Q2 2024 Golden Entertainment Inc Earnings Call Transcript
Key Points
- Golden Entertainment Inc (GDEN) achieved record Q2 hotel revenue at the STRAT with an 8% increase in ADR and a 4% rise in total occupancy.
- The company successfully reduced its interest rate by 60 basis points, resulting in $2.4 million of annual interest savings.
- Golden Entertainment Inc (GDEN) has a strong balance sheet with a net leverage below 2 times and $89 million in cash.
- The company repurchased nearly 1 million shares in Q2 and plans to continue share buybacks, demonstrating a commitment to returning capital to shareholders.
- Atomic Golf, a new attraction, is gaining momentum and is expected to drive additional visitors to the STRAT.
- Total property revenue declined by 1.4% and consolidated EBITDA decreased by 4.9% in the second quarter.
- Nevada casino resorts experienced a 1.4% decline in revenue and a 2.3% drop in EBITDA.
- The Laughlin segment saw declines in revenue and EBITDA due to reduced large-scale entertainment acts and increased labor costs.
- Nevada locals casinos reported a 4.9% decline in revenue and a 13% drop in EBITDA, primarily due to decreased visitation and spend from lower-tier customers.
- The Tavern business faced EBITDA declines due to additional costs from acquired locations and increased labor expenses.
Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Golden Entertainment second quarter 2024 earnings conference call. (Operator Instructions) Please note that this call is being recorded today. Now I'd like to turn the conference over to James Adams, the company's Vice President of Corporate Finance. Please go ahead, sir.
Thank you very much, operator, and good afternoon, everyone. On the call today is Blake Sartini, the company's Founder, Chairman and Chief Executive Officer; and Charles Protell, the company's President and Chief Financial Officer.
On this call, we will make forward-looking statements under the Safe Harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Except as required by law we undertake no obligation to update these statements as a result of new information or otherwise.
During the call, we will also discuss non-GAAP financial measures in
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