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What changed in GOLDEN ENTERTAINMENT, INC.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of GOLDEN ENTERTAINMENT, INC.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+264 added−275 removedSource: 10-K (2025-02-28) vs 10-K (2024-02-29)

Top changes in GOLDEN ENTERTAINMENT, INC.'s 2024 10-K

264 paragraphs added · 275 removed · 208 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

65 edited+10 added−13 removed47 unchanged
Biggest changeOn September 13, 2023, we completed the sale of our distributed gaming operations in Montana for cash consideration of $109.0 million plus working capital and other adjustments and purchased cash at closing.
Biggest changeRocky Gap Casino Resort and Distributed Gaming Operations Sales We completed the sales of Rocky Gap Casino Resort (“Rocky Gap”) on July 25, 2023 for aggregate cash consideration of $260.0 million, our distributed gaming operations in Montana on September 13, 2023 for cash consideration of $109.0 million plus working capital and other adjustments and net of cash transferred at closing, and our distributed gaming operations in Nevada on January 10, 2024 for cash consideration of $213.5 million plus working capital and other adjustments and net of cash transferred at closing.
Such transactions would generally require approval of gaming authorities, and our financing counterparties, including lenders, might be subject to various licensing and related approval procedures in the various jurisdictions in which we operate gaming facilities.
Such transactions would generally require the approval of gaming authorities, and our financing counterparties, including lenders, might be subject to various licensing and related approval procedures in the various jurisdictions in which we operate gaming facilities.
Average rate of pay for female salaried employees falls within 10% of the overall average pay for male employees in the same category.
The average rate of pay for female salaried employees falls within 10% of the overall average pay for male employees in the same category.
Their greater resources may also provide them with the ability to expand operations in the future. Furthermore, several states are currently considering legalizing casino gaming in designated areas, and Native American tribes may develop or expand gaming properties in markets located more closely to our customer base (particularly Native American 4 casinos located in California and Arizona).
Their greater resources may also provide them with the ability to expand operations in the future. Furthermore, several states are currently considering legalizing casino gaming in designated areas, and Native American tribes may develop or expand gaming properties in markets located more closely to our customer base (particularly Native American casinos located in California and Arizona).
Various forms of internet gaming have been approved in Nevada, and legislation permitting internet gaming has been proposed by the federal government and other states. The expansion of internet gaming in Nevada and other jurisdictions could result in significant additional competition for our operations. Regulation Gaming Regulation We are subject to extensive federal, state, and local regulation.
Various forms of internet gaming have been approved in Nevada, and legislation permitting internet gaming has been proposed by the federal government and other states. The expansion of internet gaming in Nevada and other jurisdictions could result in significant additional competition for our operations. Regulation Gaming Regulation We are subject to extensive federal, state, and local regulations.
While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to our Nevada Locals Casinos. 2 The STRAT : The STRAT is our premier casino resort property, located on Las Vegas Boulevard on the north end of the Las Vegas Strip.
While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to our Nevada Locals Casinos. The STRAT : The STRAT is our premier casino resort property, located on Las Vegas Boulevard on the north end of the Las Vegas Strip.
If state regulatory authorities were to find any person unsuitable with regard to his, her or its relationship to us 5 or any of our subsidiaries, we would be required to sever our relationship with that person, which could materially adversely affect our business.
If state regulatory authorities were to find any person unsuitable with regard to his, her or its relationship to us or any of our subsidiaries, we would be required to sever our relationship with that person, which could materially adversely affect our business.
All safety and compliance training, except certain required hands-on certifications, are part of the online curriculum. Certifications have been assigned to manage reoccurring safety and regulatory compliance requirements. The training catalog includes multiple courses for leadership and management processes, as well as options to improve technical skills.
All safety and compliance training, except certain required hands-on certifications, are part of the online curriculum. Certifications have been assigned to manage recurring safety and regulatory compliance requirements. The training catalog includes multiple courses for leadership and management processes, as well as options to improve technical skills.
We include a toll-free help number and responsible gaming messaging at all of our properties and branded tavern locations. We strictly prohibit any marketing and advertisements directed toward underage persons or high-risk individuals. Our patrons have an opportunity to be removed from any promotional mailings and gambling on site by requesting to be a part of our self-exclusion program.
We include a toll-free help number and responsible gaming messaging at all of our properties and branded tavern locations. We prohibit any marketing and advertisements directed toward underage persons or high-risk individuals. Our patrons have an opportunity to be removed from any promotional mailings and gambling by requesting to be a part of our self-exclusion program.
Our Articles of Incorporation require our shareholders to cooperate with gaming authorities in such investigations and permit us to redeem the securities held by any shareholder whose holding of shares of our capital stock may result, in the judgment of our Board of Directors, in our failure to obtain or our loss of any license or franchise from any governmental agency held by us to conduct any portion of our business.
Our 4 Table of Contents Articles of Incorporation require our shareholders to cooperate with gaming authorities in such investigations and permit us to redeem the securities held by any shareholder whose holding of shares of our capital stock may result, in the judgment of our Board of Directors, in our failure to obtain or our loss of any license or franchise from any governmental agency held by us to conduct any portion of our business.
We offer our True Rewards loyalty program at all of our casino properties, as well as at all of our branded tavern locations. Members of our True Rewards loyalty program earn points based on gaming activity and food and beverage purchases at our casino properties and branded taverns.
We offer our True Rewards loyalty program at all of our casino properties and branded tavern locations. Members of our True Rewards loyalty program earn points based on gaming activity and food and beverage purchases at our casino properties and branded taverns.
Such clinics are offered free of charge and include, but are not limited to, dental exams, preventative care health screenings, and mental health awareness and support.
Such services are offered free of charge and include, but are not limited to, dental exams, preventative care health screenings, and mental health awareness and support.
We support food security programs, including but not limited to, Feed a Family, Meals for Christmas and Thanksgiving, and Meals for the Nevada Housing Authority, and our team members volunteer in food banks. In addition, we participate in “adopt the school” programs in each community we operate in and support local schools through both charitable donations and supply drives.
We support food security programs, including but not limited to, Feed a Family, Meals for Christmas and Thanksgiving, and our team members volunteer in food banks. In addition, we participate in “adopt the school” programs in each community in which we operate and support local schools through both charitable donations and supply drives.
In addition to hotel rooms, gaming, race and sports book facilities, and bingo facilities , Arizona Charlie’s Boulder offers three r estaurants and an RV park with 221 RV hook-up sites and Arizona Charlie’s Decatur offers four restaurants.
In addition to hotel rooms, gaming, race and sportsbook facilities, and bingo facilities , Arizona Charlie’s Boulder offers three r estaurants and an RV park with 221 RV hook-up sites and Arizona Charlie’s Decatur offers four restaurants.
Our shareholders may also be required to provide information that is requested by gaming authorities and we have the right, under certain circumstances, to redeem a shareholder’s securities; we may be forced to use our cash or incur debt to fund redemption of our securities” in “Part I, Item 1A: Risk Factors” of this Annual Report.
Our shareholders may also be required to provide information that is requested by gaming authorities and we have the right, under certain circumstances, to redeem a shareholder’s securities; we may be forced to use our cash or incur debt to fund redemption of our securities” in “ Part I, Item 1A: Risk Factors ” of this Annual Report.
Training, Employee Retention and Development We consider employee training, retention, and development to be an important part of our overall employee professional development policy, as such initiatives also lead to a higher level of team member engagement and job satisfaction. In 2023, we enhanced our learning management system, internally branded as “GEMS,” by adding 35 learning opportunities.
Safety, Training, Employee Retention and Development We consider employee training, retention, and development to be an important part of our overall employee professional development policy, as such initiatives also lead to a higher level of team member engagement and job satisfaction. In 2024, we enhanced our learning management system, internally branded as “GEMS,” by adding 22 learning opportunities.
The operations of Colorado Belle Casino Resort (“Colorado Belle”) have remained suspended since March 2020. As of June 30, 2023, we voluntarily surrendered our gaming license for the property. Nevada Locals Casinos Our Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius of our properties.
The operations of Colorado Belle Casino Resort (“Colorado Belle”) have remained suspended since March 2020 and we voluntarily surrendered our gaming license for the property on June 30, 2023. 2 Table of Contents Nevada Locals Casinos Our Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius of our properties.
For additional information, refer to the risk factor entitled “Our business is subject to extensive gaming regulation, which is costly to comply with, and gaming authorities have significant control over our operations” in “Part I, Item 1A: Risk Factors” of this Annual Report.
For additional information, refer to the risk factor entitled “Our business is subject to extensive gaming regulation, which is costly to comply with, and gaming authorities have significant control over our operations” in “ Part I, Item 1A: Risk Factors ” of this Annual Report.
For additional information, refer to the risk factor entitled “Changes to gaming tax laws could increase our cost of doing business and have a material adverse effect on our financial condition” in “Part I, Item 1A: Risk Factors” of this Annual Report.
For additional information, refer to the risk factor entitled “Changes to gaming tax laws could increase our cost of doing business and have a material adverse effect on our financial condition” in “ Part I, Item 1A: Risk Factors ” of this Annual Report.
With respect to our branded taverns, we face competition from other operators of casinos, hotels, taverns and other entertainment venues. In addition, we face ever-increasing competition from online gaming, including mobile gaming applications for smart phones and tablet computers, state-sponsored lotteries, card clubs, sports books, fantasy sports websites and other forms of legalized gaming.
With respect to our branded taverns, we face competition from other operators of casinos, hotels, taverns and other entertainment venues. In addition, we face ever-increasing competition from online gaming, including mobile gaming applications for smartphones and tablet computers, state-sponsored lotteries, card clubs, sportsbook facilities, fantasy sports websites and other forms of legalized gaming.
In addition to gaming and race and sports book facilities at each of our Pahrump casino properties, the Pahrump Nugget offers hotel rooms, four restaurants, bingo, a bowling center, and a 5,200 square foot banquet and event center. Our Lakeside Casino & RV Park also offers a bingo facility, a restaurant and 159 RV hook-up sites.
In addition to gaming and race and sportsbook facilities at each of our Pahrump casino properties, the Pahrump Nugget offers hotel rooms, five restaurants, bingo, a bowling center, and a 5,200 square foot banquet and event center. Our Lakeside Casino & RV Park also offers a restaurant and 159 RV hook-up sites.
We consider employee retention to be an integral part of our overall employment strategy and invest in the continuous development of our team members and their growth within the company. Diversity and Gender Equity As of December 31, 2023, our organizational makeup was 50.5% female and 49.5% male with approximately 45% of management roles held by women.
We consider employee retention to be an integral part of our overall employment strategy and invest in the continuous development of our team members and their growth within the company. Diversity and Gender Equity As of December 31, 2024, our organizational makeup was 50% female and 50% male with 46% of management roles held by women.
The STRAT is comprised of a casino, a hotel and a tower, which includes indoor and outdoor observation decks, thrill rides and the SkyJump attraction. The STRAT offers hotel rooms, gaming, race and sports book facilities in an 80,000 square foot casino, ten restaurants, two rooftop pools, a fitness center, retail shops and entertainment facilities.
The STRAT is comprised of a casino, a hotel and a tower with indoor and outdoor observation decks and thrill rides, including the SkyJump attraction. The STRAT offers hotel rooms, gaming, race and sportsbook facilities in an 80,000 square foot casino, ten restaurants, two rooftop pools, a fitness center, retail shops and entertainment facilities.
We are proud to be involved in various charitable events, including an annual fundraiser for amyotrophic lateral sclerosis (“ALS”), the Keep Memory Alive foundation for brain disorders, Scale The STRAT for the American Lung Association, and others. We have been contributing to the AAA Scholarship fund since 2018 and donate $0.2 million each year.
We are proud to be involved in various charitable events, which have included fundraisers for amyotrophic lateral sclerosis (“ALS”), the Keep Memory Alive foundation for brain disorders, Scale The STRAT for the American Lung Association, and others. We have been contributing to the Nevada AAA Scholarship fund since 2018 and donate $0.2 million each year.
Loyalty points are redeemable for slot play, promotional table game chips, cash back, food and beverages and grocery gift cards. All points earned in the loyalty program roll up into a single account balance which are redeemable at all of our locations. Our rewards technology is designed to track customer behavior indicators such as visitation, customer spend and customer engagement.
Loyalty points are redeemable for slot play, promotional table game chips, cash back, entertainment and food and beverage purchases. All points earned in the loyalty program are consolidated into a single account balance which is redeemable at all of our locations. Our rewards technology is designed to track customer behavior indicators such as visitation, customer spend and customer engagement.
As of December 31, 2023, the ethnic distribution of the overall workforce was 50% Caucasian, 18% Hispanic, 11% two or more races, 10% Asian, 9% Black, followed by 2% other races (including American Indian, Alaskan Native, Native Hawaiian, and Pacific Islander).
As of December 31, 2024, the ethnic distribution of the overall workforce was 47% Caucasian, 19% Hispanic, 13% two or more races, 10% Asian, 9% Black, followed by 2% other races (including American Indian, Alaskan Native, Native Hawaiian, and Pacific Islander).
Our branded taverns offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages, and are typically limited to 15 slot machines. Most of our branded taverns are located in the greater Las Vegas, Nevada metropolitan area and cater to local patrons seeking more convenient entertainment establishments than traditional casino properties.
Nevada Taverns Our Nevada Taverns segment is comprised of branded tavern locations that offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages. Most of our branded taverns are located in the greater Las Vegas, Nevada metropolitan area and cater to local patrons seeking more convenient entertainment establishments than traditional casino properties.
We have successfully completed the second year of the program with over 30 GWG graduates. Our investment in our team members’ talent and ongoing development is one of the key aspects of our employee retention efforts, as we believe that creating an involved environment for our team members sets us apart from our competitors and makes us an attractive employer.
Our investment in our team members’ talent and ongoing development is one of the key aspects of our employee retention efforts, as we believe that creating an involved environment for our team members sets us apart from our competitors and makes us an attractive employer.
Mission and Values In 2023, we continued to emphasize our organizational mission and values, as well as our “I CARE” guest service initiative. Our mission is to create authentic entertainment experiences where premium service is delivered at an exceptional value.
Mission and Values In 2024, we continued to emphasize our organizational mission and values, as well as our “I CARE” guest service initiative. Our mission is to create authentic entertainment experiences where premium service is delivered at an exceptional value while supporting our visitors and the local communities we serve.
