Golden Entertainment, Inc. (NASDAQ:GDEN) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET

Company Participants

Joe Jaffoni - Investor Relations

Blake Sartini - Chairman and Chief Executive Officer

Charles Protell - President and Chief Financial Officer

Conference Call Participants

Jordan Bender - JMP Securities LLC

Carlo Santarelli - Deutsche Bank

David Katz - Jefferies LLC

Chad Beynon - Macquarie Capital

John DeCree - CBRE Securities

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Golden Entertainment Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal remarks. Please note, this call is being recorded today.

Now, I'd like to turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir.

Joe Jaffoni

Thank you very much, operator, and good afternoon, everyone. On the call today is Blake Sartini, the company's Founder, Chairman and Chief Executive Officer; and Charles Protell, the company's President and Chief Financial Officer.

On today's call, we will make forward-looking statements under the Safe Harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained in today's press release and our filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

During today's call, we will also discuss non-GAAP financial measures in talking about our performance. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website. We'll start the call with Charles reviewing details of the third quarter results and a business update. Following that, Blake and Charles will take your questions.

With that, I will turn the call over to Charles Protell. Charles, please go ahead.

Charles Protell

Thanks, Joe. For the third quarter, we generated revenue of $258 million and EBITDA of $53.2 million. When compared to last year, this quarter is missing almost $6 million in EBITDA from our Maryland property that we sold on July 25th and is also missing approximately $800,000 in EBITDA from our Montana distributed operations that we sold on September 13.

In the quarter, we received $260 million from the sale of our Rocky Gap Casino Resort in Maryland and $109 million from the sale of our Montana distributed gaming business. The net proceeds from these transactions increased our liquidity by nearly $300 million, which allowed us to repay $175 million of our term loan that remained outstanding after our May refinancing, pay a special cash dividend of $2 per share in August and fund $9 million of stock buybacks in September.