$0.38 (vs US$1.17 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$239.7m (up 16% from 1Q 2020). Net income: US$10.6m (up US$43.2m from 1Q 2020). Profit margin: 4.4% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 13
Full year 2020 earnings released: US$4.87 loss per share (vs US$1.43 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$694.2m (down 29% from FY 2019). Net loss: US$136.6m (loss widened 246% from FY 2019). Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 0.7%. Over the next year, revenue is forecast to grow 33% while theHospitality industry in Germany is not expected to grow. Announcement • Feb 27
Golden Entertainment, Inc. to Report Q4, 2020 Results on Mar 11, 2021 Golden Entertainment, Inc. announced that they will report Q4, 2020 results After-Market on Mar 11, 2021 Is New 90 Day High Low • Feb 18
New 90-day high: €17.70 The company is up 30% from its price of €13.60 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €37.23 per share.