# EDGAR Filing Document

**Accession Number:** 0001071255
**File Stem:** 0001071255-25-000079
**Filing Date:** 2025-8
**Character Count:** 19222
**Document Hash:** 6631afb9936a421de2e687725b42aa9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001071255-25-000079.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001071255-25-000079

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDEN ENTERTAINMENT, INC.
- **CENTRAL INDEX KEY:** 0001071255
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 411913991
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24993
- **FILM NUMBER:** 251194038

**BUSINESS ADDRESS:**
- **STREET 1:** 6595 S JONES BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118
- **BUSINESS PHONE:** 7028914284

**MAIL ADDRESS:**
- **STREET 1:** 6595 S JONES BLVD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAKES ENTERTAINMENT INC
- **DATE OF NAME CHANGE:** 20020806

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAKES GAMING INC
- **DATE OF NAME CHANGE:** 19980929

?xml version='1.0' encoding='ASCII'? gden-20250807

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**________________________________________**

**FORM 8-K**

**________________________________________**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): August 7, 2025**

**________________________________________**

**GOLDEN ENTERTAINMENT, INC.**

**(Exact name of registrant as specified in its charter)**

**________________________________________**

---

| | | |
|:---|:---|:---|
| **Minnesota** | **000-24993** | **41-1913991** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **6595 S Jones Boulevard** | | |
| **Las Vegas, Nevada** | | **89118** |
| (Address of principal executive offices) | | (Zip Code) |

---

**Registrant's telephone number, including area code: (702) 893-7777**

**________________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value | GDEN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On August 7, 2025, Golden Entertainment, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

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| | |
|:---|:---|
| (d) | Exhibits |
| 99.1 | <u>[Press Release dated August 7, 2025](a63025eprex991.htm)</u>. |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | GOLDEN ENTERTAINMENT, INC. | GOLDEN ENTERTAINMENT, INC. |
|  | (*Registrant*) | (*Registrant*) |
| Dated: August 7, 2025 | /s/ Charles H. Protell | /s/ Charles H. Protell |
|  | Name: | Charles H. Protell |
|  | Title: | President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_1a.jpg](image_1a.jpg)

**GOLDEN ENTERTAINMENT REPORTS 2025 SECOND QUARTER RESULTS** 

**LAS VEGAS** – **August 7, 2025** – Golden Entertainment, Inc. (NASDAQ: GDEN) ("Golden Entertainment" or the "Company") today reported financial results for the second quarter ended June 30, 2025.

**<u>Consolidated Results</u>**

The Company reported second quarter 2025 revenues of $163.6 million, compared to revenues of $167.3 million for the second quarter of 2024. Net income for the second quarter of 2025 was $4.6 million, or $0.17 per fully diluted share, compared to net income of $0.6 million, or $0.02 per fully diluted share, for the second quarter of 2024. Second quarter 2025 Adjusted EBITDA was $38.4 million, compared to Adjusted EBITDA of $41.2 million for the second quarter of 2024.

**<u>Dividends and Share Repurchases</u>**

The Company paid a quarterly cash dividend of $0.25 per share on July 9, 2025. On August 5, 2025, the Company's Board of Directors authorized the Company's next recurring quarterly cash dividend of $0.25 per share of the Company's outstanding common stock payable on October 3, 2025 to shareholders of record as of September 25, 2025.

The Company repurchased 514,150 shares of its common stock in the second quarter of 2025 at an average price of $28.47 per share for a total of $14.6 million. As of June 30, 2025, the Company had $77.2 million remaining under its share repurchase authorization.

**<u>Debt and Liquidity</u>**

As of June 30, 2025, the Company's total principal amount of debt outstanding was $436.9 million, consisting primarily of $392 million in outstanding term loan borrowings and $40 million in outstanding borrowings under the Company's revolving credit facility.

As of June 30, 2025, the Company had cash and cash equivalents of $52.3 million and $200 million of remaining availability under its revolving credit facility.

**<u>Investor Conference Call and Webcast</u>**

The Company will host a webcast and conference call today, August 7, 2025, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), to discuss the 2025 second quarter results. The conference call may be accessed live over the phone by dialing (800) 715-9871 or for international callers by dialing (646) 307-1963; the conference ID is 5455274. A replay will be available beginning at 7:00 pm ET today and may be accessed by dialing (800) 770-2030 or (609) 800-9909 for international callers; the passcode is 5455274#. The telephone replay will be available until August 14, 2025. The call will also be webcast live through the "Conference Calls" section of the Company's website, https://www.goldenent.com/conference-calls.php. A replay of the audio webcast will also be available under the same link on the Company's website beginning at 7:00 pm ET.

**<u>Forward-Looking Statements</u>**

This press release contains forward-looking statements regarding future events and the Company's future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of

------

1934. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "potential," "seek," "should," "think," "will," "would" and similar expressions, or they may use future dates. In addition, forward-looking statements in this press release include, without limitation statements regarding: the Company's strategies, objectives, business opportunities and plans; anticipated future growth and trends in the Company's business or key markets and business outlook; return of capital to shareholders (including through the payment of recurring quarterly cash dividends or repurchase of shares of the Company's common stock); projections of future financial condition, operating results or other financial items; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause the actual results to differ materially include: changes in national, regional and local economic and market conditions; legislative and regulatory matters; increases in gaming taxes and fees in the jurisdictions in which the Company operates; litigation; increased competition; reliance on key personnel; the Company's ability to comply with covenants in its debt instruments; terrorist incidents; natural disasters; severe weather conditions; the effects of environmental and structural building conditions; the effects of disruptions to the Company's information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company's filings with the SEC, including the "Risk Factors" sections of the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.

