Slides
Page 1
GOLDEN ENTERTAINMENT INVESTOR PRESENTATION AUGUST 2025
Page 2
2 Forward-Looking Statements This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates. In addition, forward-looking statements include statements regarding our strategies, objectives, business opportunities and plans; anticipated future growth and trends in our business or key markets and business outlook; return of capital to shareholders (including through the payment of recurring quarterly cash dividends or repurchase of shares of our common stock); projections of future financial condition, operating results, income, capital expenditures, costs or other financial items; anticipated regulatory and legislative changes; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause our actual results to differ materially include: changes in national, regional and local economic and market conditions; legislative and regulatory matters; increases in gaming taxes and fees in the jurisdictions in which we operate; litigation; increased competition; reliance on key personnel; our ability to comply with covenants in our debt instruments; terrorist incidents; natural disasters; severe weather conditions (including weather or road conditions that limit access to our properties); the effects of environmental and structural building conditions; the effects of disruptions to our information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other factors identified under the heading “Risk Factors” in our Annual Report or appearing elsewhere in this report and in our other filings with the SEC. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the filing date of this report. We undertake no obligation to revise or update any forward- looking statements for any reason. Non-GAAP Financial Measures 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. 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. 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. We define “Adjusted EBITDA” as earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, system implementation costs, impairment of assets, interest, income taxes, and other non-cash charges and non-recurring expenses that are deemed to be not indicative of our core operating results. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of reportable segment revenue.
Page 3
3 Investment Highlights Focused casino and branded tavern operations in Nevada 1 Well-positioned to capitalize on Nevada’s long-term demand drivers 2 Strong free cash flow generation 3 Low leverage and owned real estate maximizes flexibility 4 Experienced management team aligned with shareholders 5
Page 4
Note: Figures as of June 30, 2025. Slots & Tables are ending units. Nevada Focused Gaming Platform 4 ~1,100 SLOTS 72 LOCATIONS NEVADA TAVERNS 8 TOTAL ~4,400 SLOTS ~6,000 ROOMS NEVADA CASINOS Location Slots Tables Rooms Excess Acres The STRAT Arizona Charlie’s Decatur Arizona Charlie’s Boulder Las Vegas 39 9 - 2,429 259 303 776 699 592 Aquarius Edgewater Colorado Belle (closed) Laughlin 1,905 1,037 - 1,007 646 - 29 13 - Pahrump Nugget Gold Town Lakeside Pahrump 9 - - 69 - - 342 140 166 NV Taverns (72 locations)Nevada - -1,138 - 9 10 - 2 - 22 20 - - Total 99 6,0025,506 63
Page 5
5 Nevada-Focused Operations Note: LTM 6/30/25 figures exclude corporate segment. Property Revenue Property EBITDA LTM 6/30/25 Operations by Segment
Page 6
6 Owned Real Estate with Excess Land Drive from Las Vegas Pahrump: ~60 Miles • ~60 Mins Laughlin: ~100 Miles • ~90 Mins Pahrump Laughlin Las Vegas 10 excess acres 9 excess acres 22 excess acres 20 excess acres 2 excess acres 2 excess acres Existing Properties / Venues Strip Development Palace Station Sahara Fontainebleau WestgateCircus Circus Resorts World Treasure Island Hard Rock Las Vegas Caesars Palace Palms RioGold Coast Bellagio Cosmopolitan Aria/City Center Park MGM New York New York T-Mobile ArenaThe Orleans Excalibur Luxor Mandalay Bay Allegiant Stadium Encore Las Vegas Convention Center Wynn Palazzo Venetian MSG Sphere Harrah’s Cromwell Flamingo The LINQ The Horseshoe Paris Planet Hollywood MGM Grand A’s Ballpark Site Virgin OYO Hotel
Page 7
