#1STRAT STRAT HOTEL CASINO SPIRITS DINING D GOLDEN ENTERTAINMENT INVESTOR PRESENTATION February 2024 D SIERRA GOLD JACKPOTS GOLDEN ENTERTAINMENT GOLD TOWN CASINO ARIZONA CHARLIE'S CASING#2GOLDEN ENTERTAINMENT Forward-Looking Statements This presentation 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 for future expansion, developments or acquisitions; anticipated future growth and trends in our business or key markets; 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 (including the cost of compliance or failure to comply with applicable laws and regulations); increases in gaming taxes and fees in the jurisdictions in which we operate; litigation; increased competition; reliance on key personnel (including our Chief Executive Officer, President and Chief Financial Officer, and Chief Operating Officer); the level of our indebtedness and 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 most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, or appearing elsewhere in this presentation and in our other filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. We undertake no obligation to update any forward-looking statements for any reason. Non-GAAP Financial Measures To supplement the Company's consolidated financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses Adjusted EBITDA because it is the primary metric used by its chief operating decision makers and investors in measuring both the Company's past and future expectations of performance. Adjusted EBITDA provides useful information to the users of the Company's financial statements by excluding specific expenses and gains that the Company believes are not indicative of its core operating results. Further, the Company's annual performance plan used to determine compensation for its executive officers and employees is tied to the Adjusted EBITDA metric. It is also a measure 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 the gaming industry may calculate Adjusted EBITDA differently than the Company does. The Company defines "Adjusted EBITDA" as earnings before interest and other non- operating income (expense), income taxes, depreciation and amortization, impairment of assets, severance expenses, preopening and related expenses, gain or loss on disposal of assets and businesses, share-based compensation expenses, non-cash lease expense, and other non-cash charges that are deemed to be not indicative of the Company's core operating results, calculated before corporate overhead (which is not allocated to each reportable segment). For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure, please see the reconciliations in the Appendix to this presentation. 2#3Investment Highlights 1 Focused on casino resorts and branded tavern operations in Nevada GOLDEN ENTERTAINMENT 2 Well-positioned to capitalize on Nevada's long-term demand drivers GOLDEN™ 3 Strong free cash flow generation ENTERTAINMENT 4 Low leverage and owned real estate maximizes flexibility 5 Experienced management team aligned with shareholders 3#4HOTEL CASINO STRAT Diversified Gaming Platform CASINOS (1) 8 IN NEVADA ~4,500 SLOTS ~6,000 ROOMS Continuing Operations Location Laughlin (1) GOLDEN ENTERTAINMENT Slots Tables Rooms The STRAT 759 39 Las Vegas Arizona Charlie's Decatur 706 10 380 2,429 259 Arizona Charlie's Boulder 598 303 Aquarius 1,103 29 Edgewater 654 23 