Operations As of December 31, 2023, we conducted our business through four reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming.
Operations As of December 31, 2024, we conducted our business through three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos and Nevada Taverns.
Our goal is to reduce our consumptive water use and invest more efforts in water reuse and conservation programs. For example, we implemented xeriscaping as an environmental design choice, which allows for a reduction in our water usage and maintenance costs associated with commercial landscaping and allows us to adapt to the current pressures around monitoring and minimizing water usage.
For example, we implemented xeriscaping as an environmental design choice, which allows for a reduction in our water usage and maintenance costs associated with commercial landscaping and allows us to adapt to the current pressures around monitoring and minimizing water usage.
As of December 31, 2023, we employed over 5,800 team members , which is a 9% decrease from December 31, 2022, when we had over 6,400 employees. Current year decrease in workforce is primarily attributable to the divestitures of operations completed in 2023 as discussed above.
As of December 31, 2024, we employed approximately 5,300 team members, which is a 9% decrease from December 31, 2023, when we had over 5,800 employees. The decrease in the workforce in 2024 compared to the prior year is primarily attributable to the divestitures of certain operations completed in 2023 and 2024 as discussed above.
Additionally, we have expanded department level training and development initiatives with leadership facilitated instructor training. We have also invested in resources to make online training more accessible to our team members, which resulted in over 76,000 training courses completed in 2023.
Additionally, we have expanded department level training and development initiatives with leadership facilitated instructor training. We have also invested in resources to make online training more accessible to our team members, which resulted in nearly 73,000 training courses completed in 2024. A safe workplace is our paramount goal.
Sales and Marketing We market our Nevada Casino Resorts through both local and regional advertising, with a focus on offering a more complete resort destination experience that may include rooms, entertainment, dining and attractions.
Sales and Marketing We market our Nevada Casino Resorts through both local and regional advertising, with a focus on offering a more complete resort destination experience that may include rooms, entertainment, dining and attractions. We advertise through various media channels, including television, radio, outdoor, digital, social media, airport and public relations.
Prior to the sales, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in our Distributed Gaming reportable segment.
Prior to their sales, the results of operations of Rocky Gap were presented in our Maryland Casino Resort reportable segment, and the results of the distributed gaming operations in Montana and Nevada were presented in our Distributed Gaming reportable segment.
The breakdown for salaried team members was 64% Caucasian and 36% non-Caucasian (all other races) with 30% of management roles held by non-Caucasian team members. Among the overall workforce, as of December 31, 2023, 32% were under the age of 40 and 68% were over the age of 40, 12% 8 of which were 65 and older.
The breakdown for salaried team members was 62% Caucasian and 38% non-Caucasian (all other races) with 37% of management roles held by non-Caucasian team members. Among the overall workforce, as of December 31, 2024, 34% were under the age of 40 and 66% were over the age of 40, 10% of which were 65 and older.
In 2022, we launched our Golden Women’s Group (“GWG”), a women’s leadership development program dedicated to the workplace advancement of women. The mission of the GWG is to promote a support network among its members and to provide mentoring and professional education for established and emerging women leaders within our organization.
The mission of the GWG is to promote a support network among its members and to provide mentoring and professional education for established and emerging women leaders within our organization.
Laughlin casinos : We own and operate two casino resorts in Laughlin, Nevada, the Aquarius and the Edgewater, which are located approximately 90 miles from Las Vegas on the western bank of the Colorado River.
Laughlin casinos : We own and operate two casino resorts in Laughlin, Nevada, the Aquarius and the Edgewater, which are located approximately 90 miles from Las Vegas on the western bank of the Colorado River. In addition to hotel rooms, gaming, and race and sportsbook facilities at each property, the Aquarius has seven restaurants and the Edgewater offers five restaurants.
Our collective bargaining agreement with the Professional, Clerical and Miscellaneous Employees, Teamsters Local Union 986 (Valet and Warehouse) expires on March 31, 2024. Our collective bargaining agreement with the Culinary Workers Union, Local 226 and Bartenders Union, Local 165 expires on September 30, 2028. At the Aquarius, our employees are covered by three collective bargaining agreements.
Our collective bargaining agreement with the Culinary Workers Union, Local 226 and Bartenders Union, Local 165 expires on September 30, 2028. At the Aquarius, our employees are covered by three collective bargaining agreements. Our collective bargaining agreement with the International Union of Operating Engineers, Local 501, AFL-CIO, expires on March 31, 2026.
We view mental health services as a fundamental part of our benefits program and offer a comprehensive suite of related benefits, including online mental health counseling through our team member assistance program.
We view mental health services as a fundamental part of our benefits program and offer a comprehensive suite of related benefits, including online mental health counseling through our team member assistance program. Additionally, we offer extended benefits to employees with chronic health conditions through our medical and prescription provider. Services include case management and a prescription savings program.
Our collective bargaining agreement with the International Union of Operating Engineers, Local 501, AFL-CIO, expires on March 31, 2026. Our collective bargaining agreement with the International Union of Security, Police, and Fire Professionals of America expires on February 28, 2025. Our collective bargaining agreement with the United Steelworkers of America, expires on March 31, 2026.
Our collective bargaining agreement with the International Union of Security, Police, and Fire Professionals of America expired on February 28, 2025 and we are in the process of negotiating an extension of the agreement. Our collective bargaining agreement with the United Steelworkers of America expires on March 31, 2026.
We engage in responsible gaming practices and are committed to promoting such practices and providing responsible gaming information to our customers. We are a member of the Nevada Council on Problem Gaming and have contributed nearly $0.4 million to the organization since 2015.
We are a member of the Nevada Council on Problem Gaming and have contributed nearly $0.4 million to the organization since 2015. Our marketing practices adhere to legal and regulatory requirements.
Nevada Casino Resorts Our Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona.
The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona. Our casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in our portfolio.
While other factors like unemployment levels and market competition may either offset or magnify seasonal effects, some seasonality is likely to 6 continue, which could result in significant fluctuation in our quarterly operating results.
While other factors like unemployment levels and market competition may either offset or magnify seasonal effects, some seasonality is likely to continue, which could result in significant fluctuation in our quarterly operating results. Social Responsibility and Environmental Stewardship Our organization’s environmental and social goals as well as our team members’ involvement have a positive impact on the communities we serve.
We offer internship programs for students within our 7 Finance and Accounting, Hospitality, Marketing, and Information Technology departments. We enhanced our training initiatives so that those with a skills gap or no prior experience could receive training enabling them to perform their job duties effectively. Further, we provided behavioral interviewing training to support investment in our top talent.
We continue to enhance our training initiatives so that those with a skills gap or no prior experience can receive training enabling them to perform their job duties effectively. Further, we provide leadership and behavioral interviewing training to support investment in our top talent.
Any such change to the regulatory environment or the adoption of new federal, state or local government legislation could have a material adverse effect on our business, financial condition, results of operations and prospects. Other Regulation Our business is subject to a variety of other federal, state and local laws, rules, regulations and ordinances.
Any such change to the regulatory environment or the adoption of new federal, state or local government legislation could have a material adverse effect on our business, financial condition, results of operations and prospects. Responsible Marketing & Advertising We consider responsible gaming to be an important part of our overall marketing strategy.
The following table sets forth certain information regarding our operations by reportable segment as of December 31, 2023: Location Casino Space (Sq. ft.) Slot Machines Table Games Hotel Rooms Nevada Casino Resorts The STRAT Hotel, Casino & Tower (“The STRAT”) Las Vegas, NV 80,000 759 39 2,429 Aquarius Casino Resort (“Aquarius”) Laughlin, NV 69,750 1,103 29 1,906 Edgewater Casino Resort (“Edgewater”) Laughlin, NV 57,457 654 13 1,037 Nevada Locals Casinos Arizona Charlie’s Boulder Las Vegas, NV 41,969 598 — 303 Arizona Charlie’s Decatur Las Vegas, NV 67,360 706 10 259 Gold Town Casino Pahrump, NV 10,000 187 — — Lakeside Casino & RV Park Pahrump, NV 11,009 173 — — Pahrump Nugget Hotel Casino (“Pahrump Nugget”) Pahrump, NV 22,528 337 9 69 Nevada Taverns 69 branded tavern locations Nevada — 1,093 — — Distributed Gaming Nevada distributed gaming (1) Nevada — 6,667 — — Totals 360,073 12,277 100 6,003 (1) Subsequent to our fiscal year end, we sold our distributed gaming operations in Nevada on January 10, 2024.
The following table sets forth certain information regarding our operations by reportable segment as of December 31, 2024: Location Casino Space (Sq. ft.) Slot Machines Table Games Hotel Rooms Nevada Casino Resorts The STRAT Hotel, Casino & Tower (“The STRAT”) Las Vegas, NV 80,000 778 36 2,429 Aquarius Casino Resort (“Aquarius”) Laughlin, NV 69,750 1,012 29 1,906 Edgewater Casino Resort (“Edgewater”) Laughlin, NV 67,600 632 13 1,037 Nevada Locals Casinos Arizona Charlie’s Boulder Las Vegas, NV 41,969 592 — 303 Arizona Charlie’s Decatur Las Vegas, NV 67,360 699 10 259 Gold Town Casino Pahrump, NV 10,000 147 — — Lakeside Casino & RV Park Pahrump, NV 11,009 166 — — Pahrump Nugget Hotel Casino (“Pahrump Nugget”) Pahrump, NV 22,528 335 9 69 Nevada Taverns 72 branded tavern locations Nevada — 1,138 — — Totals 370,216 5,499 97 6,003 Nevada Casino Resorts Our Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities.
Responsible Marketing & Advertising We consider responsible gaming to be an important part of our overall marketing strategy. Our marketing practices adhere to legal and regulatory requirements, and we put a significant emphasis on raising awareness about our commitment to responsible gaming to mitigate risks and promote a healthy gaming experience throughout our properties and branded tavern locations.
We put a significant emphasis on raising awareness about our commitment to responsible gaming to mitigate risks and promote a healthy gaming experience throughout our properties and branded tavern locations. We are also committed to promoting responsible gaming practices and providing responsible gaming information to our customers.
We advertise through various media channels, including television, radio, outdoor, digital, social media, airport and public relations. 3 Marketing for our Nevada Locals Casinos targets the local communities in which these properties operate with an emphasis on the gaming experience, casino promotions and dining.
Marketing for our Nevada Locals Casinos targets the local communities in which these properties operate with an emphasis on the gaming experience, casino promotions and dining. The advertising is geared towards a local audience and typically includes radio, outdoor, digital and social media with television used occasionally for promotional messaging and brand campaigns when appropriate.
As of December 31, 2023, we had over 600,000 active players in our marketing database, providing us with an avenue to drive customer engagement and cross-marketing opportunities across our properties. Intellectual Property We pursue registration of our important trademarks and service marks in the states where we do business and with the United States Patent and Trademark Office.
As of December 31, 2024, we had approximately 600,000 active players in our marketing database, providing us 3 Table of Contents with an avenue to drive customer engagement and cross-marketing opportunities across our properties.
We regularly train our team members on ways to detect and prevent minors from gambling and consuming alcohol or loitering in designated gaming areas. This training is required to be taken by all team members upon hire. True Rewards Loyalty Program Our marketing efforts seek to capitalize on repeat visitation through the use of our True Rewards loyalty program.
We train our team members on ways to detect and prevent minors from gambling and consuming alcohol or loitering in designated gaming areas. This training is required to be taken by all team members upon hire. Other Regulation 5 Table of Contents Our business is subject to a variety of other federal, state and local laws, rules, regulations and ordinances.
The majority of our marketing efforts are focused on maximizing profitability from a high-frequency, convenience-driven customer base utilizing direct marketing, targeted advertising, public relations and social media. Our sales and marketing efforts include our consolidated loyalty program, True Rewards®, designed to encourage repeat business at our casino properties and branded taverns, as discussed below.
Our sales and marketing efforts include our consolidated loyalty program, True Rewards®, designed to encourage repeat business at our casino properties and branded taverns, as discussed below. True Rewards Loyalty Program Our marketing efforts seek to capitalize on repeat visitation through the use of our True Rewards loyalty program.
Acquisition of Taverns On November 21, 2023, we acquired the operations of Lucky’s Lounge & Restaurant (“Lucky’s”), comprised of four tavern locations in Nevada, for cash consideration of $10 million, as part of an expansion of our branded tavern portfolio. The acquired Lucky’s taverns have been included in our Nevada Taverns reportable segment from the date of acquisition.
On April 22, 2024, we acquired the operations of Great American Pub (“GAP”), comprised of two tavern locations in Nevada, for cash consideration of $7.3 million. The acquired Lucky’s and GAP taverns have been included in our Nevada Taverns reportable segment from the date of acquisition.
In 2023, the average hire time was 43 days, which was an increase from 14 days in 2022. We recruit applicants by utilizing various recruitment platforms and sources in an effort to secure a diverse pool of applicants and ensure sustainability of our talent pipeline. We offer referral and retention incentives to remain competitive in a limited labor market.
Recruitment We recruit applicants by utilizing various recruitment platforms and sources in an effort to secure a diverse pool of applicants and ensure the sustainability of our talent pipeline. We routinely evaluate and enact strategic wage adjustments throughout our employee base to remain competitive with market conditions and to improve retention.
In addition to hotel rooms, gaming, and race and sports book facilities at each property, the Aquarius has eight restaurants and the Edgewater offers five restaurants. The Edgewater also offers a new bingo facility and dedicated entertainment venues, including the Edge Pavilion and the Laughlin Event Center.
The Edgewater also offers a bingo facility and dedicated entertainment venues, including the Edge Pavilion and the Laughlin Event Center.
Our portfolio includes eight casino properties located in Nevada, as well as 69 branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. Rocky Gap Sale On July 25, 2023, we completed the sale of Rocky Gap Casino Resort (“Rocky Gap”) to Century Casinos, Inc. (“Century”) and VICI Properties, L.P.
Our portfolio includes eight casino properties located in Nevada and 72 branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area.
Individuals over the age of 40 represented 73% of the salaried workforce. Employees and Collective Bargaining Agreements As of December 31, 2023, over 1,400 of our employees were covered by various collective bargaining agreements. Other unions may seek to organize the workers of our casino properties from time to time.
