Golden Entertainment generated $282 million in revenue for the fourth quarter of 2021, up 37% from 2020, and raised its annual total to $1.1 billion, up 58%.
The Enterprise, Nevada-based casino company saw its growth trajectory remain consistent in the fourth quarter, pushing its full-year revenue to record levels.
Likewise, adjusted EBITDA totaled US$67.8 million, an increase of 72% from US$39.4 million in the fourth quarter of 2020, and an increase of 165% to US$291.7 million for the whole year.
Adjusted EBITDA margin, however, was 24% for the fourth quarter of 2021, compared to 19% for the prior year period, and 27% for the full year 2021.
Golden Entertainment’s distributed gaming and Nevada casino resorts accounted for the majority of Q4 2021 revenue.
These areas earned $104.5 million and $118.3 million, respectively, for a combined sum of $222.8 million, or nearly 80% of the fourth quarter total.
For 2021 as a whole, distributed games generated $467.6 million in revenue, while Nevada casino stations produced $389.7 million, up from $278.3 million and $250.6 million, respectively.
“Our strong fourth quarter results concluded a record year for Golden as we successfully navigated the challenges of our operations throughout 2021,” noted Blake Sartini, President and CEO of Golden Entertainment.
“The improved performance across our various operations has boosted our total annual revenue to over $1 billion for the first time in history, with adjusted EBITDA growth to $292 million full year, nearly 60% higher than the full year of 2019”.
To conclude, Sartini turned his attention to the future, adding: “For 2022, we are focused on maximizing our operating performance and cash flow, which will position the company to refinance its existing debt and accelerate return of capital to shareholders.”