1,906 13 1,037 Pahrump Nugget 337 69 Pahrump Gold Town 187 Lakeside 173 LAKESIDE CASINO GOLD CASINO TOWN CASINO ENTRANCE NUGGET ARIZONA CHARLIE'S NV Taverns Nevada 1,093 (69 locations) CASING Total Continuing Operations 5,610 100 6,003 NEVADA TAVERNS (2) 69 LOCATIONS ~1,100 SLOTS PT'S TAVERNS Divested Assets Note: Figures as of December 31, 2023. Slots & Tables are ending units. Colorado Belle is currently closed; stats are not included in Laughlin totals. Includes 4 Lucky's taverns acquired on November 21, 2023. (1) (2) Maryland Rocky Gap **$260m sale closed 7/25/23** Montana MT Distributed **$109m sale closed 9/13/23** Nevada NV Distributed **$213.5m sale closed 1/10/24** Divested Assets 4#5Overview of Recent Divestitures I Rocky Gap GOLDEN ENTERTAINMENT Sales provide significant financial flexibility and enable Golden to focus on core operations in Nevada market On July 25, 2023, Golden completed the sale of Rocky Gap Casino Resort ("Rocky Gap") to Century Casinos, Inc. ("Century") and VICI Properties, L.P. ("VICI"), an affiliate of VICI Properties Inc., for a total cash consideration of $260 million Century acquired the operations of Rocky Gap for $56 million VICI acquired the real estate for $204 million Distributed Gaming On March 6, 2023, Golden announced the sales of its Distributed Gaming Operations in Montana and Nevada to an affiliate of J&J Ventures Gaming, LLC ("J&J") for total cash consideration of $361.5 million(1) Montana sale was completed on September 13, 2023 Nevada sale was completed on January 10, 2024 Golden entered into a five-year agreement with J&J to support gaming operations at Golden's Nevada taverns ($ in millions) Announced Purchase Price Purchasers EBITDA multiple Closed Nevada $248 Rocky Gap ($ in millions) Montana CENTURY $260 / VICI Announced Purchase Price (1) $114 Purchaser J&J Gaming CASINOS -10x EBITDA multiple -9x 7/25/23 Closed 9/13/23 Note: EBITDA multiples based on respective LTM Adj. EBITDA at deal announcement; Distributed Gaming EBITDA is pro forma adjusted for $3m of divested corporate costs. Inclusive of $5m and $34m of estimated purchased cash at closing for Montana and Nevada sales, respectively. (1) 1/10/2024 5#6Nevada-Focused Operations 23% 2023 Continuing Operations by Segment Property Revenue Adj. Property EBITDA $680 million 16% 61% 33% $227 million 14% 53% ■ Nevada Casino Resorts ■ Nevada Casino Resorts ARIZONA CHARLIE'S ■ Nevada Locals Casinos ■ Nevada Taverns ■ Nevada Locals Casinos ■ Nevada Taverns Note: Figures exclude results from FY 2023 (i) Corporate, (ii) Maryland Casino Resort and (iii) Distributed Gaming. GOLDEN ENTERTAINMENT PARTS DINING SERRA GOLD JACKPOTS NUGGET CABINO ENTRANCE -SEAN- PATRICK'S PUR & GRILL 8255 6#7Favorable Long-Term NV Economic Trends (1) Nevada Population (1 (# in Thousands) 3,091 3,116 3,147 3,177 3,194 2,276 2,275 2,295 2,333 2,351 2019 2020 2021 2022 2023 Nevada Clark County Las Vegas Visitation & Airline Arrivals (2) (# in millions) 42.5 25.8 19.0 11.0 GOLDEN ENTERTAINMENT 40.8 38.8 32.2 28.8 26.4 19.9 2019 2020 ■Visitor Volume 2021 2022 2023 ■ Airline Arrivals Nevada Gaming Revenue (4) Nevada Median Home Prices (3) ($ in billions) ($ in thousands) $429 $416 $411 $399 $401 $386 $12.0 $334 $326 $312 $307 2019 2020 2021 ■Nevada Clark County 2022 2023 $7.9 $6.6 $15.5 $14.8 $13.4 $8.9 $8.3 $7.1 $3.7 2019 2020 2021 2022 2023 Nevada LV Strip Well-positioned to capitalize on Nevada's long-term demand drivers (1) Prepared from Macrotrends.net and Census.gov. (2) Las Vegas Convention & Visitors Authority and Harry Reid Airport. (3) Zillow. (4) Nevada Gaming Control Board. 