Individuals over the age of 40 represented 70% of the salaried workforce. Employees and Collective Bargaining Agreements 8 Table of Contents As of December 31, 2024, approximately 1,500 of our approximately 5,300 employees were covered by various collective bargaining agreements. At The STRAT, our employees are covered by three collective bargaining agreements.
Our number one applicant and new hire source is Indeed, followed by our company site, and team member referrals. Team Member Benefits and Well-Being We engage with a nationally recognized compensation and benefits consulting firm to independently evaluate the effectiveness and competitiveness of our benefits program within the industry.
We maintain recruitment opportunities on our website that also includes access to our Company’s policies and commitment statements. 7 Table of Contents Team Member Benefits, Health and Well-Being We engage with a nationally recognized benefits consulting firm to independently evaluate the effectiveness and competitiveness of our benefits program within the industry.
We believe we have good relationships with our employees, including those represented by unions. At The STRAT, our employees are covered by three collective bargaining agreements. Our collective bargaining agreement with the International Union of Operating Engineers, Local 501, AFL-CIO expires on March 31, 2026.
Our collective bargaining agreement with the International Union of Operating Engineers, Local 501, AFL-CIO expires on March 31, 2026. Our collective bargaining agreement with the Professional, Clerical and Miscellaneous Employees, Teamsters Local Union 986 (valet and warehouse) expired on March 31, 2024 and we are in the process of negotiating an extension of the agreement.
We are also committed to energy efficiency, and continue an ongoing effort of replacing older light bulbs and fixtures with more efficient devices at all our casino properties and branded tavern locations. We are currently evaluating our water management and water efficiency programs with plans to implement additional programs in the future.
We are also committed to energy efficiency and continue an ongoing effort of LED conversions, upgrading of escalators and elevators in various properties and replacing units with new efficient models at all our casino properties and branded tavern locations. Our long-term goal is to continue focusing on energy efficiency and conservation.
Additionally, we offer extended benefits to employees with disabilities and chronic health conditions, including no cost Medicare and Medicaid assistance programs and prescription savings solutions for team members with chronic health conditions. We continue to offer a number of on-site health clinics to ensure the health and well-being of our team members.
We also offer additional resources to our team members to assist them through the qualification and election process for Medicaid and Medicare. We continue to offer a number of on-site health services to ensure the health and well-being of our team members.
We also made wage adjustments throughout Golden to remain competitive with market conditions and to improve retention in line level positions. In 2023, we continued our relationships with various local non-profit organizations to connect job seekers with employment opportunities within Golden and hosted hiring events throughout the ye ar.
In 2024, we continued our relationships with various local non-profit organizations to connect job seekers with employment opportunities within Golden and hosted hiring events throughout the ye ar. We continued our outreach to academic institutions, including UNLV, to offer internship programs for students within our Finance, Accounting, Hospitality, Marketing and Information Technology departments to source diverse candidates.
Refer to the discussion in “ Note 3 — Divestitures and Assets Held for Sale ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information. 1 Distributed Gaming Operations Sale On March 3, 2023, we entered into definitive agreements to sell our distributed gaming operations in Nevada and Montana to an affiliate of J&J Ventures Gaming, LLC (“J&J Gaming”), for aggregate consideration of $322.5 million.
Refer to the discussion in “ Note 3 — Divestitures ” and “ Note 15 — Segment Information ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information. 1 Table of Contents Acquisition of Taverns On November 21, 2023, we acquired the operations of Lucky’s Lounge & Restaurant (“Lucky’s”), comprised of four tavern locations in Nevada, for cash consideration of $10.0 million.
The advertising is geared towards a local audience and typically includes radio, outdoor, digital and social media with television used occasionally for promotional messaging and brand campaigns when appropriate. The customer base of our Nevada Taverns is primarily comprised of local patrons who frequent our branded taverns and play our slot machines.
The customer base of our Nevada Taverns is primarily comprised of local patrons who frequent our branded taverns and play our slot machines. The majority of our marketing efforts are focused on maximizing profitability from a high-frequency, convenience-driven customer base utilizing direct marketing, targeted advertising, public relations and social media.
Our tavern patrons are typically younger than traditional casino customers, which diversifies our customer demographic. Our tavern brands include PT’s Pub, PT’s Gold, PT’s Ranch, PT’s Place, PT’s Wings & Sports, Sean Patrick’s, Sierra Gold, SG Bar, Sierra Junction, and Lucky’s.
Our tavern brands include PT’s Pub, PT’s Gold, PT’s Ranch, PT’s Place, Sean Patrick’s, Sierra Gold, SG Bar, Sierra Junction, Lucky’s and Great American Pub. As of December 31, 2024, we owned and operated 72 branded taverns, which offered over 1,100 onsite slot machines.
Removed
(“VICI”), an affiliate of VICI Properties Inc., for aggregate cash consideration of $260.0 million.
Added
Our tavern patrons are typically younger than traditional casino customers, which diversifies our customer demographic. Prior to the sale of our distributed gaming operations in Nevada, we owned and operated the slot machines located within each tavern, typically limited to 15 slot machines.
Removed
Specifically, Century acquired the operations of Rocky Gap from us for $56.1 million in cash (subject to adjustment based on Rocky Gap’s working capital and cage cash at closing), and VICI acquired the real estate assets relating to Rocky Gap from us for $203.9 million in cash.
Added
Following the sale, slot machines at our branded tavern locations are owned and operated by the independent third-party that acquired the distributed gaming operations from us. Accordingly, Golden typically receives a large percentage of the gaming revenue from the tavern slot machines in exchange for allowing the independent third-party operator to place the slot machines in our taverns.
Removed
Prior to its sale, the operations of Rocky Gap were presented in our Maryland Casino Resort reportable segment.
Added
Intellectual Property We pursue registration of our important trademarks and service marks in the states where we do business and with the United States Patent and Trademark Office.
Removed
On January 10, 2024, we completed the sale of our distributed gaming operations in Nevada for cash consideration of $213.5 million plus working capital and other adjustments and purchased cash at closing.
Added
We encourage our team members’ engagement in volunteerism and support our team members’ involvement in local philanthropic opportunities. We are committed to supporting our military community by offering a variety of discounts at our casino properties and branded taverns.
Removed
Refer to the discussion in “ Note 3 — Divestitures and Assets Held for Sale ” and “ Note 16 — Subsequent Events ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information.
Added
At the end of 2024, we acquired and installed Everi Cares Giving kiosks across our casino properties and provided our guests the opportunity to donate change to select charities. This program allowed us to contribute $0.1 million to Opportunity Village, Boys & Girls Club of Southern Nevada, United Way of Southern Nevada and Communities in Schools Nevada.
Removed
Our casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in our portfolio.
Added
For the year ended December 31, 2024, we donated over $1.0 million and volunteered nearly 11,000 hours to various local and national organizations benefiting children 6 Table of Contents and local families, furthering the advancement of education and career opportunities, and promoting health awareness.
Removed
Nevada Taverns Our Nevada Taverns segment is comprised of branded tavern locations, where we historically controlled the food and beverage operations as well as the slot machines located within the tavern.
Added
We continue our partnership with the University of Nevada, Las Vegas (“UNLV”) on various projects, including employment outreach. Our Chairman of the Board and Chief Executive Officer serves on the Board of Trustees for the Las Vegas Foundation and our General Counsel serves as the Chair of the Business Advisory Board at UNLV William S. Boyd School of Law.
Removed
In connection with the sale of our distributed gaming operations in Nevada to an affiliate of J&J Gaming on January 10, 2024, the operation of the slot machines located within our taverns is now supported by an affiliate of J&J Gaming on financial terms substantially consistent with our past practices.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeCombining our different systems, technology, networks and business practices could be more difficult and time consuming than we anticipated, and could result in additional unanticipated expenses. In addition, bringing the legacy systems for acquired businesses into compliance with the requirements of the Sarbanes-Oxley Act of 2002 may cause us to incur substantial additional expense.
Biggest changeIn addition, bringing the legacy systems for acquired businesses into compliance with the requirements of the Sarbanes-Oxley Act of 2002 may cause us to incur substantial additional expenses. 16 Table of Contents Our reputation and business could be negatively impacted as a result of environmental, social and governance matters.
Such transactions would generally require approval of gaming authorities, and our financing counterparties, including lenders, might be subject to various licensing and related approval procedures in the various jurisdictions in which we operate gaming facilities. Further, our gaming regulators can require us to disassociate ourselves from suppliers or business partners found unsuitable by the regulators.
Such transactions would generally require the approval of gaming authorities, and our financing counterparties, including lenders, might be subject to various licensing and related approval procedures in the various jurisdictions in which we operate gaming facilities. Further, our gaming regulators can require us to disassociate ourselves from suppliers or business partners found unsuitable by the regulators.
In addition, our insurance costs may increase and we may not be able to obtain the same insurance coverage in the future. 12 Although we have comprehensive property and liability insurance policies for our properties, with coverage features and insured limits that we believe are customary in their breadth and scope, each such policy has certain exclusions.
In addition, our insurance costs may increase and we may not be able to obtain the same insurance coverage in the future. Although we have comprehensive property and liability insurance policies for our properties, with coverage features and insured limits that we believe are customary in their breadth and scope, each such policy has certain exclusions.
Construction projects entail significant risks, which can substantially increase costs or delay completion of a project. Such risks include shortages of materials or skilled labor, unforeseen engineering, environmental or geological problems, work stoppages, weather interference and unanticipated cost increases. Most of these factors are beyond our control.
Construction projects entail significant risks, which can substantially increase costs or delay the completion of a project. Such risks include shortages of materials or skilled labor, unforeseen engineering, environmental or geological problems, work stoppages, weather interference and unanticipated cost increases. Most of these factors are beyond our control.
Many of our employees, especially those that interact with our customers, receive a base salary or wage that is established by applicable state and federal laws that establish a minimum hourly wage that is, in turn, supplemented through tips and gratuities from customers. From time to time, state and federal lawmakers have increased the minimum wage.
Many of our employees, especially those who interact with our customers, receive a base salary or wage that is established by applicable state and federal laws that establish a minimum hourly wage that is, in turn, supplemented through tips and gratuities from customers. From time to time, state and federal lawmakers have increased the minimum wage.
If we default under the Credit Facility or Indenture because of a covenant breach or otherwise, all outstanding amounts thereunder could become immediately due and payable. We cannot assure you that we will be able to comply with the covenants in our Credit Facility or Indenture or that any covenant violations will be waived.
If we default under the Credit Facility because of a covenant breach or otherwise, all outstanding amounts thereunder could become immediately due and payable. We cannot assure you that we will be able to comply with the covenants in our Credit Facility or that any covenant violations will be waived.
In addition, difficulties or delays in obtaining any of the requisite licenses, permits or authorizations from regulatory authorities can increase the cost or delay the completion of an expansion or development. Significant budget overruns or delays with respect to expansion and development 10 projects could materially adversely affect our results of operations.
In addition, difficulties or delays in obtaining any of the requisite licenses, permits or authorizations from regulatory authorities can increase the cost or delay the completion of an expansion or development. Significant budget overruns or delays with respect to expansion and development projects could materially adversely affect our results of operations.
Subject to certain administrative proceeding 18 requirements, gaming authorities have the authority to deny any application or limit, condition, restrict, revoke or suspend any license, registration, finding of suitability or approval, or fine any person licensed, registered or found suitable or approved, for any cause deemed reasonable by the gaming authorities.
Subject to certain administrative proceeding requirements, gaming authorities have the authority to deny any application or limit, condition, restrict, revoke or suspend any license, registration, finding of suitability or approval, or fine any person licensed, registered or found suitable or approved, for any cause deemed reasonable by the gaming authorities.
Any such change to the regulatory environment or the adoption of new federal, state or local government legislation could impose additional restrictions or costs or could otherwise 11 have a material adverse effect on our business, financial condition, results of operations and prospects.
Any such change to the regulatory environment or the adoption of new federal, state or local government legislation could impose additional restrictions or costs or could otherwise have a material adverse effect on our business, financial condition, results of operations and prospects.
Any actual or perceived deterioration or weakness in general, regional or local economic conditions, unemployment levels, the job or housing markets, consumer debt levels or consumer confidence, as well as any increase in gasoline prices, tax rates, interest rates, inflation rates or other adverse economic or 9 market conditions, may lead to our customers having less discretionary income to spend on gaming, entertainment and discretionary travel, any of which may have a material adverse effect on our business, financial condition, results of operations and prospects.
Any actual or perceived deterioration or weakness in general, regional or local economic conditions, unemployment levels, the job or housing markets, consumer debt levels or consumer confidence, as well as any increase in gasoline prices, tax rates, interest rates, inflation rates or other adverse economic or market conditions, may lead to our customers having less discretionary income to spend on gaming, entertainment and 9 Table of Contents discretionary travel, any of which may have a material adverse effect on our business, financial condition, results of operations and prospects.
Our reputation and business could be materially harmed as a result of data breaches, data theft, unauthorized access or cybersecurity incident. We collect and store confidential, personal information relating to our employees, guests, and others for various business purposes, including marketing, promotional and financial purposes, as well as credit card information for processing payments.
Our reputation and business could be materially harmed as a result of data breaches, data theft, unauthorized access or cybersecurity incidents. We collect and store confidential, personal information relating to our employees, guests, and others for various business purposes, including marketing, promotional and financial purposes, as well as credit card information for processing payments.
Further, an “institutional investor,” as defined in the Nevada gaming regulations, that acquires more than 10%, but not more than 25%, of our voting power may apply to the Gaming Commission for a waiver of such finding of suitability if such institutional investor holds our voting securities for investment purposes only.
Further, an “institutional investor,” as defined in the Nevada gaming regulations, which acquires more than 10%, but not more than 25%, of our voting power may apply to the Gaming Commission for a waiver of such finding of suitability if such institutional investor holds our voting securities for investment purposes only.
Our third-party service providers may experience cybersecurity risks, similar to mentioned above. We do not have direct 14 control over the information systems or operations security of third parties. Unauthorized access to the information technology and other systems of vendors and other third-party service providers may have a materially adverse effect on our operations.
Our third-party service providers may experience cybersecurity risks, similar to those mentioned above. We do not have direct control over the information systems or operations security of third parties. Unauthorized access to the information technology and other systems of vendors and other third-party service providers may have a materially adverse effect on our operations.
