On this page of StockholderLetter.com we present the latest annual shareholder letter from GOLDEN ENTERTAINMENT, INC. — ticker symbol GDEN. Reading current and past GDEN letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
Dear Fellow Shareholders, 2024 was a transformative year for Golden Entertainment. In January, we further simplified our portfolio by closing on the sale of our Nevada distributed gaming business, the last of our non-core divestitures, which collectively generated over $600 million of proceeds. We used these proceeds to optimize our capital structure, reduce our leverage and lower our cost of capital by repricing our term loan. In 2024, we delivered another strong year of financial results, generating $667 million and $155 million in revenue and Adjusted EBITDA, respectively. In addition, we accelerated capital returns to our shareholders by instituting a regular quarterly cash dividend of $0.25 per share and repurchasing 2.9 million shares of our common stock. Our current streamlined portfolio of wholly-owned casino properties and branded gaming tavern locations is strategically focused in the state of Nevada, which has one of the most stable regulatory environments and features some of the most favorable economic trends in the country. Nevada continues to be one of the fastest growing states in terms of population, employment and discretionary income, which is anticipated to continue in the future. With our continued focus on creating operational efficiencies, providing excellent guest service and maximizing value for our shareholders, we are confident that 2025 will be another strong year for Golden Entertainment. On behalf of the entire Golden Entertainment team, thank you for your continued support. Blake L. Sartini Chairman and Chief Executive Officer
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GDEN Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT

Dear Fellow Shareholders,
2024 was a transformative year for Golden Entertainment. In January, we further simplified
our portfolio by closing on the sale of our Nevada distributed gaming business, the last of
our non-core divestitures, which collectively generated over $600 million of proceeds. We
used these proceeds to optimize our capital structure, reduce our leverage and lower our
cost of capital by repricing our term loan.
In 2024, we delivered another strong year of financial results, generating $667 million and
$155 million in revenue and Adjusted EBITDA, respectively. In addition, we accelerated
capital returns to our shareholders by instituting a regular quarterly cash dividend of $0.25
per share and repurchasing 2.9 million shares of our common stock.
Our current streamlined portfolio of wholly-owned casino properties and branded gaming
tavern locations is strategically focused in the state of Nevada, which has one of the most
stable regulatory environments and features some of the most favorable economic trends in
the country. Nevada continues to be one of the fastest growing states in terms of population,
employment and discretionary income, which is anticipated to continue in the future.
With our continued focus on creating operational efficiencies, providing excellent guest
service and maximizing value for our shareholders, we are confident that 2025 will be
another strong year for Golden Entertainment. On behalf of the entire Golden Entertainment
team, thank you for your continued support.
Blake L. Sartini
Chairman and Chief Executive Officer



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