Golden Leisure’s 1Q earnings boosted by file adjusted money movement

Golden Entertainment Inc. executives believe the Strat Resort is in a good location.

With the new Circa and downtown arts districts that can direct traffic south and the upcoming Resorts World Las Vegas and new convention center amenities at the Las Vegas Convention Center that can direct traffic north, the Strat Positioned to catch two waves of companies that appear to have made great strides in the first quarter.

Golden reported a 15.7 percent increase in revenue for the quarter ended March 31, to hit the highest adjusted cash flow numbers in the company’s history.

“Our operating results for the first quarter reflect significantly improved sales, net income and quarterly adjusted cash flow,” said Blake Sartini, chairman and CEO of Golden. “These results highlight the strong demand for our properties coupled with a significant improvement in margins due to the adjustments we have made to our operations.”

Sartini said the company generated more than $ 40 million in its casino and distributed gaming segments during the quarter – the slot route it operates with its PT’s pub taverns and a Montana route.

“As the year progresses, we expect our free cash flow to allow us to reduce leverage and return capital to shareholders while providing additional financial flexibility to pursue potential strategic growth initiatives,” said Sartini.

Golden reported net income of $ 10.6 million, 35 cents per share, on revenue of $ 239.7 million for the quarter. A year ago, the company reported a net loss of $ 32.6 million ($ 1.17) on revenue of $ 207.2 million.

On a conference call with investors, Charles Protell, President and Chief Financial Officer of Golden, said the company is now focused on easing the burden on the company’s balance sheet and finding the best way to return capital to shareholders. Protell said the company is well positioned to capitalize on the return of conventions and trade shows. While the Strat doesn’t have the facilities to host large shows, it can host events related to its amenities.

A number of concerts and special events scheduled for the coming months should be beneficial to Goldens Showcase Resort. In April, Sartini said the Strat sold out its eligible hotel rooms every weekend.

Golden is also well positioned to generate income from its Laughlin activities.

Brad Goldberg, Golden’s senior vice president of marketing, said a series of concerts at the Laughlin Event Center should fill spaces in Golden’s Aquarius and Edgewater properties. Live music is planned for the summer calendar with America, Darci Lynne, the Little River Band, Lynyrd Skynyrd, Miranda Lambert and Toby Keith throughout the summer.

Golden Entertainment stock, traded on the Nasdaq exchange, closed Thursday at 50 cents per share, 1.4 percent, to $ 35.75 per share, with trading roughly twice the daily average volume.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. consequences @ RickVelotta on twitter.

Rental cash permitted, state well being dept. finances place to begin boosted | 406 Politics

At the beginning of the meeting, the committee set this level of expenditure based on the 2019 financial year. This represented a cut of roughly one-third of the agency’s budget of more than $ 3 billion, which includes state and federal US dollars, as well as specialty revenue streams.

Prior to that January vote, the chair of the committee, Rep. Matt Regier, R-Kalispell argued that cutting the starting level would mean the department would have to tell the committee which programs should work and be funded. This added transparency to the process.

While reversing the budget starting point on Thursday, Regier said that adopting the originally proposed funding level based on the base budget in fiscal year 2021 would make it easier for employees to manage the state budget accounting system. Other budget sub-committees for other areas of state government have also used the basic budget for 2021.

“This in no way prevents you from looking back at 19 and having a discussion,” said Regier.

MEP Mary Caferro, a Helena Democrat, said her party did not support the previous vote in an attempt to lower the starting point.

“We hit our colleagues on the committee very hard in public,” said Caferro. “… It seemed important to let the public know what they might have to do with the cut.”

Regier said the process still allows him “to learn more about the history of the department and its expenses” year after year.