This redemption may divert our cash resources from other productive uses and require us to obtain additional financing which, if in the form of equity financing, would be dilutive to our shareholders. Further, any debt financing may involve additional restrictive covenants and 19 further leveraging of our fixed assets.
This redemption may 19 Table of Contents divert our cash resources from other productive uses and require us to obtain additional financing which, if in the form of equity financing, would be dilutive to our shareholders. Further, any debt financing may involve additional restrictive covenants and further leveraging of our fixed assets.
Although we have amended our Bylaws to provide that Section 302A.671 (Control Share Acquisitions) of the Minnesota Business Corporation Act does not apply to or govern us, we remain subject to 302A.673 (Business Combinations) of the Minnesota Business Corporation Act, which generally prohibits us from engaging in business combinations with any “interested” shareholder for a period of four years following the shareholder’s share acquisition date, which may discourage, delay or prevent a change in control of our company.
Although we have amended our Bylaws to provide that Section 302A.671 (Control Share Acquisitions) of the Minnesota Business Corporation Act does not apply to or govern us, we remain subject to 302A.673 (Business Combinations) of the Minnesota Business Corporation Act, which generally prohibits us from engaging in business combinations with any “interested” shareholder for a period of four years following the shareholder’s share acquisition date, which may discourage, 20 Table of Contents delay or prevent a change in control of our company.
Due to this geographic concentration, our results of operations and financial condition are subject to greater risks from changes in local and regional conditions, such as: • changes in local or regional economic conditions and unemployment rates; • changes in local and state laws and regulations, including gaming laws and regulations; • a decline in the number of residents in or near, or visitors to, our properties; • changes in the local or regional competitive environment; and • adverse weather conditions and natural disasters (including weather or road conditions that limit access to our properties).
Due to this geographic concentration, our results of operations and financial condition are subject to 14 Table of Contents greater risks from changes in local and regional conditions, such as: • changes in local or regional economic conditions and unemployment rates; • changes in local and state laws and regulations, including gaming laws and regulations; • a decline in the number of residents in or near, or visitors to, our properties; • changes in the local or regional competitive environment; and • adverse weather conditions and natural disasters (including weather or road conditions that limit access to our properties).
If we or our employees or agents fail to comply with applicable laws or our policies governing our operations, we may face investigations, prosecutions and other legal proceedings and actions which could result in civil penalties, administrative remedies and criminal sanctions.
If we or our employees or agents fail to comply with applicable laws or our policies governing our operations, we may face investigations, prosecutions and other legal proceedings and actions that could result in civil penalties, administrative remedies and criminal sanctions.
An increasing number of companies like us have experienced breaches of their security, including criminal cybersecurity incidents, some of which have involved sophisticated and highly targeted attacks on their computer networks or those of vendors and other third-party service providers.
An increasing number of companies have experienced breaches of their security, including criminal cybersecurity incidents, some of which have involved sophisticated and highly targeted attacks on their computer networks or those of vendors and other third-party service providers.
Risks Related to our Indebtedness Our significant indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations.
Risks Related to Our Indebtedness Our indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations.
Gaming authorities may, in their sole and absolute discretion, require the holder of any securities issued by us to file applications, be investigated, and be found suitable to own our securities if they have reason to believe that the security ownership would be inconsistent with the declared policies of their respective states.
Gaming authorities may, in their sole and absolute discretion, require the holder of any securities issued by us to file applications, be investigated, and be found suitable to own our securities if they have reason to believe that the security 18 Table of Contents ownership would be inconsistent with the declared policies of their respective states.
Our Credit Facility and Indenture include covenants restricting, among other things, our ability to incur indebtedness, issue redeemable or preferred stock, grant liens, sell assets (including capital stock of subsidiaries), pay dividends, redeem or repurchase capital stock, enter into affiliate transactions and merge or consolidate with another person.
Our Credit Facility includes covenants restricting, among other things, our ability to incur indebtedness, issue redeemable or preferred stock, grant liens, sell assets (including capital stock of subsidiaries), pay dividends, redeem or repurchase capital stock, enter into affiliate transactions and merge or consolidate with another person.
Any violation of applicable anti-money laundering laws or regulations or the Foreign Corrupt Practices Act could adversely affect our business, financial condition, results of operations and prospects. We handle significant amounts of cash in our operations and are subject to various reporting and anti-money laundering laws and regulations.
Any violation of applicable anti-money laundering laws or regulations or the Foreign Corrupt Practices Act could adversely affect our business, financial condition, results of operations and prospects. 11 Table of Contents We handle significant amounts of cash in our operations and are subject to various reporting and anti-money laundering laws and regulations.
As of December 31, 2023, our executive officers and directors and entities affiliated with them owned, in the aggregate, approximately 25% of the outstanding shares of our common stock.
As of December 31, 2024, our executive officers and directors and entities affiliated with them owned, in the aggregate, approximately 25% of the outstanding shares of our common stock.
Renovations and other capital improvements of casino properties in particular require significant capital expenditures. For example, between May 2018 and December 31, 2023, we invested over $171 million in strategic renovations of The STRAT. Any such renovations and capital improvements usually generate little or no cash flow until the projects are completed.
Renovations and other capital improvements of casino properties in particular require significant capital expenditures. For example, between May 2018 and December 31, 2024, we invested over $182 million in strategic renovations of The STRAT. Any such renovations and capital improvements usually generate little or no cash flow until the projects are completed.
Among other things, our systems are susceptible to outages due to fire, floods, power loss, break-ins, cybersecurity incidents, network penetration, denial of service attacks and similar events.
Among other things, our systems are susceptible 13 Table of Contents to outages due to fire, floods, power loss, break-ins, cybersecurity incidents, network penetration, denial of service attacks and similar events.
Nonetheless, if unauthorized parties gain access to our information technology and other systems, they may be able to access or misappropriate patron data, credit card information, vendor records, intellectual property, or confidential or other sensitive information (such as personally identifiable information of our customers, business partners and employees), disrupt our operations, corrupt data or computers, cause a competitive disadvantage or otherwise damage our reputation and business.
Nonetheless, if unauthorized parties gain access to our information technology and other systems, they may be able to access or misappropriate patron data, credit card information, vendor records, intellectual property, or confidential or other sensitive information (such as personally identifiable information of our customers, business partners and employees), disrupt our operations, corrupt data or computers, enable physical access to otherwise secure locations on our properties, cause a competitive disadvantage or otherwise damage our reputation and business.
Refer to “Note 13 — Commitments and Contingencies” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information. Certain litigation claims may not be covered entirely or at all by our insurance policies, or our insurance carriers may seek to deny coverage.
Refer to “ Note 13 — Commitments and Contingencies ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information. Certain litigation claims may not be covered entirely or at all by our insurance policies, or our insurance carriers may seek to deny coverage.
Our Credit Facility and Indenture contain, and any future debt instruments likely will contain, covenants that may restrict our 17 ability to implement our business plan, finance future operations, respond to changing business and economic conditions, secure additional financing, and engage in opportunistic transactions, such as strategic acquisitions.
Our Credit Facility contains, and any future debt instruments likely will contain, covenants that may restrict our ability to implement our business plan, finance future operations, respond to changing business and economic conditions, secure 17 Table of Contents additional financing, and engage in opportunistic transactions, such as strategic acquisitions.
With respect to our branded taverns, we face competition from other operators of casinos, hotels, taverns and other entertainment venues. In addition, we face ever-increasing competition from online gaming, including mobile gaming applications for smart phones and tablet computers, state-sponsored lotteries, card clubs, sports books, fantasy sports websites and other forms of legalized gaming.
With respect to our branded taverns, we face competition from other operators of casinos, hotels, taverns and other entertainment venues. In addition, we face ever-increasing competition from online gaming, including mobile gaming applications for smartphones and tablet computers, state-sponsored lotteries, card clubs, sportsbook facilities, fantasy sports websites and other forms of legalized gaming.
As of December 31, 2023, our senior indebtedness, excluding unamortized debt issuance costs, was approximately $674 million, which was comprised of $398 million in principal amount of outstanding term loan borrowings under our senior secured credit facility with JPMorgan Chase Bank, N.A.
As of December 31, 2024, our senior indebtedness, excluding unamortized debt issuance costs, was $414 million, which was comprised of $394 million in principal amount of outstanding term loan borrowings under our senior secured credit facility with JPMorgan Chase Bank, N.A.
As a result of the geographic concentration of our businesses, we face a greater risk of a negative impact on our business, financial condition, results of operations and prospects in the event that any of the geographic areas in which we operate is more severely impacted by any such adverse condition, as compared to other areas in the United States. 15 We may experience seasonal fluctuations that could significantly impact our quarterly operating results.
As a result of the geographic concentration of our businesses, we face a greater risk of a negative impact on our business, financial condition, results of operations and prospects in the event that any of the geographic areas in which we operate is more severely impacted by any such adverse condition, as compared to other areas in the United States.
As a result, we may not be successful in obtaining insurance without increases in cost or decreases in coverage levels.
As a result, we may not be successful in 12 Table of Contents obtaining insurance without cost increases or decreases in coverage levels.
We may be subject to risks arising from climate-related matters. Most of our operations are located in areas classified as extreme weather locations, which puts our business at potential risk from natural disasters such as floods, flash floods, droughts, and high winds, which may result in sudden interruption of business operations, flight cancellations, and a reduction in customers visitation.
Most of our operations are located in areas classified as extreme weather locations, which puts our business at potential risk from natural disasters such as floods, flash floods, droughts, and high winds, which may result in sudden interruption of business operations, flight cancellations, and a reduction in customers visitation.
The potential difficulties, and resulting costs and delays, relating to the integration of our business with our strategic acquisitions include: • the difficulty in integrating newly acquired businesses and operations in an efficient and effective manner; • the challenges in achieving strategic objectives, cost savings and other benefits expected from acquisitions; • the diversion of management’s attention from day-to-day operations and additional demands on management relating to an increase in size or scope of our company following a significant acquisition; • the assimilation of employees and the integration of different business cultures and challenges in retaining key personnel; • the need to integrate information, accounting, finance, sales, billing, payroll and regulatory compliance systems; and • challenges in combining product offerings and sales and marketing activities. 16 There is no assurance that we will successfully or cost-effectively integrate our businesses with the businesses we acquire, and the costs of achieving systems integration may substantially exceed the levels originally projected.
The potential difficulties, and resulting costs and delays, relating to the integration of our business with our strategic acquisitions include: • the difficulty in integrating newly acquired businesses and operations efficiently and effectively; • the challenges in achieving strategic objectives, cost savings and other benefits expected from acquisitions; • the diversion of management’s attention from day-to-day operations and additional demands on management relating to an increase in size or scope of our company following a significant acquisition; • the assimilation of employees and the integration of different business cultures and challenges in retaining key personnel; • the need to integrate information, accounting, finance, sales, billing, payroll and regulatory compliance systems; and • challenges in combining product offerings and sales and marketing activities.
We may experience attempts by labor organizations to organize certain of our non-union employees. Any work stoppage at one or more of our casino properties could cause significant disruption of our operations or require us to expend significant funds to hire replacement workers, and qualified replacement labor may not be available at reasonable costs, if at all.
Any work stoppage at one or more of our casino properties could cause significant disruption of our operations or require us to expend significant funds to hire replacement workers, and qualified replacement labor may not be available at reasonable costs, if at all.
We may not be able to fund such projects solely from cash provided from operating activities.
We may 10 Table of Contents not be able to fund such projects solely from cash provided by operating activities.
An inability to hire quality employees or the loss of key employees could have a material adverse effect on our business, financial condition, results of operations and prospects.
An inability to hire quality employees or the loss of key employees could have a material adverse effect on our business, financial condition, results of operations and prospects. We may experience seasonal fluctuations that could significantly impact our quarterly operating results. We may experience seasonal fluctuations that could significantly impact our quarterly operating results.
We fully understand that such insurance coverage may not prevent or be sufficient to fully indemnify us against incurred costs directly or indirectly related to our properties being damaged or destroyed as a result of such climate events.
While we cannot predict such naturally occurring events, we maintain insurance coverage pertaining to the most common weather damage or destruction. We fully understand that such insurance coverage may not prevent or be sufficient to fully indemnify us against incurred costs directly or indirectly related to our properties being damaged or destroyed as a result of such climate events.
We expect that potable water in Nevada will become an increasingly scarce commodity at an increasing price due to the long duration of severe drought experienced in Las Vegas and other potential causes of water shortage. Work stoppages, labor problems and unexpected shutdowns may limit our operational flexibility and negatively impact our future profits.
We expect that potable water in Nevada will become an increasingly scarce commodity at an increasing price due to the long duration of severe drought experienced in Las Vegas and other potential causes of water shortage.
Each quarter point change in interest rates would result in a $1.0 million change in annual interest expense on our indebtedness under our Credit Facility.
Each quarter point change in interest rates would result in a $1.0 million change in annual interest expense on our indebtedness under our Credit Facility. We are not required to enter into interest rate swaps to hedge such indebtedness.
Unions may also limit our flexibility in dealing with our workforce. Any renegotiation of collective bargaining and other labor agreements could significantly increase our costs for wages, healthcare, pension plans and other benefits, and could have a material adverse effect on the business of 13 our casino properties and our financial condition, results of operations, and prospects.
Any renegotiation of collective bargaining and other labor agreements could significantly increase our costs for wages, healthcare, pension plans and other benefits, and could have a material adverse effect on the business of our casino properties and our financial condition, results of operations, and prospects. We may experience attempts by labor organizations to organize certain of our non-union employees.
For example, our ability to meet certain sustainability goals or initiatives may depend in part on third-party collaboration, the availability of suppliers that can satisfy new requirements, mitigation innovations and/or the availability of economically feasible solutions at scale. Our revenues may be negatively impacted by volatility in our hold percentage, and we also face the risk of fraud or cheating.
For example, external factors may influence our ability to meet certain sustainability goals or initiatives which depend in part on third-party collaboration, timing of regulatory requirements implementation, the availability of suppliers that can satisfy new requirements, mitigation innovations and/or the availability of economically feasible solutions at scale.
We may experience seasonal fluctuations that could significantly impact our quarterly operating results. Our casino properties and branded taverns in Nevada have historically experienced lower revenues during the summer as a result of fewer tourists due to higher temperatures, as well as increased vacation activity by local residents.
