LAS VEGAS, Nevada–Golden Entertainment have released their 2018 first quarter revenue report. The report shows the gaming company generated $214.8 million during their first quarter, which ended March 31. Golden Entertainment are the parent company of the Aquarius Casino in Laughlin, Nevada.
Chairman and Chief Executive Officer of Golden Entertainment Blake L. Sartini said, “Our record first quarter results were driven by year-over-year Adjusted EBITDA growth from our Nevada casinos acquired with American Casino and Entertainment in October 2017 as well as Adjusted EBITDA growth at Maryland’s Rocky Gap Casino Resort despite the challenging northeast weather.
“Throughout the first quarter we made progress against all of our 2018 strategic priorities. We continued the expansion of our Las Vegas branded tavern platform with the opening of two of the six planned new locations for 2018 and both new properties are on track to generate the attractive returns we have experienced from other recent tavern openings. In addition, we completed the renovation of 110 of Rocky Gap’s approximately 200 rooms to build on its success in the upcoming higher demand summer months.
“We also began work on Phase I of our capital investment plan at the Stratosphere which includes room renovations, refreshing the casino exterior, and adding exciting new venues to attract and engage patrons. By the end of 2018, we expect to have completed the renovation of 317 rooms at the Stratosphere as well as the installation of state-of-the-art exterior digital signage and lighting. Further, we intend to add a unique gastro-brewery to the property that leverages our market-leading tavern experience while featuring Golden Entertainment’s signature branded craft beers. This brewery will be connected to a new sports and race book creating a one-of-a-kind experience for our guests. Our continued investment will establish Stratosphere as a preferred destination for Las Vegas visitors and locals alike, and we remain confident that our renovations will generate an attractive return on capital.
“We also made progress with our plan to introduce a single loyalty program across all our operations through an agreement with Konami to deploy their casino management system in our acquired properties. This will allow us to leverage our newly-launched logo and branding with a single player card, which we believe will build on the positive cross play opportunities we have seen since completing the American transaction. In addition, having operated our new properties for six months, we have identified additional opportunities to improve margins beyond our initial synergy target.”
Sartini concluded, “We are excited by the growth opportunities presented to Golden Entertainment as a result of our expanded platform and the value to be created from our capital investments. With a leading and growing presence in Southern Nevada, we are optimistic about our anticipated financial performance as most of our revenue and cash flow is derived from what we believe is the most attractive gaming market in the country. Las Vegas continues to experience robust levels of economic activity, and we are excited about our Company’s prospects to further enhance shareholder value.”