Nevada is a Growing, Attractive Gaming Market 7 Clark County population growing 3.8x faster than total US(1) Las Vegas visitation still not at pre-pandemic levels(2) NV has the two largest gaming markets in the country(3) Las Vegas median home price increased 53% in six years(4) 2,410 2,443 2,493 2,537 2,578 2024 2025 2026 2027 2028 (# in thousands) Source: Bureau of Labor Statistics, Nevada Gaming Control Board and other state gaming regulatory sites, LVCVA, UNLV CBER, US C ensus and Zillow. (1) Clark County population 2024 - 2028 CAGR of 1.7% vs. total US population CAGR of 0.4% over the same period. (2) Reflects Las Vegas annual visitor volume from LVCVA. (3) Represents Nevada state and top 6 US commercial casino markets by GGR; NV Locals defined as total Clark County exclud ing Las Vegas Strip, Downtown and Mesquite. (4) Reflects year-end median home price in Las Vegas per Zillow. ($ in thousands) 42.5 19.0 32.2 38.8 40.8 41.7 2019 2020 2021 2022 2023 2024 (# in millions) $8.8 $3.6 $2.8 $2.2 $2.0 $1.6 $1.3 $15.6 (2024 GGR, $ in billions) NV Total LV Strip NV Locals Atlantic City Chicago- land Baltimore / D.C. MS Gulf Coast Philadelphia $281 $287 $304 $374 $411 $407 $430 2018 2019 2020 2021 2022 2023 2024
Page 8
(1) Reflects 8/6/25 closing share price of $26.90 and 27.4 million fully diluted shares. 8 Significant Implied Real Estate Value Illustrative sale leaseback transaction highlights potential value of owned real estate Illustrative PropCo Multiple 12.5x 13.5x 14.5x (x) Assumed Rent $85 $85 $85 Gross Sale Leaseback Proceeds (Excludes tax and excess real estate) $1,063 $1,148 $1,233 – Compare to – GDEN Diluted Market Capitalization(1) $736 $736 $736 (+) Net Debt $385 $385 $385 GDEN Total Enterprise Value $1,121 $1,121 $1,121 Implied Value of Real Estate in Excess of GDEN Total Enterprise Value ($58) $27 $112 Low Medium High Golden’s real estate holds an implied value that could exceed its total enterprise value ($ in millions)
Page 9
9 PT’s Taverns - Hyper Local Gaming We are the largest operator of branded taverns in Nevada with 72 locations Nevada Taverns Brands
Page 10
True Rewards combines loyalty points earned at our casino properties and tavern locations under a single card 10 Unified Loyalty Program • Golden's loyalty program, True Rewards, includes over six million players • Links rewards across the entire portfolio, including our casino properties and branded taverns • Creates cross-marketing opportunities between our casinos, branded taverns and entertainment offerings
Page 11
5.7x 2.6x 2019 LTM 6/30/25 $1,054 $385 2019 6/30/2025 Balance Sheet Strength Allows for Shareholder Returns • Opportunistic divestitures of non-core assets further focus the business and redirect capital towards deleveraging and shareholder returns • Repaid over $750 million of debt since 2021 through free cash flow and non-core asset sales • $216 million of capital returned to shareholders since completion of Rocky Gap sale in July 2023 Golden has reduced leverage post pandemic and increased capital returns to shareholders 11 Net leverageNet debt ($ in millions) ($669) Shareholder returns ($ in millions) Share repurchases Dividends paid(3.1x) $58 $21 $13 $92 $9 $92 $22 $123 $67 $113 $36 $216 2023 2024 YTD 2025 Total
Page 12
12 Capital Structure Capitalization as of 6/30/25 Funded Debt Maturities $40m Revolver $392m Term Loan 2.6x net leverage Target net leverage of 3.0x or less $392 million 1st lien term loan S + 225 bps $240 million revolver $40 million drawn at S + 260 bps $200 million of remaining availability Cash balance of $52 million No near-term maturities No financial covenants 2025 2026 2027 2028 2029 2030
Page 13
PROPERTY OVERVIEWS
Page 14
• Built in 1996, The STRAT sits on ~34 acres at the north end of the Las Vegas Strip (including ~9 acres of excess land) • The STRAT Tower is one of the most recognized landmarks in Las Vegas and the tallest building west of the Mississippi River at 1,149 ft • Features 2,429 hotel rooms, 776 slots and 39 table games • Amenities include: 10 restaurants including the Top of the World revolving restaurant, 4 bars, 1 amusement ride and the Sky Jump – a ~850 ft controlled descent from the top of the tower • New ~100k sq ft Atomic Golf featuring 100+ hitting bays and 6 bars opened in March 2024 14 The STRAT Hotel, Casino & Tower
Page 15
