Golden Entertainment, Inc. (NASDAQ: GDEN), has released its financial results for the second quarter, ending on 30 June 2024.

? Revenue: The Company reported a revenue of $167.3 million.

? Net Income: The net income stood at $0.6 million.

? Adjusted EBITDA: The Adjusted EBITDA was $41.2 million.

The Company reported revenues of $167.3 million and Adjusted EBITDA of $41.2 million for the second quarter of 2024. This is compared to revenues of $286.7 million and Adjusted EBITDA of $58.4 million for the second quarter of 2023. The decline in revenues and Adjusted EBITDA over the prior year period were primarily related to the exclusion of the results for the Company’s Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada that were sold on 25 July, 2023, 13 September 2023, and 10 January, 2024, respectively. Net income for the second quarter of 2024 was $0.6 million, or $0.02 per fully diluted share, as compared to $12.3 million, or $0.40 per fully diluted share, for the second quarter of 2023.

Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, stated that the Company continued to strengthen its balance sheet in the second quarter. This was achieved by fully repaying outstanding bonds in April and reducing the interest rate on the term loan in May. The Company also returned capital to shareholders through recurring dividends and repurchased nearly one million shares.

Liquidity and debt repayment

As of 30 June 2024 the Company’s total principal amount of debt outstanding was $400.7 million, consisting primarily of $396.0 million in outstanding term loan borrowings. The Company had cash and cash equivalents of $88.6 million. There continues to be no outstanding borrowings under the Company’s $240 million revolving credit facility.

On 15 April, 2024, the Company redeemed and repaid in full all of its senior unsecured notes, amounting to $287.0 million. This included $276.5 million in principal and $10.5 million in accrued and unpaid interest. On 29 May 2024, the Company repriced its $396 million term loan, reducing the annual interest rate on the term loan by 60 basis points.

On 6 August, 2024, the Company’s Board of Directors authorized the third recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock. This dividend will be payable on 2 October, 2024, to shareholders of record as of 17 September, 2024.

The Company paid its first and second quarterly cash dividends, amounting to $7.2 million and $7.1 million, on 4 April 2024, and 2 July, 2024, respectively. Additionally, the Company repurchased 989,117 shares of its common stock during the quarter at an average price of $29.85 per share, totalling $29.5 million. As of 30 June, 2024, the Company had $61.4 million of availability remaining under its share repurchase authorization.

As of 30 June 2024 the Company’s total principal amount of debt outstanding was $400.7 million, consisting primarily of $396.0 million in outstanding term loan borrowings. The Company had cash and cash equivalents of $88.6 million. There continues to be no outstanding borrowings under the Company’s $240 million revolving credit facility.

Golden Entertainment, Inc. (GDEN) listed on Nasdaq is currently trading at $28.67, reflecting an increase of $0.55 or 1.96 percent as of August 11, 2024. The trading volume for the day was 241,978 shares, with a 52-week range of $27.54 to $42.14.

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“A Hundred to One: 100 Convictions, 1 Million Euro, The Devastating Story of a Compulsive Gambler” is a raw and unfiltered account of Pat Sheedy’s life. He began writing this book while serving a three-year sentence in Portlaoise Prison for fraud. In the memoir, Sheedy reflects on his past and he attempts to shed light on society’s misunderstanding of addiction.

Pat Sheedy, from Limerick in Ireland,, was brutally honest about into his lifelong struggle with self-esteem and addiction. Born and raised in Moyross, Sheedy was often the target of bullying due to his physical appearance. His early experiences of feeling out of place, particularly at a prestigious school he attended, laid the groundwork for his future struggles.

Sheedy’s memoir is not just about his battle with gambling; it’s a story of a man’s desperate quest for acceptance and popularity. Despite not being conventionally attractive, Sheedy possessed an outgoing personality and a knack for storytelling. His journey into the world of gambling began at the very young age of 14 when he won an accumulator bet, an event that catapulted him into a life of deception and criminality.

With recent reports indicating that one in 30 Irish adults struggles with gambling, Sheedy’s candid narrative provides a human perspective to these alarming statistics. He dismisses the idea that individuals like him lack intelligence. Instead, he argues that intelligence, coupled with the ability to deceive and manipulate, is a common trait among gamblers.

Sheedy’s life has been marked by a series of fraudulent activities, from forging cheques and stealing ATM cards to cooking the books at a housing project. His actions eventually led to his first suspended jail sentence at the age of 21, with a detective labelling him a “real menace to society.”

However, Sheedy’s life took a turn when he managed to overcome his addiction for over a decade. He leveraged his communication skills to carve out a successful career in marketing with a Dublin magazine. He enjoyed the perks of his newfound social status, driving a BMW and frequently traveling abroad for rugby internationals.

Unfortunately, Sheedy succumbed to his addiction once more, lured back into the world of gambling that had evolved significantly with emerging technologies. His fraudulent activities became more sophisticated, leading to a series of criminal escapades.