7#8Owned Real Estate with Excess Land GOLDEN ENTERTAINMENT Pahrump 372 Pahrump PAHRUMP NUGGET™ HOTEL CASINO 20 excess acres ah Range derness Area Charles View 157 Red Rock Canyon National 159 GOLD TOWN -CASINO (160) LAKESIDE CASINO & RV PARK 95 Las Vegas (612 (147) (613) Las Vegas Paradis Mountain Springs Enterprise 146 Goodsprings Sandy Valley Mountain Pass Primm Jean Borax Arrolime Apex Henderson Sloan Sloan Canyon National Conservation Area B AQUARIUS CASINO RESORT 2 excess ight ARIZONA CHARLIE'S DECATUR 17 excess acres Callville Bay ARIZONA CHARLIE'S BOULDER STRAT 9 excess acres Nelson Drive from Las Vegas Pahrump: ~60 Miles ⚫ ~60 Mins Laughlin: ~100 Miles ⚫ ~90 Mins Moore h acres 95 EDGEWATER Nev Ari CASINO RESORT COLORADO BELLE. CASINO RESORT 22 excess acres alm Gardens Davis Da 163 ghlin Riviera Bullh Laughlin Palace Station STRAT HOTEL CASINO TOWER Sahara Avenue Circus Circus Resorts World Treasure Island The Mirage Caesars Palace Bellagio Encore Wynn Palazzo Venetian Sahara Fontainebleau Westgate Las Vegas Convention Center MSG Sphere Harrah's The LINQ Flamingo Cromwell Bally's Paris Gold Coast Palms Rio Cosmopolitan Aria/CityCenter Park MGM New York New York Excalibur The Orleans Luxor Mandalay Bay Planet Hollywood O Virgin Hotel MGM Grand Tropicana 8#9PT's Taverns - Hyper Local Gaming GOLDEN ENTERTAINMENT We are the largest operator of branded taverns in Nevada with 69 locations Nevada Taverns Brands Apex PT'S PT'S PT'S PT'S GOLD PUB PLACE PT'S RANCH -SEAN- SIERRA GOLD PATRICK'S A NEVADA STYLE TAVERN PUB & GRILL Illustrative Tavern Returns (1) Average Investment Per Location Average Annualized Revenue Average Annualized EBITDA ROI % KYLE PT'SYS PROVIDENCE GOLD ELKHORN TULE SPRINGS SRA GOLD PT'S GOLD LA MADRE FOOTHILLS PT'S GOLD AL Bruce WooPATRICK'S SEAN PT'S VALLEY GOLD LOS PT'S NORTHRIDGE PUB 573) PT'S 573 Nellis AFB 610 UB Woodbu 74 North Las Vegas Sunrise Mar PT'S PUB 604 SG LUCKY'S BAR EST.2005 SUMMERLIN WEST 159 SUN PT'S PT'S SUMM PUB GOLD SUMMERLIN 613 PT'S (596) WEST LAS VEGAS PUB PT'S Las Vegas ANGEL PARK PT'S PTS PT'S A 147 PT'S PLACE PH PLACE PT'S PUB CHARDS 59 PT'S PT'S Sum PT Sa S PUB 595 (612 SEAN PATRICK'S PT'S PT'S GOLD PT'S GOLD Average PT'S JB PUB Spring Vall PT'S SSTPT'S PT'S GOLD AN PT'SP DESERT HPT'S LUCKY'S T'S OLD PT'S LD PT'S PT'S GOLD PUB 562 E (582) TS PT'S PUB Paradi 515 593 LAKE LAS VEGAS Whitney CALICO RIDGE PT G SIRRA GOLD PUB 582 GREEN VALLEY NORTH nd GOLD PT'S PAS GIBSON SPRINGS 159 160) PTPT'S GOLL GOLD RAY PT'S PIPT'S GREEN ALLEY SOUTH ~$2.2m erprise GOLD PT'S GOLD LUCKY ~$1.7m MACDONALD RANCH ~$0.6m -SEAN- PATRICK'S SOUTH HIGHLANDS GO. PT'S PT'S LEY GOLD GOLD Henders PT'S PT'S GOLD PUB WOUNTAIN PARADISE HILLS RIVER MOUNTAIN MISSION HILLS Railroad Pa PT'S GOLD ~27% Sloan (1) Illustrative tavern returns based on the average of all taverns opened since 2019 that have been open for the full FY 2023 period. 