Ground operator Golden Entertainment achieved record second quarter 2021 revenue, grossing $ 292.5million (£ 210.5million / € 248.2million)
The record figure for the company also represents a significant increase from the same period last year, jumping 285.0%.
Gaming revenue was the biggest contributor to the overall figure, rising from $ 56.7 million last year to $ 205.0 million. Food and drink revenue was $ 44.9 million, room revenue was $ 30.2 million, and other sources brought in an additional $ 12.3 million.
Spending was also up for the company, rising 68.6% to $ 232.5 million. Gaming expenses were $ 106.8 million, while food and drink costs were $ 29.5 million. General and administrative expenses totaled $ 54.3 million, while depreciation and amortization amounted to $ 26.7 million.
However, with revenue growing faster than expenses, operating income increased as the company made $ 60.0 million from a loss of $ 62.0 million last year. After recording $ 43.8 million in non-operating income and $ 786,000 in income taxes, Golden Entertainment’s net income was $ 103 million for the quarter.
Adjusted earnings before interest, taxes, depreciation and amortization were $ 91.0 million, compared to $ 5.5 million for the same period last year.
Nevada was the most lucrative territory for the business, with the casino industry generating $ 149.5 million and the distributed gaming segment raising $ 94.5 million. Maryland Casinos grossed $ 21.2 million while its distributed gaming subsidiary brought in $ 26.9 million.
Golden Entertainment CEO Blake Sartini said:
“Our second quarter operating results demonstrated an improvement over our first quarter, as we generated record quarterly levels of revenue, net income and adjusted EBITDA. These results highlight high levels of visits and spend across all of our properties, including The STRAT, combined with the margin improvement we have sustained over the past twelve months. “