Despite the grim nature of his story, Sheedy’s memoir is filled with valuable insights from his numerous Gamblers Anonymous meetings. He shares his experiences and learnings, such as the striking similarity between the dopamine hits from winning and losing bets.

While Sheedy’s narrative occasionally veers off into personal anecdotes about failed relationships and the death of his father, the central theme remains his struggle with addiction. It would be interesting to hear Sheedy’s views on Ireland’s upcoming Gambling Regulation Bill.

Sheedy’s story concludes on a hopeful note. With the support of a counsellor, he won the Writing in Prison Award at Listowel Writers’ Week for his short stories two years in a row, receiving a standing ovation led by actor Stephen Rea. He has since lost significant weight, earned an Open University degree, and begun working with organizations that assist ex-convicts.

Sheedy hopes his memoir will inspire other addicts to reflect on their behaviour.

(Featured photo: Author Pat Sheedy on the right with Michael D Higgins, President of the Republic of Ireland)

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Australia's former political leaders John Howard (photo above left), and Malcolm Turnbull (photo above right), have joined forces with other prominent Australians in a call for a ban on gambling ads. The Australian government finds itself at the centre of a storm, tasked with the monumental responsibility of resolving the online gambling advertising conundrum. The critical decision that lies ahead - to enforce a ban or permit the persistence of online gambling advertisements - is one that will indelibly shape the trajectory of online gambling in the nation. The gravity of this decision cannot be understated.

The Alliance for Gambling Reform (AGR), backed by these influential figures, has issued an open letter demanding that the government and opposition commit to implementing all 31 recommendations from the Murphy report. This report, chaired by the late Labor MP Peta Murphy, advocates for a phased three-year ban on all forms of online gambling advertising.

The AGR warns of the escalating social harm caused by Australia’s “gambling addiction”, including financial loss, health and mental health issues, partner violence, family break up, and suicide. The letter highlights the insidious tactics of gambling companies, which are allegedly grooming children as young as 14 through social media.

The inundation of gambling ads, particularly during major sporting events, is seen as a significant factor in ensnaring a new generation of gamblers. AGR’s chief advocate, Tim Costello, has vowed to intensify pressure on the government as the election approaches.

Despite the government’s fear of backlash from gambling companies and media organisations profiting from their advertising, the AGR remains steadfast in its mission. The alliance believes that a total ban on all gambling advertising is essential to protect children and prevent the devastating consequences of gambling addiction.

The opposition leader, Peter Dutton, has acknowledged the concerns of gambling companies and is awaiting the government’s proposal. Meanwhile, Communications Minister Michelle Rowland has affirmed the government’s commitment to minimising harms from online wagering.

As Australians lose $25 billion a year to gambling, the real cost of inaction is becoming increasingly apparent. The question remains whether the government will heed the call for a total ban on online gambling advertising, or will it succumb to the vested interests of the gambling industry?

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MGM Resorts International's ambitious plan to open Japan's first regulated casino resort in Osaka by 2030 may face another setback. According to reports from Japanese media, the Bureau International des Expositions (BIE), which oversees Expo 2025, has requested a six-month pause in construction on MGM’s integrated resort (IR) during the event.   

The Expo is set to take place on Yumeshima Island in Osaka Bay from April to October 2025, and officials fear that ongoing construction could disrupt the aesthetics and operations of the World Fair.  

This potential pause in construction adds to a series of delays and challenges that have plagued the Osaka IR project. Originally, MGM hoped to complete the resort in time for Expo 2025, positioning it to capitalise on the influx of tourists expected during the event. However, the COVID-19 pandemic and subsequent bureaucratic hurdles have pushed the opening date to 2030. A six-month halt in construction could delay the project even further, possibly extending the timeline into 2031.  

Such delays could significantly impact the project's financial outlook. The resort, which already carries a hefty price tag of $9.1 billion, (€8.3 billion) may see further cost increases due to the prolonged construction timeline. MGM’s CEO, Bill Hornbuckle, recently expressed optimism about the project during a Q2 earnings call, stating that construction was "moving along nicely." However, his comments were made before the BIE requested a construction pause, which could alter the projected timeline and financial expectations.  

The delay in Osaka could also have broader regional implications. Thailand, which is actively advancing its own gaming regulations, aims to establish a competing integrated resort before MGM’s Osaka project is completed. If MGM's opening is pushed back due to the construction pause, Thailand could launch its casino operations first, gaining early momentum in the regional market.  

The Osaka IR project, which represents Japan’s first foray into legalised casino gaming, has been seen as a significant opportunity for MGM Resorts International. Despite the challenges, the company remains committed to the project. However, as construction timelines and costs continue to fluctuate, the road to opening day in Osaka remains uncertain.  

Local media also reported that Osaka’s governor, Hirofumi Yoshimura, and Mayor Hideyuki Yokoyama are expected to meet with MGM officials soon to discuss the implications of the BIE's request. This meeting will be crucial in determining the future of the Osaka IR project and its timeline. The outcome of these discussions will likely influence whether MGM can maintain its target opening date of 2030 or if further delays will push the project into the following decade.??