Coming off what the company termed a “transformative year” in 2024, Las Vegas-based Golden Entertainment expects to see continued improvement in 2025 and beyond from key gaming assets, including the Strat casino-hotel.
During its end-of-year earnings call Thursday, Golden, which operates eight Nevada casinos and 72 gaming taverns, reported annual revenue of $667 million in 2024, a year-over-year decline of nearly 37 percent from 2023’s $1.05 billion. In the final three months of 2024, the company reported $164.2 million in revenue, down 29 percent from the fourth quarter of 2023, according to public financial filings.
The completed sale of Golden’s former distributed gaming operations at the start of the year coupled with other non-core divestitures generated nearly $600 million in proceeds for the company, executives said. Continued growth in the company’s tavern business combined with a generally positive outlook for Nevada’s economy had executives expressing optimism on Thursday.
“Our fourth-quarter performance improved sequentially over the third quarter and we anticipate business conditions will continue to improve in 2025,” said Blake Sartini, chairman and chief executive officer of Golden. “For 2025, we remain focused on investing in our own assets, returning capital to shareholders and pursuing potential strategic opportunities.”
The Strat’s weekend occupancy rate of 95 percent during the fourth quarter was flat compared to 2023. Mid-week occupancy was down 6 percent year-over-year, bringing overall occupancy to 75 percent for the quarter for the company’s Nevada casino resorts, which include properties in Pahrump and Laughlin.
Golden’s Arizona Charlie’s brand generated $38.7 million in revenue in the fourth quarter of last year, a 1 percent year-over-year increase. For the year, the brand generated $151 million in revenue, down from 2023’s $157.4 million.
Gaming taverns under Golden’s umbrella include PT’s, Sierra Gold and Lucky’s. In 2024, gaming taverns generated $109.7 million, up from $109.2 million the prior year.
Charles Protell, president and chief financial officer of Golden, noted that the Nevada casino resort segment and Las Vegas citywide occupancy were weaker in October and November, but December and January showed strength and opportunities for growth in 2025.
“Our wholly owned casino and branded tavern portfolio is well positioned to benefit from the favorable long-term economic trends in Nevada, which remains some of the most favorable in the country,” he said. “Nevada continues to be one of the fastest-growing states in terms of population, employment and discretionary income, which is anticipated continuing well into the future.
Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @ac2vegas-danzis.bsky.social or @AC2Vegas_Danzis on X.