Our casino properties and branded taverns in Nevada have historically experienced lower revenues during the summer as a result of fewer tourists due to higher temperatures, as well as increased vacation activity by local residents. Our branded taverns typically experience higher revenues during the fall which corresponds with several professional sports seasons.
Casino revenue is recorded as the difference between gaming wins and losses or net win from gaming activities. Net win is impacted by variations in the hold percentage (the ratio of net win to total amount wagered), or actual outcome, on our slot machines, table games, and all other games we provide to our customers.
Net win is impacted by variations in the hold percentage (the ratio of net win to total amount wagered), or actual outcome, on our slot machines, table games, and all other games we provide to our customers. We use the hold percentage as an indicator of a game’s performance against its expected outcome.
We use the hold percentage as an indicator of a game’s performance against its expected outcome. Although each game generally performs within a defined statistical range of outcomes, actual outcomes may vary for any given period.
Although each game generally performs within a defined statistical range of outcomes, actual outcomes may vary for any given period.
During 2023, the market price of our common stock has ranged from $30.55 to $43.60.
During 2024, the market price of our common stock has ranged from $27.67 to $40.15.
For example, new laws and regulations relating to ESG matters, including human capital, diversity, sustainability, climate change and cybersecurity, are under consideration or being adopted, which may include specific, target-driven disclosure requirements or obligations. Our response may require additional investments and implementation of new practices and reporting processes, all entailing additional compliance risk.
Regulators, investors and other stakeholders are increasingly focused on environmental, social, and governance (“ESG”) matters. For example, new laws and regulations relating to ESG matters, including human rights and human capital, diversity, sustainability, climate change and cybersecurity, are under consideration or may be adopted, which may include specific, target-driven disclosure requirements or obligations.
Our branded taverns typically experience higher revenues during the fall which corresponds with several professional sports seasons. While other factors like unemployment levels and market competition may either offset or magnify seasonal effects, some seasonality is likely to continue, which could result in significant fluctuation in our quarterly operating results.
While other factors like unemployment levels and market competition may either offset or magnify seasonal effects, some seasonality is likely to continue, which could result in significant fluctuation in our quarterly operating results. 15 Table of Contents We may be subject to risks arising from climate-related matters.
In addition, we have undertaken or announced a number of ESG initiatives and goals, which will require ongoing investment, and there is no assurance that we will achieve any of these goals or that our initiatives will achieve their intended outcomes.
In addition, we have undertaken or announced a number of ESG initiatives and goals, which will require ongoing investment, and there is no assurance that the intended outcome will be achieved. Consumer, government and other stakeholders’ perceptions of our efforts often differ widely and present risks to our reputation and brands.
The inability to negotiate and enter into new collective bargaining agreements on favorable terms could result in an increase in our operating expenses. We cannot predict how stable our relationship with a given union is and whether we will be able to meet the union’s requirements without impacting our financial condition.
We cannot predict how stable our relationship with a given union is and whether we will be able to meet the union’s requirements without impacting our financial condition. Unions may also limit our flexibility in dealing with our workforce.
As of December 31, 2023, we had over 1,400 employees at our casino properties covered by collective bargaining agreements, representing 25% of our total workforce. We cannot ensure that, upon the expiration of existing collective bargaining agreements, new agreements will be reached without union action or that any such new agreements will be on terms satisfactory to us.
We cannot ensure that, upon the expiration of existing collective bargaining agreements, new agreements will be reached without union action or that any such new agreements will be on terms satisfactory to us. The inability to negotiate and enter into new collective bargaining agreements on favorable terms could result in an increase in our operating expenses.
Integration of recently acquired businesses into our own operations in particular can be time consuming and present financial, managerial and operational challenges.
There is no assurance that we will successfully or cost-effectively integrate our businesses with the businesses we acquire, and the costs of achieving systems integration may substantially exceed the levels originally projected. Integration of recently acquired businesses into our own operations in particular can be time consuming and present financial, managerial and operational challenges.
If new indebtedness is added to our current level of indebtedness, the related risks that we now face could intensify. Covenants in our debt instruments restrict our business and could limit our ability to implement our business plan.
Covenants in our debt instruments restrict our business and could limit our ability to implement our business plan.
We implemented a variety of measures to further enhance our cybersecurity protections and minimize the impact of any future cybersecurity incidents.
For example, as previously disclosed, we were affected by a ransomware cyber-attack in 2021 that temporarily disrupted our access to certain information located on our network. The incident was considered fully remediated and we implemented a variety of measures to further enhance our cybersecurity protections and minimize the impact of any future cybersecurity incidents.
Removed
For example, the COVID-19 pandemic had an adverse effect on our results of operations during 2020 and the first half of 2021, including as a result of mandated property closures, operating restrictions, pandemic safety protocols and COVID-19 mitigation measures.
Added
Work stoppages, labor problems and unexpected shutdowns may limit our operational flexibility and negatively impact our future profits. As of December 31, 2024, we had approximately 1,500 employees at our casino properties covered by collective bargaining agreements, representing 28% of our total workforce.
Removed
Their greater resources may also provide them with the ability to expand operations in the future.
Added
Our revenues may be negatively impacted by volatility in our hold percentage, and we also face the risk of fraud or cheating. Casino revenue is recorded as the difference between gaming wins and losses or net win from gaming activities.
Removed
Climate change effects have also increased the level of severity and the frequency of such extreme weather events. While we cannot predict such naturally occurring events, we maintain insurance coverage pertaining to the most common weather disruptions.
Added
Additionally, there is scientific research that emissions of greenhouse gases continue to alter the composition of the global atmosphere in ways that are affecting and are expected to continue affecting the global climate. The effect of climate change, including any impact of global warming, could increase the level of severity and the frequency of such extreme weather events.
Removed
For example, in January 2021, we were affected by a ransomware cyber-attack that temporarily disrupted our access to certain information located on our network. Although we incurred some expenses with respect thereto, our financial information and business operations were not materially affected.
Added
Our properties are also subject to federal, state, provincial and local laws and regulations regarding water rights and changes in these laws and regulations may adversely affect our operations. Many states and companies have adopted or plan to implement greenhouse gas (“GHG”) emissions programs.
Removed
Our reputation and business could be negatively impacted as a result of environmental, social and governance matters. Regulators, investors and other stakeholders are increasingly focused on environmental, social, and governance (“ESG”) matters.
Added
New GHG emissions legislation or regulations may potentially increase energy or capital expenditures costs to comply with the new laws or limit our guests’ ability to travel to our properties.
Removed
Consumer, government and other stakeholders’ perceptions of our efforts to achieve these goals often differ widely and present risks to our reputation and brands. In addition, our ability to implement some initiatives or achieve some goals is dependent on external factors.
Added
Combining our different systems, technology, networks and business practices could be more difficult and time consuming than we anticipated and could result in additional unanticipated expenses.
Removed
(as administrative agent and collateral agent) (the “Credit Facility”) and approximately $276 million of 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”).
Added
We may incur increasing compliance costs, including from increased investment in technology and appropriate expertise, related to the implementation of new practices, GHG monitoring and reporting processes, all entailing additional compliance risks.
Removed
Our Credit Facility includes a $240 million revolving credit facility (the “Revolving Credit Facility”), which was undrawn at December 31, 2023. In addition, our Credit Facility and the indenture governing the 2026 Unsecured Notes (the “Indenture”) permit us, subject to specific limitations, to incur additional indebtedness.
Added
Our performance could be compared to the performance of our peers and criticized for the scope of our ability to implement certain initiatives or achieve certain goals.
Removed
For example, in 2023, we incurred an additional $3.2 million in interest expense under our Credit Facility as a result of the increase in the interest rates, despite the significant year-over-year reduction in the level of our outstanding debt for the year ended December 31, 2023. We are not required to enter into interest rate swaps to hedge such indebtedness.
Added
(as administrative agent and collateral agent) (the “Credit Facility”) and $20 million in principal amount of outstanding borrowings under our revolving credit facility (the “Revolving Credit Facility”).
Removed
Under the Indenture, if certain specified change of control events occur, each holder of the 2026 Unsecured Notes may require us to repurchase all of such holder’s 2026 Unsecured Notes at a purchase 20 price equal to 101% of the principal amount of such notes.
Added
Our Credit Facility includes a $240 million Revolving Credit Facility, which had borrowing availability of $220 million at December 31, 2024. If new indebtedness is added to our current level of indebtedness, the related risks that we now face could intensify.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur Board of Directors also receives briefings from management on our cyber risk management program, including presentations on cybersecurity topics from our Chief Technology Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. 21 Our management team has formed a dedicated group, including our General Counsel, Chief Technology Officer, and key information technology team members from our information technology security, compliance, vendor management office and our project management office, that is responsible for assessing and managing our material risks from cybersecurity threats.
Biggest changeOur Board of Directors also receives briefings from management on our cyber risk management program, including presentations on cybersecurity topics from our Chief Technology Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
This group meets on a monthly basis to discuss the results of our cybersecurity and privacy matters and to evaluate new technologies from a security, operational, and regulatory perspective prior to their implementation. Their findings are summarized in a comprehensive report that is reviewed by our Audit Committee.
This group meets on a quarterly basis to discuss the results of our cybersecurity and privacy matters and to evaluate new technologies from a security, operational, and regulatory perspective prior to their implementation. Their findings are summarized in a comprehensive report that is reviewed by our Audit Committee.
All newly hired team members are required to take training courses with particular focus on the acceptable use of technology and related cybersecurity risks. E-mail phishing training and testing is performed routinely throughout the year.
All newly hired team members are required to take training courses with a particular focus on the acceptable use of technology and related cybersecurity risks. E-mail phishing training and testing are performed routinely throughout the year.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, which have materially affected us, including our operations, business strategy, results of operations, or financial condition.
Added
Our management team has formed a dedicated group, including our General Counsel, Chief Technology Officer, and key 21 Table of Contents information technology team members from our information technology security, compliance, vendor management office and our project management office, which is responsible for assessing and managing our material risks from cybersecurity threats.
Added
In addition, subsequent to our fiscal year end, on January 6, 2025, we became a member of the Retail & Hospitality — Information Sharing and Analysis Center, a non-profit organization that will allow us to further strengthen our cybersecurity risk management by gaining gaming industry specific knowledge and intelligence.

Item 2. Properties

Properties — owned and leased real estate

3 edited+0 added−1 removed3 unchanged
Biggest changeThe leases are with unrelated third parties and have various expiration dates beginning in 2026 (for the parcel on which our main casino building is located, which we lease from a competitor), and we sublease approximately two of the acres to an unrelated third party.
Biggest changeGold Town Casino (Pahrump, NV) 7 The casino property is located on four leased parcels of land. The leases are with unrelated third parties and have various expiration dates beginning in 2026 and we sublease approximately two of the acres to an unrelated third party.
Lakeside Casino & RV Park (Pahrump, NV) 35 Pahrump Nugget (Pahrump, NV) 40 Approximately 20 acres are undeveloped and reserved for future development. Nevada Taverns 69 branded tavern locations (Las Vegas, NV and Reno, NV) — All tavern locations are leased with lease terms ranging from 5 to 20 years, with various renewal options from 5 to 25 years.
Lakeside Casino & RV Park (Pahrump, NV) 35 Pahrump Nugget (Pahrump, NV) 40 Approximately 20 acres are undeveloped and reserved for future development. Nevada Taverns 72 branded tavern locations (Las Vegas, NV and Reno, NV) — All tavern locations are leased with lease terms ranging from 5 to 20 years, with various renewal options from 5 to 25 years.
PROPERTIES The location and characteristics of our properties are provided in Part I, Item 1: Business of this Annual Report. 22 The following table provides further information on our properties and identifies the properties subject to leases of the underlying real estate assets as of December 31, 2023: Name and Location Approximate Acres Notes Nevada Casino Resorts The STRAT (Las Vegas, NV) 34 Approximately 9 acres are undeveloped and reserved for future development and approximately 8 acres have been leased to a third party for development.
PROPERTIES The location and characteristics of our properties are provided in Part I, Item 1: Business of this Annual Report. 22 Table of Contents The following table provides further information on our properties and identifies the properties subject to leases of the underlying real estate assets as of December 31, 2024: Name and Location Approximate Acres Notes Nevada Casino Resorts The STRAT (Las Vegas, NV) 34 Approximately 9 acres are undeveloped and reserved for future development and approximately 8 acres have been leased to an independent third-party operating Atomic Golf, a premier golf entertainment venue.
Removed
Gold Town Casino (Pahrump, NV) 7 The casino property is located on four leased parcels of land.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeITEM 3. LEGAL PROCEEDINGS A discussion of our legal proceedings is contained in “Note 13 — Commitments and Contingencies” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 23 PART II
Biggest changeITEM 3. LEGAL PROCEEDINGS A discussion of our legal proceedings is contained in “ Note 13 — Commitments and Contingencies ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 23 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeIn addition, subsequent to our fiscal year end, on February 27, 2024, our Board of Directors declared a recurring quarterly cash dividend of $0.25 per share of our outstanding common stock, the first of which is payable on April 4, 2024 to shareholders of record as of March 18, 2024.
Biggest changeThe following table presents our dividends declared for the year ended December 31, 2024: Declaration Date Record Date Payment Date Amount per Share Aggregate Amount (in thousands) February 27, 2024 March 18, 2024 April 4, 2024 $ 0.25 $ 7,237 May 2, 2024 June 14, 2024 July 2, 2024 $ 0.25 $ 7,107 August 6, 2024 September 17, 2024 October 2, 2024 $ 0.25 $ 6,962 November 5, 2024 December 20, 2024 January 7, 2025 $ 0.25 $ 6,641 In addition, subsequent to our fiscal year end, on February 25, 2025, our Board of Directors authorized our next recurring quarterly cash dividend of $0.25 per share of our common stock payable on April 2, 2025 to shareholders of record as of March 21, 2025.
Dividends In July 2023, our Board of Directors declared a one-time cash dividend of $2.00 per share of the outstanding common stock, totaling $57.7 million in the aggregate. The one-time cash dividend was paid on August 25, 2023 to our shareholders of record as of August 11, 2023.
Dividends In July 2023, our Board of Directors declared a one-time cash dividend of $2.00 per share of our outstanding common stock, totaling $57.7 million in the aggregate. The one-time cash dividend was paid on August 25, 2023 to our shareholders of record as of August 11, 2023.
