Golden Entertainment report rise in revenues, cash flow
Golden Entertainment, Nevada’s largest tavern operator and slot machine company, saw a strong second quarter with revenues increasing 16.5 percent and cash flow up 12.2 percent.
A year ago, the Nevada-based company merged with a subsidiary of Lake Entertainment, owners of the Rocky Gap Casino in Maryland.
For the quarter that ended June 30, the company’s net revenues were $102.6 million. If Golden and Lakes were combined a year ago, the total revenues would have been $88 million, representing a 16.5 percent increase. Adjusted cash flow was $13.3 million in the second quarter, compared with $11.9 million a year go if the companies were combined.
CEO of Golden Entertainment Blake Sartini attributed the 16.5 percent jump in net revenues to the merger as well as Montana slot machine route operations.
“During the quarter, we closed our second acquisition in Montana, and we opened two new taverns in Las Vegas and are now operating 51 locations in the state,” Sartini said Wednesday in a conference call. “We currently expect to add two more tavern locations in the Las Vegas Valley before year-end, with a third coming on line in early 2017.”
One of those new taverns will be Sierra Gold off Flamingo and the 215 Beltway
Same-store net revenues in wholly owned branded taverns in Clark County jumped 9.5 percent, which is “indicative of our unique business model and our brand strength in Clark County,” he said.
Contact Nicole Raz at nraz@reviewjournal.com or 702-380-4512. Find @JournalistNikki on Twitter.
