Golden Entertainment, Inc. (NASDAQ:GDEN) Q2 2024 Earnings Call August 8, 2024 5:00 PM ET

Company Participants

James Adams - Investor Relations
Blake Sartini - Founder, Chairman and Chief Executive Officer
Charles Protell - President and Chief Financial Officer

Conference Call Participants

Barry Jonas - Truist Securities
Jordan Bender - Citizens JMP
David Katz - Jefferies Group
John DeCree - CBRE
Chad Beynon - Macquarie
Carlo Santarelli - Deutsche Bank

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Golden Entertainment Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note that this call is being recorded today. Now I’d like to turn the conference over to James Adams, the company’s Vice President of Corporate Finance. Please go ahead, sir.

James Adams

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 this 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. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

During the 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 will start the call with Charles reviewing details of the second 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.

Charles Protell

Thanks, James. Starting with our financial results, we generated revenue of $167 million and EBITDA of $41 million in the second quarter. Note our prior year period includes the results from our divested Maryland Casino and distributed gaming businesses in Nevada and Montana. Comparing the results of the continuing operations, total property revenue declined 1.4% and consolidated EBITDA declined 4.9% in the second quarter. For Nevada Casino Resorts, revenue declined 1.4% and EBITDA declined 2.3%. At the STRAT, we achieved record Q2 hotel revenue with ADR up 8% and total occupancy up 4% to 73% for the quarter. Weekend occupancy at the STRAT was 97% and midweek occupancy improved 2% to 64%. We see opportunity in continuing to improve midweek occupancy as we are still missing nearly 18% of occupancy compared to 2019.