On today's call is Blake Sartini, the company's founder, chairman and chief executive Golden delivered record third-quarter revenue and adjusted EBITDA as we and SkyJump experience; created a new entertainment venue on excess land; One is you guys have a little bit of land at the Stratosphere. Golden Entertainment: Las Vegas Review Jurnal — Strip hotels winding down Las Vegas Review Jurnal — Golden Entertainment introduces new rewards program Golden Entertainment Reports Record Fourth Quarter Net Revenue of Jurnal — Owner of PT's Pubs to buy Stratosphere, 3 other Nevada casinos.
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When we acquired The Strat, we were well aware that there have not been any major reinvestment in the property since its opening in With investors spooked by the coronavirus crisis, the Dow had its biggest single-day percentage drop since , dipping 9. But otherwise, there will be no capex being spent for the remainder of the year. Las Vegas-based Golden Entertainment Inc. Let me just answer it this way. Even with a few weeks delay to this section, we remain on track to complete the renovation of the casino by year end. As promised Tuesday at a Gaming Control Board workshop meeting, regulators have updated the health and safety policies for reopening casinos June 4. We'll have more to report as we get going. Our growth in Montana is a result of new locations as well as our exclusive new games that are generating the highest win per unit in the state. And ultimately, as you mentioned, we believe by operating in a nondisruptive environment at The Strat throughout , and as Charles mentioned, we can redeploy that free cash to our balance sheet, which I think offers us many options, create value for the shareholders, again, as Charles mentioned. Nine Months Ended September 30,. As a result, we think if you look at other models in regards to distributed gaming, that Pennsylvania may look toward a more viable and more regulated approach to a distributed gaming platform. Thanks, Charles. Image source: The Motley Fool. Moving to the balance sheet. They want to go experience a form of entertainment. Three Months Ended September 30,. Got it. Join Stock Advisor. I know you had made some comments about Montana out of the gate early, but not sure if I caught any mention of number of positions or changes to the kind of unit counts that you've seen with social distancing. But are we talking about kind of low-single digits in terms of And again, if that's a barometer for local and hyperlocal gaming in a view that there's a pent-up demand, at least in regional markets and local markets for this form of entertainment, then we think that's a good sign of things to come. The Company operates approximately 16, gaming devices, table games, 5, hotel rooms, and provides jobs for over 7, team members. It's something we're working to develop. It's one data point, small piece of our business, but that's out there. So the first couple of months were very bright for the Strat. So the decision to hold on the capex on the banker space, as you mentioned, doesn't mean it will eventually may be built. But the state is reaping a benefit from those currently and their estimate currently, I think, only to this is in the 10, to 15, range of these games currently, and they're being deployed at a greater speed now. How should we be thinking about the level of disruption maybe in the fourth quarter at the property relative to that of the third quarter? Just trying to get a sense of how those margins will ramp. Hey, guys. And our biggest theater market is really drive-in versus fly in market from Southern California. Current portion of long-term debt and capital leases. How much do you guys weigh kind of the alternative of taking incremental financing at any point? So there's plenty of spacing within that casino floor already built into the structure. So we are aware of several of our third parties to have obtained that loan or in the process of applying for that, and we think that it's great. So in my comments, I made reference to some accelerated activity. Las Vegas-based Golden Entertainment Inc. failed to meet analysts' expectations but scored record revenue and cash flow results in its first quarter, company officials reported Wednesday. quarter, which ended March 31, was the first complete period with the four new properties under Golden ownership.
New Stratosphere Owner Golden Entertainment Reports Record Earnings - Golden Entertainment (GDEN) Q3 Earnings Call Transcript | The Motley Fool
So there's a few and we'll add a few. One is you guys have a little bit of land at the Stratosphere. I think from our perspective, it just makes our portfolio more valuable as you look at those deals. We're not looking to increase leverage beyond where we are right now. So the first couple of months were very bright for the Strat. Between our hotel guests and our unique tower visitation, there are about 2. Nevada Distributed Gaming. You guys have been successful in land-based acquisitions, obviously, on the tavern side. Actual results may differ materially from those contemplated in these statements. Stratosphere Renovations Update Stratosphere renovations began in May , including room renovations, the installation of state-of-the-art exterior signage and lighting, as well as the addition of a unique tap room concept connected to a newly renovated sports book and lounge that will be completed in the first quarter of But given the profile of the company, it's not going to directly benefit us. So I guess TBD, to be seen.
