Golden minimises casino losses
Monday 11th May 2020
US gambling operator Golden Entertainment, with nine casinos in Nevada and one in Maryland, plus other interests in the gaming industry, suffered in its first quarter like all other casino companies.
Hit by the shutdown, the company reduced cash operating expenses, deferred capital expenditures and drew down its $200m availability under its revolving credit facility.
For the quarter the company reported revenues of $207.2m, compared with $239.9m. It showed a net loss of $32.6m, compared with a net loss of $8m in the comparative quarter of 2019. Casino revenues were $128m, compared with $151.4m, and revenues from distributed gaming were $79m, compared with $88.4m.
Among its properties is the Las Vegas Strip iconic The Strat hotel and casino.