Golden Entertainment (NASDAQ: GDEN) is joining the growing list of gambling casino operators paying dividends, albeit inward what appears to be temporary fashion.
In conjunctive with the give up of its second-quarter earnings, the Strat operator said its table of directors sanctioned a special dividend of $2 per share. Golden currently doesn’t make up a quarterly dividend and didn’t refer related to plans inward a press out release.
The one-time cash dividend is payable on Aug 25, 2023 to stockholders of record book as of Aug 11, 2023,” according to a statement issued by the Las Vegas-based company.
The special dividend will be the first off paid by the Arizona Charlie’s operator since June 2016 and just the back inwards the firm’s to a greater extent than 24 years as a publically traded company, according to Yahoo Finance data. Furthering its consignment to shareholder rewards, Golden also announced it is adding $100 gazillion to an existing portion buyback program.
Golden Has Resources for Shareholder Rewards
At the stop of the indorsement quarter, Golden had $166 billion inward immediate payment on helping hand and undischarged liabilities of $916 million.
With its $260 meg sale of the Rocky Gap Casino Resort inwards Flintstone, Md., proclaimed endure Aug wrapping upwards earlier this month, the operator directed $175 million inward proceeds to reducing that debt burden. Golden added that as of today, it’s debt tote up stands come out $735 meg with “$400 trillion inward prominent borrowings under the new term loan and $335 million of senior unsecured notes.”
The fellowship has get at to all of a $240 jillion revolving credit entry facility, should it need that capital. Further supporting the firm’s efforts to pare debt and boost shareholder rewards, Golden announced the $361.5 trillion sales agreement of its distributed gaming operations before this year.
Privately held J&J Ventures Gaming is acquiring the businesses from Golden and testament go in into a five-year concord with the casino operator to “support the gaming operations of Golden’s branded tap house locations in Nevada.” Those include PT’s Pubs, which are ubiquitous throughout the Las Vegas Valley. That dealing is expected to close by the terminal of this year.
Golden Entertainment Q2 Earnings Review
In the June quarter, Golden earned 40 cents a apportion on revenue of $286.7 million. Analysts expected earnings per portion of 50 cents on sales of $282.34 million. The earnings misfire was likely attributable to renovations at the Strat, which took some of the venue’s room furnish turned the market. However, analysts look at that as a “near-term pain, long-term gain” proposition for the venue.
Additionally, thither were signs of vibrancy inward the Las Vegas locals market. For Golden, that includes a geminate of AZ Charlie’s casinos and a slew of PT’s Pubs strewn crosswise the Las Vegas Valley.
With the sales event of Rocky Gap, Golden is at present a Nevada-only operator and that may attend to heighten its investiture thesis. The company runs ogdoad gaming venues inwards Laughlin, Las Vegas and Pahrump.
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