Golden Entertainment Results Far From Stratospheric, Company Posts Q3 Loss
We think it's very reasonable and fair and a great roadmap to get everyone, when we're allowed, back to work and operating safely for both our team members and our guests. I think what -- as Blake alluded to, we are laser-focused on operating all of our assets with minimal disruptions, putting cash on the balance sheet for the first part of next year and then be in a better position to decide how to deploy that liquidity. Turning to Nevada and Maryland, we continue to wait on clear guidance on an opening date. And I know there's a lot of focus on what's going on in the Strip. With investors spooked by the coronavirus crisis, the Dow had its biggest single-day percentage drop since , dipping 9. Now this is from Monday to now. Image source: The Motley Fool. By now, everyone should have access to our third-quarter earnings release, which can be found on the company's website at www. Consolidated Balance Sheets Unaudited, in thousands. Golden also is working with Konami Gaming Inc. During today's call, we will discuss non-GAAP financial measures, which management uses and believes are useful in evaluating the company's operating performance. It's something we're working to develop. In Montana, it's very similar with about locations that are there. Just and specific to the Strat, as Charles mentioned, we will reopen when we're allowed. Eastern Time, to discuss the third quarter results. They want to get out of the house. We're anticipating by the end of this month. But is it just kind of giving the asset, as it stands, a chance to breathe and see where it takes you, and then potentially revisit whether or not that money is best spent there or elsewhere? And where would we like to be? Fourth-quarter revenue rose We're not looking to increase leverage beyond where we are right now. Casino Expansion David Sheldon — July 6, Any guidance or color you could provide around what the same-store contributions were to growth and kind of the split between the incremental unit adds year over year relative to kind of same-store organic growth? For the 12 months ended Dec. Related News Articles. We will have a design-ready plan to implement on that mezz level when and if appropriate. But given the profile of the company, it's not going to directly benefit us.
PT’s Pubs’ owner Golden Entertainment registers record revenue - CDC Gaming Reports
So the first couple of months were very bright for the Strat. I'd like to start with a review of the progress we're making for the renovations of The Strat. But if you guys don't mind, as it pertains to the tavern business, to the extent that you guys have looked in there alternative forms of financing at all or to the extent that you needed it, which, as far of your cash on hand and your burn rate, doesn't seem like you do. Stratosphere renovations began in May , including room renovations, the installation of state-of-the-art exterior signage and lighting, as well as the addition of a unique tap room concept connected to a newly renovated sports book and lounge that will be completed in the first quarter of Through its distributed gaming business in Nevada and Montana, Golden Entertainment operates slot machines at over 1, locations and owns 60 traditional taverns in Nevada. Join Stock Advisor. How do you guys think about a partnership with a REIT? And listen, we have a plan with a high degree of conviction that we could operate without a lot of the cost structure that exists not only at the Strat and in the rest of our operations as well. And these things take time in terms of the political process and the state's acceptance of any new kind of industry, in this particular case, distributed gaming. Thank you for taking my questions. That's just an example. As Blake said in his comments, our thesis is pretty simple. Would you guys be willing to increase significantly, leverage to complete an acquisition, a significant acquisition in a market like Illinois given like that national has his legacy city state gaming slow route for sale? Do you see this as a way to -- a decent way to finance your operations compared to traditional debt? Las Vegas-based Golden Entertainment Inc. Going back historically, if you look at the Strat and look at other casinos that have been built 20 years ago plus on the Strip, at one point, the Stratosphere had over 2, partnerships. Related Articles. Sartini cited market softness on the Strip during the quarter, but added the company retained complete faith in the Las Vegas market, noting strong economy and high visitation numbers. The early benefits we are generating from our investments in The Strat are promising and include: during the third quarter, we exceeded the balance of the Las Vegas Strip in terms of year-over-year RevPAR growth; we generated the highest ever third-quarter ADR for the property; and we are seeing initial signs of an improved room and rate mix, including an increase in group room nights and in BREP Internet room bookings. Charles will review the quarterly results, while Blake will review recent strategic and operating initiatives. Related News Articles. Stratosphere owner Golden Entertainment said during an earnings call this week The Stratosphere Hotel & Casino in Las Vegas, which Golden the renovation of rooms and the opening of our new sportsbook, Soon-to-Be Stratosphere Owner Golden Entertainment Reports Record Earnings, But. Revenue hit a record, helped by contributions from the company's In a statement, Golden Entertainment, which owns hotel-casinos in CDC Gaming Reports In the statement, Golden Entertainment CEO Blake Sartini said his renovation and rebranding of the Strat, once called the Stratosphere.
All pro forma combined financial information is unaudited. That's where I was going with that, Charles. Kevin Horridge Read More Golden Entertainment, the forthcoming owner of the Stratosphere , reported record earnings in the second quarter on strong slot revenue at its Nevada casinos and restaurant gaming locations. As you shift your capex strategy there, how are you thinking about maybe improving your mix of rooms? For our Nevada distributed business, total revenues during the third quarter grew 5. The customers feel comfortable coming. Montana Distributed Gaming. Charles H. And we do think that the ecosystem that we will build here in Southern Nevada, particularly in Las Vegas, will demonstrate there is a hub-and-spoke model with the distributed business and having owned casinos in jurisdictions where that's allowed. So it will be basically, if something breaks, we will fix it. Guys, thanks for taking my question. And we -- I would hesitate just to get over our spiels here and say we're -- other than what I mentioned in my comments, in my written comments, about some of the positives we're seeing in the hotel. Golden Entertainment Inc. On the local casino side, we are not opening every restaurant at the same time, for example. But given the profile of the company, it's not going to directly benefit us. Loss on disposal of property and equipment. Golden also is working with Konami Gaming Inc. There are no mats that are required. Good afternoon. I think the question is ultimately what's the consumer demand. So I don't see it really from that perspective. The replay will be available until November 11, That's very helpful. One is you guys have a little bit of land at the Stratosphere. You guys have been successful in land-based acquisitions, obviously, on the tavern side.
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