Golden Entertainment Inc. reported a net loss of $8.5 million, or $0.33 per share, for the fourth quarter of 2025, and a net loss of $6.0 million, or $0.23 per share, for the full year. The company’s revenue fell to $155.6 million in Q4 from $164.2 million in the same quarter last year, and to $634.9 million for the year from $666.8 million in 2024.
Adjusted EBITDA declined to $33.5 million in Q4 from $39.2 million in Q4 2024, and to $140.0 million for the year from $155.4 million in 2024. The loss on the disposal of assets was $10.2 million, a one‑time charge that contributed to the quarterly loss and to the year‑to‑date loss.
The company declared a recurring quarterly cash dividend of $0.25 per share, payable on April 1 2026 to shareholders of record as of March 18 2026. As of December 31 2025, Golden Entertainment’s debt stood at $438.7 million, with $55.3 million in cash and $195.0 million of revolving credit available.
Golden Entertainment did not hold an earnings call for the quarter because the company is in the process of selling its operating assets to Blake L. Sartini and its casino real estate to VICI Properties. The pending transaction is a major strategic shift that is expected to transition the company to a private entity and is the primary focus for investors.
The results missed analyst expectations on both revenue and earnings. Consensus estimates for Q4 revenue were around $165 million, while the company reported $155.6 million, a miss of roughly 6%. EPS estimates were in the range of $0.14–$0.17, but the company posted a loss of $0.33 per share, a miss of about $0.50. The revenue shortfall reflects softness in the Nevada casino market and the impact of divestitures, while the loss on asset disposal and lower revenue drove the earnings miss.
Margin compression is evident: operating margin fell to negative 1.5% in Q4 from 7.1% in Q4 2024, and adjusted EBITDA fell 14% year‑over‑year. The decline is largely attributable to the loss on asset disposal and the lower revenue base, which reduced the company’s ability to spread fixed costs. The company’s liquidity remains solid, with cash and credit facilities sufficient to support operations during the transition.
Market reaction was muted; shares remained flat after the announcement, indicating that investors had already priced in the expected loss and the pending sale. The lack of an earnings call and guidance further suggests that management is focusing on completing the transaction rather than providing forward guidance.
Overall, the earnings release signals a challenging operating environment for Golden Entertainment, but the strategic divestiture and sale of assets may position the company for a different business model once the transaction closes. Investors will need to reassess the company’s valuation and future prospects in light of the pending sale and the current loss profile.
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