The payment of any cash dividends in the future will be at the discretion of our Board of Directors and will depend upon such factors as our financial condition, results of operations, capital requirements, our general business condition, restrictions under our Credit Facility and Indenture and any other factors deemed relevant by our Board of Directors.
The payment of any cash dividends in the future will be at the discretion of our Board of Directors and will depend upon such factors as our financial condition, results of operations, capital requirements, our general business condition, restrictions under our Credit Facility and any other factors deemed relevant by our Board of Directors.
Stock Performance Graph The following performance graph compares the cumulative five-year shareholders’ returns (based on appreciation of the market price of our common stock) on an indexed basis with Nasdaq Composite Index and the Dow Jones US Gambling index, during the five years ended December 31, 2023.
Stock Performance Graph The following performance graph compares the cumulative five-year shareholders’ returns (based on the appreciation of the market price of our common stock) on an indexed basis with the Nasdaq Composite Index and the Dow Jones US Gambling index, during the five years ended December 31, 2024.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is traded on the Nasdaq Global Market under the ticker symbol “GDEN.” As of February 19, 2024, there were 263 shareholders of record of our common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is traded on the Nasdaq Global Market under the ticker symbol “GDEN.” As of February 17, 2025, there were 254 shareholders of record of our common stock.
Share Repurchase Program and Issuer Purchase of Equity From time to time, we repurchase shares of our common stock pursuant to our $100 million share repurchase program authorized by our Board of Directors on July 27, 2023.
Share Repurchase Program and Issuer Purchase of Equity From time to time, we repurchase shares of our common stock pursuant to our $100 million share repurchase program authorized by our Board of Directors on July 27, 2023, which was subsequently increased by $100 million on November 5, 2024.
There is no minimum number of shares that we are required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice.
Share repurchases may be made at management’s discretion based on market conditions and financial resources and there is no minimum number of shares that we are required to repurchase. The repurchase program may be suspended or discontinued at any time without prior notice.
The graph plots the changes in value of an initial $100 investment over the indicated time period, assuming all dividends are reinvested.
The graph plots the changes in value of an initial $100 investment over the indicated time period, assuming all dividends are reinvested. The stock price performance in this graph is not necessarily indicative of future performance.
The repurchase program is also subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors (refer to “Note 8 — Shareholders’ Equity and Stock Incentive Plans” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information regarding our share repurchase program).
Refer to “ Note 8 — Shareholders’ Equity and Stock Incentive Plans ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information regarding our share repurchase program.
The stock price performance in this graph is not necessarily indicative of future performance. 24 Cumulative Total Returns - Year Ending December 31, 2018 2019 2020 2021 2022 2023 Golden Entertainment, Inc. $ 100.00 $ 119.97 $ 124.15 $ 315.41 $ 233.46 $ 249.31 NASDAQ Composite 100.00 135.23 194.24 235.78 157.74 226.24 Dow Jones US Gambling 100.00 143.35 126.93 110.62 81.56 108.05 The performance graph and the related chart and text should not be deemed filed or incorporated by reference into any other filing by us under the Securities Act of 1933, as amended or the Exchange Act of 1934, as amended except to the extent we specifically incorporate the performance graph by reference herein.
Cumulative Total Returns - Year Ending December 31, 2019 2020 2021 2022 2023 2024 Golden Entertainment, Inc. $ 100.00 $ 103.49 $ 262.90 $ 194.59 $ 218.47 $ 178.40 NASDAQ Composite 100.00 144.92 177.06 119.45 172.77 223.87 Dow Jones US Gambling 100.00 88.55 77.17 57.48 74.67 74.15 The performance graph and the related chart and text should not be deemed filed or incorporated by reference into any other filing by us under the Securities Act of 1933, as amended or the Exchange Act of 1934, as amended except to the extent we specifically incorporate the performance graph by reference herein.
Removed
During the three months ended December 31, 2023, we did not repurchase any shares through open market transactions, and as of December 31, 2023, we had $90.9 million of remaining share repurchase availability under our July 27, 2023 authorization.
Added
Commencing in February 2024, our Board of Directors has declared a recurring quarterly cash dividend of $0.25 per share of our common stock.
Added
Share repurchases may be made from time to time in open market transactions, through block trades, pursuant to a Rule 10b5-1 trading plan or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with our finance agreements.
Added
The following table presents our common stock purchases made pursuant to our share repurchase program for the three months ended December 31, 2024: Total Number of Shares Purchased (1) Average Price per Share (2) Total Number of Shares Purchased as Part of a Publicly Announced Program Approximate Dollar Value That May Yet Be Purchased Under the Program (in millions) Period October 1-31, 2024 134,613 $ 31.19 134,613 $ 31.4 (3) November 1-30, 2024 626,598 33.80 626,598 110.2 (4) December 1-31, 2024 326,929 32.97 326,929 99.4 Total 1,088,140 $ 32.65 1,088,140 $ 99.4 (1) All repurchased shares were retired and constitute authorized but not unissued shares.
Added
Shares repurchased to settle employee tax withholding related to the vesting of RSUs or exercise of options are not included in the table above.
Added
(2) Average price paid per share includes broker commissions but excludes our liability under the 1% excise tax on the net 24 Table of Contents amount of our share repurchases required by the Inflation Reduction Act of 2022. (3) Represents shares repurchased pursuant to a Rule 10b51-1 trading plan.
Added
(4) On November 5, 2024, our Board of Directors increased our share repurchase authorization by $100 million.
Added
ITEM 6. [ RESERVED] 25 Table of Contents

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

67 edited+27 added−41 removed12 unchanged
Biggest changeWe define “Adjusted EBITDA” as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, impairment of assets, severance expenses, preopening and related expenses, preopening and related expenses, gain or loss on disposal of assets and businesses, share-based compensation expenses, non-cash lease expense, and other non-cash charges that are deemed to be not indicative of our core operating results, calculated before corporate overhead (which is not allocated to each reportable segment). 28 The following table presents our total revenues and Adjusted EBITDA by reportable segment and a reconciliation of net income to Adjusted EBITDA: Year Ended December 31, (In thousands) 2023 2022 2021 Revenues Nevada Casino Resorts $ 413,058 $ 406,950 $ 389,712 Nevada Locals Casinos 157,435 157,514 159,855 Maryland Casino Resort (1) 43,456 78,010 78,155 Nevada Taverns 109,215 109,965 110,170 Distributed Gaming (2) 320,680 365,472 357,414 Corporate and other 9,305 3,808 1,237 Total Revenues $ 1,053,149 $ 1,121,719 $ 1,096,543 Adjusted EBITDA Nevada Casino Resorts $ 120,256 $ 135,104 $ 149,077 Nevada Locals Casinos 73,846 75,848 80,005 Maryland Casino Resort (1) 12,652 25,383 26,697 Nevada Taverns 32,682 37,610 39,762 Distributed Gaming (2) 34,545 44,021 47,514 Corporate and other (51,459) (50,886) (51,337) Total Adjusted EBITDA $ 222,522 $ 267,080 $ 291,718 Net income $ 255,756 $ 82,346 $ 161,776 Adjustments Other non-operating income — — (60,000) Depreciation and amortization 88,933 100,123 106,692 Non-cash lease expense (15) 165 762 Share-based compensation 13,476 13,433 14,401 (Gain) loss on disposal of assets (228) 934 1,260 Gain on sale of businesses (303,179) — — Loss on debt extinguishment and modification 1,734 1,590 975 Preopening and related expenses (3) 760 161 246 Severance expenses 149 378 228 Impairment of assets 12,072 — — Other, net 11,342 3,939 2,089 Interest expense, net 65,515 63,490 62,853 Change in fair value of derivative — — — Income tax provision 76,207 521 436 Adjusted EBITDA $ 222,522 $ 267,080 $ 291,718 (1) Comprised of the operations of Rocky Gap, which was sold on July 25, 2023.
Biggest changeWe define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of segment revenue. 29 Table of Contents The following table presents our revenues, Adjusted EBITDA and Adjusted EBITDA Margin by reportable segment and our Corporate and Other category reconciled to total revenue and total Adjusted EBITDA along with the reconciliation of total Adjusted EBITDA to our consolidated net income: Year Ended December 31, (In thousands) 2024 2023 2022 Revenues Nevada Casino Resorts $ 399,139 $ 413,058 $ 406,950 Nevada Locals Casinos 150,972 157,435 157,514 Nevada Taverns 109,723 109,215 109,965 Distributed Gaming 6,019 320,680 365,472 Maryland Casino Resort — 43,456 78,010 Total reportable segments 665,853 1,043,844 1,117,911 Corporate and Other 965 9,305 3,808 Total revenues $ 666,818 $ 1,053,149 $ 1,121,719 Adjusted EBITDA Nevada Casino Resorts $ 103,338 $ 120,256 $ 135,104 Nevada Locals Casinos 66,504 73,846 75,848 Nevada Taverns 27,137 32,682 37,610 Distributed Gaming 484 34,545 44,021 Maryland Casino Resort — 12,652 25,383 Total reportable segments 197,463 273,981 317,966 Corporate and Other (42,088) (51,459) (50,886) Total Adjusted EBITDA $ 155,375 $ 222,522 $ 267,080 Adjusted EBITDA Margin by reportable segment Nevada Casino Resorts 26 % 29 % 33 % Nevada Locals Casinos 44 % 47 % 48 % Nevada Taverns 25 % 30 % 34 % Income before income tax provision $ 72,794 $ 331,963 $ 82,867 Income tax provision (22,063) (76,207) (521) Net income 50,731 255,756 82,346 Adjustments Depreciation and amortization 90,034 88,933 100,123 Non-cash lease (benefit) expense (380) (15) 165 Share-based compensation 10,434 13,476 13,433 (Gain) loss on disposal of assets (213) (228) 934 Gain on sale of businesses (69,238) (303,179) — Loss on debt extinguishment and modification 4,446 1,734 1,590 Preopening and related expenses (1) 508 760 161 Impairment of assets 2,399 12,072 — Other, net 9,707 11,491 4,317 Interest expense, net 34,884 65,515 63,490 Income tax provision 22,063 76,207 521 Adjusted EBITDA $ 155,375 $ 222,522 $ 267,080 (1) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and food and beverage and other venues within our casino locations. 30 Table of Contents Nevada Casino Resorts Revenues decreased by $13.9 million, or 3%, and Adjusted EBITDA decreased by $16.9 million, or 14%, for the year ended December 31, 2024 compared to the prior year.
Moreover, we can provide no assurances that the investigation or pursuit of an opportunity will result in a completed transaction. 32 Critical Accounting Policies and Estimates Management’s discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements, which have been prepared in accordance with GAAP.
Moreover, we can provide no assurances that the investigation or pursuit of an opportunity will result in a completed transaction. Critical Accounting Policies and Estimates Management’s discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements, which have been prepared in accordance with GAAP.
We test our goodwill and indefinite-lived intangible assets comprised of trade names for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred.
Valuation of Goodwill and Indefinite-Lived Intangible Assets We test our goodwill and indefinite-lived intangible assets comprised of trade names for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that impairment may have occurred.
If, after assessing the qualitative factors, we determine that it is more likely than not the asset is impaired, we then perform a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill.
If, after assessing the qualitative factors, we determine that it is more likely than not the reporting unit is impaired, we then perform a quantitative test in which the estimated fair value of the reporting unit is compared with its carrying amount, including goodwill.
Off-Balance Sheet Arrangements We have no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Off-Balance Sheet Arrangements We have no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Gain on Sale of Businesses The $303.2 million gain on sale of businesses for the year ended December 31, 2023 was driven by the sales of Rocky Gap and our distributed gaming operations in Montana completed in 2023.
The $303.2 million gain on sale of businesses for the year ended December 31, 2023 was driven by the sales of Rocky Gap and our distributed gaming operations in Montana, which was completed in 2023.
In addition to the historical information, certain statements in this discussion are forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements. Refer to “Forward-Looking Statements” in Part I of this Annual Report for additional information regarding forward-looking statements.
In addition to the historical information, certain statements in this discussion are forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements. Refer to “ Forward-Looking Statements ” in Part I of this Annual Report for additional information regarding forward-looking statements.
We believe that our cash and cash equivalents, cash flows from operations and borrowing availability under our $240 million Revolving Credit Facility will be sufficient to meet our capital requirements during the next 12 months.
We believe that our cash and cash equivalents, cash flows from operations and borrowing availability under our Revolving Credit Facility will be sufficient to meet our capital requirements during the next 12 months.
Adjusted EBITDA provides useful information to the users of our financial statements by excluding specific expenses and gains that we believe are not indicative of our core operating results. Furthermore, our annual performance plan used to determine compensation for our executive officers and employees is tied to the Adjusted EBITDA metric.
Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to the users of our financial statements by excluding specific expenses and gains that we believe are not indicative of our core operating results. Furthermore, our annual performance plan used to determine compensation for our executive officers and employees is tied to the Adjusted EBITDA metric.
Changes in applicable laws or regulations could have a material adverse effect on us. The gaming industry represents a significant source of tax revenues to regulators. From time to time, various federal and state legislators and officials have proposed changes in tax law, or in the administration of such law, affecting the gaming industry.
Changes in applicable laws or regulations could have a material adverse effect on us. 34 Table of Contents The gaming industry represents a significant source of tax revenues to regulators. From time to time, various federal and state legislators and officials have proposed changes in tax law, or in the administration of such law, affecting the gaming industry.
Refer to “Note 8 — Shareholders’ Equity and Stock Incentive Plans” in Part II, Item 8: Financial Statements and Supplemental Data and “ Share Repurchase Program and Issuer Purchase of Equity ” in Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities of this Annual Report for additional information regarding our share repurchase program and common stock purchases made pursuant to our share repurchase program.
Refer to “ Note 8 — Shareholders’ Equity and Stock Incentive Plans ” in Part II, Item 8: Financial Statements and Supplemental Data and “ Share Repurchase Program and Issuer Purchase of Equity ” in Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities of this Annual Report for additional information regarding our share repurchase program and common stock purchases made pursuant to our share repurchase program.
The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period.
The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 33 Table of Contents disclosure of contingent assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting period.
We have identified our critical accounting policies that meet this definition below. Other key accounting policies that involve the use of estimates, judgments, and assumptions are discussed in “Note 2 — Summary of Significant Accounting Policies” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report.
We have identified our critical accounting policies that meet this definition below. Other key accounting policies that involve the use of estimates, judgments, and assumptions are discussed in “ Note 2 — Summary of Significant Accounting Policies ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report.
