Golden Entertainment Inc has reported Q1 financial results for the trading period ended March 31, 2020, with revenues of $207.2m versus $239.9m year-on-year. Net loss for the first quarter of 2020 was $32.6m compared to a net loss of $8m in Q1 2019.
Adjusted EBITDA was $30.3m for the first quarter of 2020 compared to $48.4m for the first quarter of 2019.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, made reference to the mandated closure of all the firm’s operations beginning in mid-March as a result of the health crisis. The shutdown, he said, continues to have an unprecedented impact on Golden Entertainment and the gaming and entertainment industry in general.
“This is reflected in our first quarter financial results, notwithstanding our significant year-over-year growth through February prior to the suspension of our operations,” he said.
“Since the closures, we have focused on supporting our team members, staying connected to our customers, and working to establish appropriate sanitation protocols to offer a safe environment when we are allowed to reopen.
“In order to preserve the company’s liquidity and position ourselves to withstand the ongoing interruption to our operations, we reduced our cash operating expenses, deferred all capital expenditures and drew down our $200m availability under our revolving credit facility. The actions that we have taken since the closure of our operations have positioned Golden Entertainment to withstand the current disruption in our business for the foreseeable future.
“He concluded: “Finally, I want to extend my deepest sympathies to those whose health or livelihood has been directly affected by COVID-19, as well as acknowledge our great appreciation for all the healthcare providers, first responders and other essential workers whose efforts are keeping our communities safe and healthy.”
A breakdown of the firm’s headline figures revealed Q1 casino revenues of $128m compared to $151.4m year-on-year, while casino adjusted EBITDA in the period was $31.8m versus $46.6m in Q1 2019.
