Golden Entertainment posts net loss despite significant Q3 revenue rise
Golden Entertainment has reported a 95% year-on-year rise in Q3 revenue to $210.3m.
However, the operator also posted a net loss of $3.1m, compared to net income of $8.6m in Q3 2017.
Adjusted EBITDA was $38.1m, up from $15.1m. Despite this, Adjusted EBITDA had declined 7.1% when compared to the Pro Forma Combined Adjusted EBITDA segment of $41m, which included the results of American Casino & Entertainment Properties (acquired in October 2017).
Blake L. Sartini, Chairman and CEO at Golden Entertainment, said: "Despite strong performance from our Laughlin and Las Vegas Local properties, we experienced a challenging third quarter primarily due to weaker than expected results at the Stratosphere and at chain store locations in our Nevada distributed gaming business.
"We are seeing improving trends early in the fourth quarter and expect stronger performance in 2019, particularly at the Stratosphere following the renovation of 750 rooms and the opening of our new sportsbook, lounge and tap room concept."