**<u>Non-GAAP Financial Measures</u>**

To supplement the Company's consolidated financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses Adjusted EBITDA because it is the primary metric used by its chief operating decision maker and investors in measuring both the Company's past and future expectations of performance. Adjusted EBITDA provides useful information to the users of the Company's financial statements by excluding specific expenses and gains that the Company believes are not indicative of its core operating results. Further, the Company's annual performance plan used to determine compensation for its executive officers and employees is tied to the Adjusted EBITDA metric. It is also a measure of operating performance widely used in the gaming industry. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. In addition, other companies in the gaming industry may calculate Adjusted EBITDA differently than the Company does.

The Company defines "Adjusted EBITDA" as earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges and non-recurring expenses that are deemed to be not indicative of the Company's core operating results.

**<u>About Golden Entertainment</u>**

Golden Entertainment operates a diversified entertainment platform of gaming and hospitality assets. The Company operates eight casinos and 72 gaming taverns in Nevada, featuring approximately 5,500 slots, 100 table games and 6,000 hotel rooms. For more information, visit www.goldenent.com.

------

---

| | |
|:---|:---|
| **<u>Investors</u>** | |
| Charles H. Protell | James Adams |
| President and Chief Financial Officer | VP Corporate Finance and Treasurer |
| (702) 893-7777 | (702) 495-4470 |
|  | james.adams@goldenent.com |

---

------

**Golden Entertainment, Inc.**

**Consolidated Statements of Operations** 

*(Unaudited, in thousands, except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming | $78730 | $78247 | $158991 | $165196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 41068 | 43113 | 83352 | 86774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | 29424 | 31422 | 56593 | 60822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 14398 | 14552 | 25527 | 28589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 163620 | 167334 | 324463 | 341381 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming | 20465 | 20764 | 41062 | 47655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 33776 | 34300 | 67719 | 68476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rooms | 15946 | 16452 | 31429 | 32686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4334 | 2784 | 7348 | 6864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 54566 | 56087 | 108704 | 116074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 22475 | 22616 | 44944 | 44736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets | 79 |  | 52 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of business |  | 792 |  | (68944) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preopening expenses | 63 | 4 | 220 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 151704 | 153799 | 301478 | 247704 |
| **Operating income** | 11916 | 13535 | 22985 | 93677 |
| **Non-operating expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (7727) | (8610) | (15226) | (19296) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and modification |  | (4446) |  | (4446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-operating expense, net** | (7727) | (13056) | (15226) | (23742) |
| **Income before income tax benefit (provision)** | 4189 | 479 | 7759 | 69935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (provision) | 443 | 144 | (628) | (27349) |
| **Net income** | $4632 | $623 | $7131 | $42586 |
| **Weighted-average common shares outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 26283 | 28798 | 26397 | 28761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 27254 | 30234 | 27555 | 30482 |
| **Net income per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.18 | $0.02 | $0.27 | $1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.17 | $0.02 | $0.26 | $1.40 |

---

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**Golden Entertainment, Inc.**

**Reconciliation of Adjusted EBITDA**

 *(Unaudited, in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada Casino Resorts | $98196 | $101093 | $192417 | $202105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada Locals Casinos | 38911 | 37866 | 77742 | 76857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada Taverns | 26255 | 28152 | 53725 | 55959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | 258 | 223 | 579 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues - Continuing Operations** | 163620 | 167334 | 324463 | 335362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributed Gaming |  |  |  | 6019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues - Divested Operations** |  |  |  | 6019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | $163620 | $167334 | $324463 | $341381 |
| **Adjusted EBITDA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada Casino Resorts  | $25970 | $27392 | $50739 | $54283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada Locals Casinos  | 18063 | 16928 | 35928 | 34464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nevada Taverns | 5877 | 7791 | 13225 | 15352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | (11470) | (10919) | (23871) | (22399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Adjusted EBITDA - Continuing Operations** | 38440 | 41192 | 76021 | 81700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributed Gaming |  |  |  | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Adjusted EBITDA - Divested Operations** |  |  |  | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Adjusted EBITDA** | $38440 | $41192 | $76021 | $82184 |
| **Adjustments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | (22475) | (22616) | (44944) | (44736) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease benefit | 111 | 148 | 204 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | (2214) | (2450) | (5276) | (5719) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets | (79) |  | (52) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on sale of business |  | (792) |  | 68944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and modification |  | (4446) |  | (4446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preopening and related expenses | (63) | (4) | (220) | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp;System implementation costs <sup>(1)</sup> | (209) |  | (278) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (1595) | (1943) | (2470) | (7072) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (7727) | (8610) | (15226) | (19296) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (provision) | 443 | 144 | (628) | (27349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $4632 | $623 | $7131 | $42586 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)System implementation costs represent expenses related to the implementation of new enterprise resource planning, finance, payroll and human capital management software.