15 Laughlin Casino Resorts • Located on ~16 acres along the Colorado River • Features 1,037 hotel rooms, 646 slot machines, and 13 table games • Amenities include: a heated outdoor swimming pool & spa, 5 restaurants, 3 bars, retail stores, a comedy club, an entertainment pavilion, an arcade, a race and sportsbook, a bingo parlor and over 35,000 sq. ft. of meeting space • Dedicated concert and entertainment venues include: 11,500 seat outdoor Laughlin Event Center and 2,100 seat indoor Edge Pavilion • Currently closed • Located on ~22 acres along the Colorado River • Held for future non-gaming development opportunities • Located on ~18 acres along the Colorado River • Features 1,905 hotel rooms (market leader), 1,007 slot machines, and 29 table games • Amenities include: a heated pool with two spas located adjacent to the Colorado River, a lighted tennis court, an award-winning wedding chapel, 7 restaurants, 3 bars, a race and sportsbook and over 30,000 sq. ft. of meeting space • Includes ~2 acres of excess land for potential development
Page 16
16 Arizona Charlie’s Casinos • Located on ~17 acres in the heavily populated area of west Las Vegas • Features 259 hotel rooms, 699 slot machines and 9 table games • Amenities include: bingo parlor, race and sportsbook, 4 restaurants, 2 bars and entertainment lounge • Includes ~10 acres of excess land available for potential development • Located on ~24 acres in the eastern metropolitan area of Las Vegas • Features 303 hotel rooms and 592 slot machines • 221 RV site offering, laundry facilities, game and exercise rooms, a swimming pool, a whirlpool and shower facilities • Amenities include: bingo parlor, race and sportsbook, 3 restaurants, 2 bars and entertainment lounge
Page 17
17 Pahrump Casinos • Located on ~40 acres on Highway 160 in Pahrump, NV • Features 69 hotel rooms, 342 slot machines and 9 table games • Amenities include: bingo parlor, bowling center, race and sportsbook, 5 restaurants, 3 bars, and a 5,200 sq. ft. banquet and event center • Includes ~20 acres of excess land available for potential development • Located on ~7 acres on Highway 160 in Pahrump, NV • Adjacent to the Pahrump Nugget • Features 140 slot machines • Amenities include: a bar and a convenience store • Located on ~35 acres at the intersection of Homestead Rd and Thousandaire Blvd in Pahrump, NV • Features 166 slot machines • Amenities include: 159 RV spots, a pool, a waterfront event and group gathering facility, a restaurant, a bar and watersports
Page 18
18 Our Branded Taverns Largest portfolio in Nevada comprised of 72 Taverns, including 69 in the Las Vegas Valley 31 locations 16 locations 3 locations 7 locations 3 locations 1 location 4 locations 4 locations 3 locations
Page 19
APPENDIX
Page 20
Year Ended Decem ber 31, Six Months Ended June 30, (In thousands) 2024 2025 2024 Revenues Nevada Casino Resorts 399,139$ 192,417$ 202,105$ Nevada Locals Casinos 150,972 77,742 76,857 Nevada Taverns 109,723 53,725 55,959 Corporate and Other 965 579 441 Total revenues - Continuing Operations 660,799 324,463 335,362 Distributed Gaming 6,019 – 6,019 Total revenues - Divested Operations 6,019 – 6,019 Total revenues 666,818$ 324,463$ 341,381$ Adjusted EBITDA Nevada Casino Resorts 103,338$ 50,739$ 54,283$ Nevada Locals Casinos 66,504 35,928 34,464 Nevada Taverns 27,137 13,225 15,352 Corporate and Other (42,088) (23,871) (22,399) Total Adjusted EBITDA - Continuing Operations 154,891 76,021 81,700 Distributed Gaming 484 – 484 Total Adjusted EBITDA - Divested Operations 484 – 484 Total Adjusted EBITDA 155,375$ 76,021$ 82,184$ Adjustments Depreciation and amortization (90,034)$ (44,944)$ (44,736)$ Non-cash lease benefit 380 204 233 Share-based compensation (10,434) (5,276) (5,719) Gain/(loss) on disposal of assets 213 (52) (14) Gain on sale of businesses 69,238 – 68,944 Loss on debt extinguishment and modification (4,446) – (4,446) Preopening and related expenses (508) (220) (143) System implementation costs(1) – (278) – Impairment of assets (2,399) – – Other, net (9,707) (2,470) (7,072) Interest expense, net (34,884) (15,226) (19,296) Income tax provision (22,063) (628) (27,349) Net Income 50,731$ 7,131$ 42,586$ (1) System implementation costs represent expenses related to the implementation of new enterprise resource planning, financ e, payroll and human capital management software. 20 Appendix – Financial Summary
Page 21
21