Summary of Golden Entertainment, Inc.

Business operations:

• Golden Entertainment, Inc. is a diversified entertainment platform primarily focused on gaming, hospitality, and entertainment assets.
• The company owns and operates a portfolio of gaming assets that include:
  • Eight casino properties located in Nevada
  • 72 branded tavern locations mainly in the greater Las Vegas, Nevada area

Segment structure:

Golden operates through three reportable segments:

1. Nevada Casino Resorts

   • Destination casino resorts offering gaming, food and beverage, entertainment, and lodging.
   • caters to regional drive-in customers, predominantly from Southern California and Arizona.
   • Properties include The STRAT Hotel, Casino & Tower in Las Vegas, Aquarius Casino Resort in Laughlin, and Edgewater Casino Resort in Laughlin.
   • Hotel beds are significant at these properties, with longer stays but lower frequent visitation.

2. Nevada Locals Casinos

   • Casinos targeting local residents within a five-mile radius.
   • Higher customer visit frequency (often weekly).
   • Limited or no hotel rooms, focus on slot machine play and gaming revenue.
   • Properties include Arizona Charlie’s Boulder, Arizona Charlie’s Decatur, Gold Town Casino, Lakeside Casino & RV Park, and Pahrump Nugget Hotel Casino.

3. Nevada Taverns

   • 72 taverns offering upscale, casual environments with superior food and craft beverages.
   • Limited to approximately 15 slot machines per location.
   • Slot machines are owned and operated by third-party buyers following asset sales, with the company receiving a percentage of gaming revenue.

Recent Asset Transactions:

• Sold Rocky Gap Casino Resort in Maryland in July 2023.
• Distributed gaming operations in Montana in September 2023.
• Distributed gaming operations in Nevada in January 2024.
• Acquired four tavern locations under Lucky’s Lounge & Restaurant in Nevada and two taverns under Great American Pub in Nevada in 2023 and 2024.

Revenue:

• 2024 Total Revenue: $666.8 million
  • Gaming: $319.3 million
  • Food & Beverage: $171.9 million
  • Rooms: $119.6 million
  • Other: $56.1 million

Income:

• 2024 Net Income: $50.7 million
• The revenue decrease from 2023 ($1.05 billion) to 2024 is largely due to the sale of gaming properties in 2023 and 2024.

Customers and Employees:

• The company’s customer base includes regional and local casino patrons, as well as tavern visitors.
• As of December 31, 2024:
  • Employees: Approximately 5,300 employees
  • Outstanding shares of common stock: 26,511,007 as of February 17, 2025

Additional Financial Details:

• The company’s revenue is generated through gaming operations, hotel stays, food and beverage sales, and leasing space in its properties.
• The company manages various lease, purchase, and licensing agreements with third parties, including gaming licenses and equipment leases.
• The company also operates a share repurchase program and pays regular dividends to shareholders.

Note: Data is based on the 2024 financial statements and recent disclosures, with no future projections included.