There is no minimum number of shares that we are required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice.
There is no minimum number of shares that we are required to repurchase 32 Table of Contents and the repurchase program may be suspended or discontinued at any time without prior notice.
Revenues and Adjusted EBITDA by Reportable Segment To supplement our consolidated financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”), we use Adjusted EBITDA because it is the primary metric used by our chief operating decision makers and investors in measuring both our past and future expectations of performance.
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin by Reportable Segment We use Adjusted EBITDA and Adjusted EBITDA Margin to supplement our consolidated financial statements presented in accordance with United States generally accepted accounting principles (“GAAP”). Adjusted EBITDA is the primary metric used by our chief operating decision maker and investors in measuring both our past and future expectations of performance.
As of December 31, 2023, we had borrowing availability of $240 million under our Revolving Credit Facility (refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information regarding our Revolving Credit Facility).
As of December 31, 2024, we had borrowing availability of $220.0 million under our Revolving Credit Facility (refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information regarding our Revolving Credit Facility).
Recently Issued Accounting Pronouncements Refer to “Note 2 — Summary of Significant Accounting Policies” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for information regarding recently issued accounting pronouncements. Regulation and Taxes Our business is subject to extensive regulation by state gaming authorities.
Recently Issued Accounting Pronouncements Refer to “ Note 2 — Summary of Significant Accounting Policies ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for information regarding recently issued accounting pronouncements. Regulation and Taxes Our business is subject to extensive regulation by state gaming authorities.
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 our industry may calculate Adjusted EBITDA differently than we do.
Both are also measures 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 our industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently than we do.
Refer to “Note 13 — Commitments and Contingencies” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information regarding commitments and contingencies that may also affect our liquidity.
Refer to “ Note 13 — Commitments and Contingencies ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information regarding commitments and contingencies that may also affect our liquidity.
When performing testing for impairment, we either conduct a qualitative assessment to determine whether it is more likely than not that the asset is impaired, or elect to bypass this qualitative assessment and perform a quantitative test.
When performing testing for impairment of goodwill for each of our reporting units, we either conduct a qualitative assessment to determine whether it is more likely than not that the asset is impaired or elect to bypass this qualitative assessment and perform a quantitative test.
The estimation of fair value for both goodwill and indefinite-lived intangible assets requires management to make critical estimates, judgments and assumptions, such as: the valuation methodology, the estimated future cash flows for each of our reporting units, the discount rate used to calculate the present value of such cash flows, our current valuation multiple and multiples of comparable publicly traded companies, and royalty rate to be applied to valuation of our trade names.
The estimation of fair value for both goodwill and indefinite-lived intangible assets when used in our impairment considerations and purchase price allocations requires management to make critical estimates, judgments and assumptions, such as: the valuation methodology, the estimated future cash flows for each of our reporting units, the discount rate, future growth rates and operating margins used to calculate the present value of such cash flows, our current valuation multiple and multiples of comparable publicly traded companies, and royalty rate to be applied to valuation of our trade names.
Gain or Loss on Disposal of Assets Gain on disposal of assets in the amount of $0.2 million for the year ended December 31, 2023 was primarily driven by sales of used gaming equipment in our Distributed Gaming segment.
Gain on disposal of assets in the amount of $0.2 million for the year ended December 31, 2023 was primarily related to sales of used gaming equipment in our Distributed Gaming segment.
Share Repurchase Program Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in 31 accordance with applicable securities laws and regulations and other legal requirements, including compliance with our finance agreements.
Share Repurchase Program Share repurchases may be made from time to time in open market transactions, block trades, pursuant to a Rule 10b5-1 trading plan or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with our finance agreements.
Income Taxes The effective income tax rate for the year ended December 31, 2023 w as 22.96%, which differed from the federal income tax rate of 21% primarily due to state taxes.
The effective income tax rate f or the year ended December 31, 2023 was 22.96%, which differed from the federal tax rate of 21% primarily due to state income taxes.
Subsequent to our fiscal year end, on January 10, 2024, we sold our distributed gaming operations in Nevada for aggregate cash consideration of $213.5 million plus working capital and other adjustments and purchased cash at closing.
As discussed above, on January 10, 2024, we sold our distributed gaming operations in Nevada for aggregate cash consideration of $213.5 million plus working capital and other adjustments and purchased cash at closing.
Operating Expenses The $37.1 million, or 6% , decrease in operating expenses for the year ended December 31, 2023 compared to the prior year resulted from a $49.1 million decrease in gaming expenses, offset by increases of $3.5 million, $5.9 million, and $2.6 million in food and beverage, rooms, and other operating expenses, respectively.
Operating Expenses The $294.1 million, or 49% , decrease in operating expenses for the year ended December 31, 2024 compared to the prior year resulted from decreases of $291.8 million and $8.0 million in gaming and other expenses, respectively, offset by increases of $2.9 million and $2.8 million in food and beverage and rooms expenses, respectively.
To further enhance our liquidity position or to finance any future acquisition or other business investment initiatives, we may obtain additional financing, which could consist of debt, convertible debt or equity financing from public and/or private credit and capital markets.
Declines in consumer spending would cause revenues generated by our operations to be adversely affected. To further enhance our liquidity position or to finance any future acquisition or other business investment initiatives, we may obtain additional financing, which could consist of debt, convertible debt or equity financing from public and/or private credit and capital markets.
The lower Adjusted EBITDA margins for the year ended December 31, 2023 compared to the prior year were primarily attributable to increases in labor costs and cost of goods.
Adjusted EBITDA Margin The lower Adjusted EBITDA Margin for each of our reportable segments for the year ended December 31, 2024 compared to the prior year were primarily attributable to reduction in revenues and increases in labor costs and cost of goods sold compared to 2023.
Long-Term Debt For information regarding our Credit Facility and Indenture refer to “Note 7 — Long-Term Debt” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report.
Refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information.
Refer to the discussion in “ Note 3 — Divestitures and Assets Held for Sale ” and “ Note 16 — Subsequent Events ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information. 25 Acquisition of Taverns On November 21, 2023, we acquired the operations of Lucky’s, comprised of four tavern locations in Nevada, for cash consideration of $10 million, as part of an expansion of our branded tavern portfolio.
Refer to “ Note 3 — Divestitures ” and “ Note 15 — Segment Information ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information. On November 21, 2023, we acquired the operations of Lucky’s, comprised of four tavern locations in Nevada, for cash consideration of $10.0 million.
We also experienced increases in payr oll and related expenses as well as an increase in costs related to marketing and advertising, utilities, and maintenance contracts in 2023. SG&A expenses are comprised of marketing and advertising, utilities, building rent, maintenance contracts, corporate office overhead, information technology, legal, accounting, third-party service providers, executive compensation, share-based compensation, payroll expenses and payroll taxes.
SG&A expenses are comprised of marketing and advertising, utilities, building rent, maintenance contracts, corporate office overhead, information technology, legal, accounting, third-party service providers, executive compensation, share-based compensation, payroll expenses and payroll taxes.
As discussed above, on July 25, 2023, we sold Rocky Gap for aggregate cash consideration of $260.0 million, and on September 13, 2023, we sold our distributed gaming operations in Montana for aggregate cash consideration of $109.0 million plus working capital and other adjustments and purchased cash at closing.
We completed the sales of Rocky Gap on July 25, 2023 for aggregate cash consideration of $260.0 million, our distributed gaming operations in Montana on September 13, 2023 for cash consideration of $109.0 million plus working capital and other adjustments and net of cash transferred at closing, and our distributed gaming operations in Nevada on January 10, 2024 for cash consideration of $213.5 million plus working capital and other adjustments and net of cash transferred at closing.
Preopening Expenses Preopening expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and food and beverage and other venues within our casino locations.
Preopening Expenses Preopening expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded taverns and food and beverage and other venues within our casino locations. Preopening expenses for the years ended December 31, 2024 and 2023 primarily related to new branded tavern openings within our Nevada Taverns segment.
Nevada Locals Casinos Revenues and Adjusted EBITDA decreased by $0.1 million, or less than 1%, and $2.0 million, or 3%, respectively, for the year ended December 31, 2023 compared to the prior year.
Nevada Locals Casinos Revenues and Adjusted EBITDA decreased by $6.5 million, or 4%, and $7.3 million, or 10%, respectively, for the year ended December 31, 2024 compared to the prior year.
The increase in revenue was driven by increases of $9.3 million, $5.6 million and $5.8 million in food and beverage, rooms, and other revenues, respectively, offset by a decrease of $14.6 million in gaming revenues.
The decrease in revenues was driven by decreases of $6.3 million and $0.7 million in gaming and rooms revenues, respectively, offset by increases of $0.3 million and $0.2 million in food and beverage and other revenues, respectively .
Prior to the sale, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in our Distributed Gaming reportable segment.
Prior to their sales, the results of the operations of Rocky Gap were presented in our Maryland Casino Resort reportable segment, and the results of the distributed gaming operations in Montana and Nevada were presented in our Distributed Gaming reportable segment.
Net cash provided by investing activities was $266.9 million for the year ended December 31, 2023 primarily due to the cash receipts of $362.4 million from the sales of Rocky Gap in July 2023 and distributed gaming operations in Montana in September 2023, offset by $85.9 million spent on capital expenditures, primarily at The STRAT.
Net cash provided by investing activities was $147.2 million and $266.9 million for the years ended December 31, 2024 and 2023, respectively, due to the cash receipts of $204.4 million and $362.4 million, respectively, from the sale of our distributed gaming operations in Nevada in January 2024 and sales of Rocky Gap in July 2023 and distributed gaming operations in Montana in September 2023.
Refer to “ Note 3 — Divestitures and Assets Held for Sale ” and “ Note 16 —Subsequent Events ” in Part II, Item 8: Financial Statements Supplemental Data of this Annual Report for additional information.
Refer to “ Note 1 — Nature of Business and Basis of Presentation ” and “ Note 3 — Divestitures ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information.
As discussed in “Note 5 — Goodwill and Intangible Assets” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report, we concluded that there was no impairment of our goodwill and intangible assets as of December 31, 2023 and 2022.
Refer to “ Note 5 — Goodwill and Intangible Assets ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information. There was no impairment of our goodwill and indefinite-lived intangible assets as of December 31, 2023.
Other Opportunities We may investigate and pursue expansion opportunities in our existing or new markets from time to time. Such expansions will be influenced and determined by a number of factors, which may include licensing availability and approval, suitable investment opportunities and availability of acceptable financing.
Such expansions will be influenced and determined by a number of factors, which may include licensing availability and approval, suitable investment opportunities and availability of acceptable financing.
In addition, subsequent to our fiscal year end, on February 27, 2024, our Board of Directors declared a recurring quarterly cash dividend of $0.25 per share of our outstanding common stock, the first of which is payable on April 4, 2024 to shareholders of record as of March 18, 2024.
In addition, commencing in February 2024, our Board of Directors has declared a recurring quarterly cash dividend of $0.25 per share of our common stock outstanding, the first of which was paid on April 4, 2024.
We also acquired four Lucky’s taverns for $10.0 million during 2023. Net cash used in investing activities was $51.3 million and $28.9 million for the years ended December 31, 2022 and 2021, respectively. Net cash used in financing activities was $330.6 million, $177.4 million and $149.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Net cash used in investing activities was $51.3 million for the year ended December 31, 2022. Net cash used in financing activities was $379.4 million, $330.6 million and $177.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
If our estimates of future cash flows are not met or if there are changes in significant assumptions and judgments used in the estimation process, we may have to record additional impairment charges in the future.
If our estimates of future cash flows are not met or if there are changes in significant assumptions and judgments used in the estimation process, we may be required to record impairment charges in the future, whether in connection with our regular review procedures, or earlier, if an indicator of an impairment is present prior to such evaluation.
The decrease in revenues was primarily attributable to the exclusion of more than a full quarter of results for Rocky Gap and our distributed gaming operations in Montana that were sold on July 25, 2023 and September 13, 2023, respectively.
The decrease in gaming revenues was primarily attributable to the exclusion of the results of Rocky Gap and our distributed gaming operations in Montana and Nevada from their respective dates of sale on July 25, 2023, September 13, 2023 and January 10, 2024, respectively.
Maryland Casino Resort This reportable segment was comprised of the operations of Rocky Gap sold on July 25, 2023. Refer to “ Note 1 — Nature of Business and Basis of Presentation ” and “Note 3 — Divestitures and Assets Held for Sale” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information.
Refer to “ Note 1 — Nature of Business and Basis of Presentation ” and “ Note 3 — Divestitures ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information.
Year Ended December 31, (In thousands) 2023 2022 2021 Revenues Gaming $ 674,301 $ 760,906 $ 766,307 Food and beverage 182,408 175,363 167,815 Rooms 124,649 122,324 109,802 Other 71,791 63,126 52,619 Total revenues 1,053,149 1,121,719 1,096,543 Expenses Gaming 379,929 428,984 416,197 Food and beverage 135,373 131,863 118,541 Rooms 62,297 56,414 48,632 Other operating 22,415 19,889 16,968 Selling, general and administrative 255,565 235,404 221,967 Depreciation and amortization 88,933 100,123 106,692 (Gain) loss on disposal of assets (228) 934 1,260 Gain on sale of businesses (303,179) — — Preopening expenses 760 161 246 Impairment of assets 12,072 — — Total expenses 653,937 973,772 930,503 Operating income 399,212 147,947 166,040 Non-operating expense Other non-operating income — — 60,000 Interest expense, net (65,515) (63,490) (62,853) Loss on debt extinguishment and modification (1,734) (1,590) (975) Total non-operating expense, net (67,249) (65,080) (3,828) Income before income tax provision 331,963 82,867 162,212 Income tax provision (76,207) (521) (436) Net income $ 255,756 $ 82,346 $ 161,776 Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 Revenues T he $68.6 million, or 6%, decrease in re venues for the year ended December 31, 2023 compared to the prior year resulted from an $86.6 million decrease in gaming revenues, offset by increases of $7.0 million, $2.3 million, and $8.7 million in food and beverage, rooms, and other revenues, respectively .
