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.

Dear Fellow Shareholders, Two thousand twenty-three was a transformative year for Golden Entertainment as we streamlined our portfolio through the divestiture of non-core businesses, leaving us strategically focused on our wholly-owned casino properties and branded gaming tavern locations in Nevada. As a result, we are positioned to benefit from the growth of Nevada s resort and local markets supported by increasing visitor volume and ongoing population growth. The sale of our non-core assets generated significant cash proceeds, which strengthened our balance sheet, created strategic flexibility and further facilitated our ability to return capital to our shareholders. In 2023, we delivered another year of strong year financial results, including annual revenue of over $1.1 billion and Adjusted EBITDA of $223 million. In July, we completed the sale of our Rocky Gap Casino Resort in Maryland followed by the sale of our Distributed Gaming Operations in Montana in September. Early in 2024, we completed the sale of our Distributed Gaming Operations in Nevada. In total, these transactions generated more than $600 million of proceeds. In 2023, we repaid $239 million of debt while also allocating $58 million in capital for a $2.00 per share special cash dividend paid to shareholders in August and repurchasing 252,395 shares of our common stock. In February 2024, our Board of Directors declared a recurring quarterly cash dividend of $0.25 per share of the Company s outstanding common stock, the first of which was paid in April 2024. With our focused operations and improved financial position, we are confident that 2024 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:


Dear Fellow Shareholders,
Two thousand twenty-three was a transformative year for Golden Entertainment as we
streamlined our portfolio through the divestiture of non-core businesses, leaving us
strategically focused on our wholly-owned casino properties and branded gaming tavern
locations in Nevada.
As a result, we are positioned to benefit from the growth of Nevada   s resort and local
markets supported by increasing visitor volume and ongoing population growth.
The sale of our non-core assets generated significant cash proceeds, which strengthened
our balance sheet, created strategic flexibility and further facilitated our ability to return
capital to our shareholders. In 2023, we delivered another year of strong year financial
results, including annual revenue of over $1.1 billion and Adjusted EBITDA of $223 million.
In July, we completed the sale of our Rocky Gap Casino Resort in Maryland followed by
the sale of our Distributed Gaming Operations in Montana in September. Early in 2024,
we completed the sale of our Distributed Gaming Operations in Nevada. In total, these
transactions generated more than $600 million of proceeds.
In 2023, we repaid $239 million of debt while also allocating $58 million in capital for a $2.00
per share special cash dividend paid to shareholders in August and repurchasing 252,395
shares of our common stock. In February 2024, our Board of Directors declared a recurring
quarterly cash dividend of $0.25 per share of the Company   s outstanding common stock,
the first of which was paid in April 2024.
With our focused operations and improved financial position, we are confident that
2024 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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