The following discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report for the year ended December 31, 2024. 26 Table of Contents Year Ended December 31, (In thousands) 2024 2023 2022 Revenues Gaming $ 319,267 $ 674,301 $ 760,906 Food and beverage 171,925 182,408 175,363 Rooms 119,565 124,649 122,324 Other 56,061 71,791 63,126 Total revenues 666,818 1,053,149 1,121,719 Expenses Gaming 88,171 379,929 428,984 Food and beverage 138,278 135,373 131,863 Rooms 65,079 62,297 56,414 Other operating 14,363 22,415 19,889 Selling, general and administrative 225,313 255,565 235,404 Depreciation and amortization 90,034 88,933 100,123 (Gain) loss on disposal of assets (213) (228) 934 Gain on sale of businesses (69,238) (303,179) — Preopening expenses 508 760 161 Impairment of assets 2,399 12,072 — Total expenses 554,694 653,937 973,772 Operating income 112,124 399,212 147,947 Non-operating expense Interest expense, net (34,884) (65,515) (63,490) Loss on debt extinguishment and modification (4,446) (1,734) (1,590) Total non-operating expense, net (39,330) (67,249) (65,080) Income before income tax provision 72,794 331,963 82,867 Income tax provision (22,063) (76,207) (521) Net income $ 50,731 $ 255,756 $ 82,346 Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Revenues T he $386.3 million, or 37%, decrease in re venues for the year ended December 31, 2024 compared to the prior year resulted from decreases of $355.0 million, $10.5 million, $5.1 million and $15.7 million in gaming, food and beverage, rooms, and other revenues, respectively.
Distributed Gaming Revenues decreased by $44.8 million, or 12%, and Adjusted EBITDA decreased by $9.5 million, or 22%, for the year ended December 31, 2023 compared to the prior year.
Nevada Taverns Revenues increased by $0.5 million, or 0.5%, and Adjusted EBITDA decreased by $5.5 million, or 17%, for the year ended December 31, 2024 compared to the prior year.
We believe that our estimates and assumptions are reasonable, based upon information presently available; however, actual results may differ from these estimates under different assumptions or conditions. Valuation of Goodwill and Indefinite-Lived Intangible Assets As of December 31, 2023, the value of our goodwill and indefinite-lived intangible assets was $84.3 million and $47.9 million, respectively.
We believe that our estimates and assumptions are reasonable, based upon information presently available; however, actual results may differ from these estimates under different assumptions or conditions.
The decrease in revenues was primarily attributable to the decrease in gaming revenue due to a decrease in visitation to our tavern locations during 2023 . The decrease in Adjusted EBITDA was primarily attributable to higher labor costs and cost of goods compared to the prior year.
Our Nevada Taverns experienced lower visitation during the current year, which impacted our gaming and food and beverage revenues for the year ended December 31, 2024. The decrease in Adjusted EBITDA was primarily attributable to higher labor costs and cost of goods compared to the prior year.
(2) Comprised of distributed gaming operations in Nevada and Montana. On September 13, 2023, we completed the sale of our distributed gaming operations in Montana. The sale of our distributed gaming operations in Nevada was completed after our fiscal year end on January 10, 2024.
Distributed Gaming This reportable segment was comprised of our distributed gaming operations in Montana and Nevada, which were sold on September 13, 2023 and January 10, 2024, respectively.
Cash Flows Net cash provided by operating activities was $119.2 million, $150.2 million and $295.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The $31.0 million, or 21%, decrease in operating cash flows in 2023 compared to 2022 primarily related to a decrease in operating income and the timing of working capital spending.
Cash Flows Net cash provided by operating activities was $92.3 million, $119.2 million and $150.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Selling, General and Administrative Expenses The $20.2 million, or 9%, increase in selling, general and administrative (“SG&A”) expenses for the year ended December 31, 2023 compared to the prior year was primarily attributable to $9.5 million in transaction costs related to the sales of Rocky Gap and our distributed gaming operations in Montana and Nevada during 2023 as well as fees relating to the 2023 modification of the Credit Facility (refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information).
We also paid $10.0 million in fees related to our 2023 modification of the Credit Facility as compared to $0.9 million paid on our 2024 modification. Refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information.
In addition, lower Adjusted EBITDA margins in our Distributed Gaming segment reflected the fixed and variable amounts paid to third parties under our space lease and participation agreements as expenses. 30 Year Ended December 31, 2022 Compared to Year Ended December 31, 2021 For a discussion of our results of operations for the year ended December 31, 2022 compared to the year ended December 31, 2021, see “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2022.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 For a discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022, see “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023. 31 Table of Contents Liquidity and Capital Resources As of December 31, 2024, we had $57.7 million in cash and cash equivalents.
Loss on disposal of assets in the amount of $0.9 million for the year ended December 31, 2022 was primarily related to sales of used gaming equipment by our Nevada Taverns segment and disposals of property and equipment by our casino properties located in Nevada.
Gain or Loss on Disposal of Assets Gain on disposal of assets in the amount of $0.2 million for the year ended December 31, 2024 was primarily driven by disposal of certain assets in our Nevada Locals Casinos segment.
Non-Operating Expense, Net Non-operating expense, net increased b y $2.2 million, or 3%, for the year ended December 31, 2023 compared to the prior year primarily due to a $2.0 million, or 3%, increase in interest expense as a result of higher interest rates experienced in 2023.
Non-Operating Expense, Net Non-operating expense, net decreased b y $27.9 million, or 42%, for the year ended December 31, 2024 compared to the prior year primarily due to a $30.6 million, or 47%, decrease in interest expense as a result of the reduction in the principal amount of 28 Table of Contents debt outstanding compared to the prior year and higher interest income generated during 2024.
Overview We own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on casino and branded tavern operations. As of December 31, 2023, we conducted our business through four reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming.
Results of Operations As of December 31, 2024, we conducted our business through three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos and Nevada Taverns.
Prior to its sale, the operations of Rocky Gap were presented in our Maryland Casino Resort reportable segment. Refer to the discussion in “ Note 3 — Divestitures and Assets Held for Sale ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for further information.
Long-Term Debt Refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for discussion of our debt instruments.
The increase in rooms revenue was primarily attributable to a higher hotel occupancy at higher average daily rates, which resulted in an increase in food and beverage revenues during 2023. The decrease in Adjusted EBITDA compared to the prior year was primarily attributable to higher labor costs and cost of goods.
The decrease in Adjusted EBITDA compared to the prior year was attributable to higher labor costs incurred at The STRAT during 2024 and the reduction in revenues compared to the prior year.
On January 10, 2024, we completed the sale of our distributed gaming operations in Nevada for cash consideration of $213.5 million plus working capital and other adjustments and purchased cash at closing.
Gain on Sale of Businesses The $69.2 million gain on sale of businesses for the year ended December 31, 2024 related to the sale of our distributed gaming operations in Nevada on January 10, 2024 as offset by working capital and other adjustments recognized during the period.
Our Nevada Taverns segment is comprised of the operations of our branded taverns located primarily in the greater Las Vegas, Nevada metropolitan area, targeting local patrons seeking more convenient entertainment establishments than traditional casino properties.
Overview We own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on casino and branded tavern operations. Our portfolio includes eight casino properties located in Nevada and 72 branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area.
The fair value of our trade names is estimated using the income approach to valuation at each of our reporting units.
We performed a quantitative assessment to determine fair value estimates of our indefinite lived trade names at each of our reporting units using the relief from royalty method under the income approach to compare to the corresponding carrying value of the trade names.
As discussed in “Note 4 — Property and Equipment” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report, the results of the assessment conducted for the year ended December 31, 2023 indicated a $12.1 million impairment of the long-lived assets of Colorado Belle.
The suspension of Colorado Belle’s operations qualified as an indicator of impairment related to the long-lived assets at Colorado Belle. Based on the results of the impairment assessment conducted in 2023, we recorded a $12.1 million impairment of the long-lived assets of Colorado Belle for the year ended December 31, 2023.
The decrease in revenues was driven by a $1.6 million decrease in gaming revenue, offset by a $1.1 million increase in food and beverage revenues, $0.2 million increase in rooms and $0.2 million other revenues during 2023 .
The decrease in revenues was driven by decreases of $4.9 million, $3.7 million and $5.3 million in gaming, food and beverage, and other revenues, respectively.
The decrease in operating expenses was primarily attributable to the exclusion of more than a full quarter of results for Rocky Gap and our distributed gaming operations in Montana that were sold on July 25, 2023 and September 13, 2023, respectively.
The decrease in gaming operating expenses was primarily attributable to the exclusion of the results of Rocky Gap and our distributed gaming operations in Montana and Nevada following their respective dates of sale. The decrease in other operating expenses was primarily driven by a decrease in costs related to entertainment at our Laughlin Event Center.
Impairment of Assets As discussed elsewhere in this Annual Report, during the year ended December 31, 2023, we voluntarily surrendered our gaming license for Colorado Belle and decided to continue to keep the operations of the property suspended.
R efer to “ Note 5 — Goodwill and Intangible Assets ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information. The operations of Colorado Belle have remained suspended since March 2020 and we voluntarily surrendered our gaming license for the property on June 30, 2023.
Our operating results and performance depend significantly on national, regional and local economic conditions and their effect on consumer spending. Declines in consumer spending would cause revenues generated by our operations to be adversely affected.
Refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report for additional information. Our operating results and performance depend significantly on national, regional and local economic conditions and their effect on consumer spending.
The increase in food and beverage revenues for the year ended December 31, 2023 compared to the prior year was primarily related to the addition of new food and beverage outlets, revised menus and increased revenue per cover combined with the higher cover count.
The increase in food and beverage operating expenses was primarily attributable to the addition of three branded taverns since December 31, 2023.
Removed
Our Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities.
Added
On April 22, 2024, we acquired the operations of GAP, comprised of two tavern locations in Nevada, for cash consideration of $7.3 million. The acquired Lucky’s and GAP taverns have been included in our Nevada Taverns reportable segment from the date of acquisition.
Removed
Our Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius of our properties, and typically have no or a limited number of hotel rooms and offer fewer food and beverage outlets or other amenities, with revenues primarily generated from slot machine play.
Added
The decrease in food and beverage revenues was primarily driven by the exclusion of the results of Rocky Gap and a strategic decision to reduce the number of entertainment offerings at our Laughlin Event Center, which resulted in decreased visitation at our Laughlin properties for the year ended December 31, 2024.
Removed
As of December 31, 2023, our Distributed Gaming segment was comprised of the operation of slot machines and amusement devices in 640 third-party non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada, with a limited number of slot machines in each location.
Added
Rooms operating expenses increased due to the higher labor costs incurred at The STRAT during the year ended December 31, 2024 compared to the prior year. 27 Table of Contents Selling, General and Administrative Expenses The $30.3 million, or 12%, decrease in selling, general and administrative (“SG&A”) expenses for the year ended December 31, 2024 compared to the prior year was primarily attributable to the exclusion of the results of Rocky Gap and our distributed gaming operations in Montana and Nevada following their respective dates of sale.
Removed
Rocky Gap Sale On July 25, 2023, we completed the sale of Rocky Gap to Century and VICI, an affiliate of VICI Properties Inc., for aggregate cash consideration of $260.0 million.
Added
This decrease was partially offset by an increase in costs related to insurance and related reserves, rent, legal, property taxes and payroll and related expenses.
Removed
Specifically, Century acquired the operations of Rocky Gap from us for $56.1 million in cash (subject to adjustment based on Rocky Gap’s working capital and cage cash at closing), and VICI acquired the real estate assets relating to Rocky Gap from us for $203.9 million in cash.
Added
In addit ion, we incurred $9.5 million in transaction costs related to the sales of Rocky Gap and our distributed gaming operations in Montana and Nevada for the year ended December 31, 2023 as compared to $2.3 million incurred for the year ended December 31, 2024.
Removed
Distributed Gaming Operations Sale On March 3, 2023, we entered into definitive agreements to sell our distributed gaming operations in Nevada and Montana to an affiliate of J&J Gaming for aggregate consideration of $322.5 million.
Added
Depreciation and Amortization The increase in depreciation and amortization expenses of $1.1 million, or 1%, for the year ended December 31, 2024 compared to the prior year was primarily related to the addition of four Lucky’s locations in November 2023 and three GAP taverns in 2024 (acquisition of two GAP taverns in April 2024 and construction of another GAP tavern that opened in August 2024) and depreciation of new assets placed in service upon completion of the room remodels at The STRAT.
Removed
On September 13, 2023, we completed the sale of our distributed gaming operations in Montana for cash consideration of $109.0 million plus working capital and other adjustments and purchased cash at closing.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

4 edited+0 added−1 removed1 unchanged
Biggest changeAssuming the outstanding balance under our Credit Facility remained constant over a year, a 50 basis point increase in the applicable interest rate would increase interest incurred, prior to effects of capitalized interest, by $2.0 million over a twelve-month period.
Biggest changeAssuming the outstanding balance under our Credit Facility remained constant over a year, a 50 basis point increase in the applicable interest rate would increase interest incurred, prior to the effects of capitalized interest, by $2.1 million over a twelve-month period. 35 Table of Contents
As of December 31, 2023, our variable rate long-term debt primarily comprised our indebtedness under the Credit Facility (refer to “Note 7 — Long-Term Debt” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report).
As of December 31, 2024, our variable rate long-term debt primarily comprised our indebtedness under the Credit Facility (refer to “ Note 7 — Long-Term Debt ” in Part II, Item 8: Financial Statements and Supplemental Data of this Annual Report).
As of December 31, 2023, we had $398 million in principal amount of outstanding Term Loan B-1 borrowings under the Credit Facility with no outstanding borrowings under our $240 million Revolving Credit Facility. Our primary interest rate under the Credit Facility is the SOFR rate plus an applicable margin.
As of December 31, 2024, we had $394 million in principal amount of outstanding Term Loan B-1 borrowings under the Credit Facility and $20 million in outstanding borrowings under our $240 million Revolving Credit Facility. Our primary interest rate under the Credit Facility is the SOFR rate plus an applicable margin.
The weighted-average effective interest rate on our outstanding borrowings under the Credit Facility was approximately 7.92% for the year ended December 31, 2023.
The weighted-average effective interest rate on our outstanding borrowings under the Credit Facility was 7.64% for the year ended December 31, 2024.
Removed
As of December 31, 2023, our investment portfolio included $197.6 million in cash and cash equivalents, which included $40.1 million of cash and cash equivalents related to assets held for sale. 34

Other GDEN 10-K year-over-year comparisons