9#10Unified Loyalty Program GOLDEN ENTERTAINMENT True Rewards is the only loyalty program that combines points earned at casino properties and tavern locations under a single card Golden's loyalty program, True Rewards, combines an over six million player database under a single platform Links our players across the entire platform, including our casino properties and branded taverns Creates cross-marketing opportunities between our casinos and tavern locations TRUE REWARDS GOLDEN 10#11Improved Balance Sheet and Financial Performance GOLDEN ENTERTAINMENT Golden has significantly grown EBITDA and reduced leverage post pandemic Capturing value from positive demographic shifts into Nevada ⚫ Realizing return from recent investments Repaid nearly $490 million of debt since 2019 through free cash flow and non-core asset sales Opportunistic divestitures of non-core assets further focus the business and redirect capital towards deleveraging and select growth opportunities PF Adj. EBITDA (1) ($ in millions) $154 PF Adj. EBITDA margin(1) +$46 $200 2019 2023 +300 bps 21.5% 18.5% Net leverage and net debt (2) ($ in millions) 5.7x (3.5x) (0.4x) 2.2x 1.8x $1,054 $480 $314 2019 2023 2019 2023 2023PF (1) Pro forma adjusted for divestitures of Rocky Gap and Montana Distributed Gaming. (2) 2023PF is pro forma for the sales of Rocky Gap, Montana Distributed Gaming and Nevada Distributed Gaming. 11#12Capital Structure As of 12/31/23 2.2x net leverage 1.8x pro forma for sale of NV Distributed Gaming Target net leverage remaining below 3.0x $674 million funded debt at 7.9% (1) $398 million 1st lien term loan at S + 275 bps $240m $276m Notes $276 million unsecured notes at 7.625% Undrawn Revolver $240 million undrawn revolver GOLDEN ENTERTAINMENT $398m Term Loan No financial covenants Cash balance as of 12/31/23 of $198 million (2) Excludes proceeds from sale of NV Distributed Gaming 2024 2025 2026 2027 2028 2029 2030 Maturity (1) Reflects weighted average effective interest rate for term loans and unsecured notes in place during the Q4 2023 period. Inclusive of cash related to assets held for sale. (2) 12#13STRAT STRAT ARIZONA CHARLIE'S S HOTEL CASINO PROPERTY OVERVIEWS GOLDEN ENTERTAINMENT#14The STRAT Hotel, Casino & Tower STRAT Up STRAT GOLDEN ENTERTAINMENT THE STRAT HOTEL CASINO TOWER 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, 759 slots and 39 table games • Amenities include: 10 restaurants including the Top of the World revolving restaurant, 4 bars, 2 amusement rides and the Sky Jump - a ~850 ft controlled descent from the top of the tower • New ~100k sq ft Atomic Golf features with 100+ hitting bays and 6 bars scheduled to open in March 2024 Las Vegas Freeway/Nevada Interstate 15 EXILI PRE Excess Land The STRAT Dow Las Vegas Boulevard Excess Land Vegas from e STRAT 14#15Laughlin Casino Resorts AQUARIUS EDGEWATER CASINO RESORT GOLDEN ENTERTAINMENT COLORADO BELLE CASINO RESORT CASINO RESORT AQUA HELORADO BELLE COLORADO BELLES ⚫ Located ~18 on Colorado River acres along the • Located on ~16 Colorado River acres along the • Currently closed ⚫ Features 1,906 hotel rooms (market leader), 1,103 slot machines, and 29 table games • Amenities include: a new heated pool with two spas located adjacent to the Colorado River, a lighted tennis court, an award-winning wedding chapel, 8 restaurants, 3 bars, a race and sports book and over 30,000 sq. ft. of meeting space • Includes ~2 acres of excess land for potential development ⚫ Features 1,037 hotel rooms, 654 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 sports book, a bingo parlor and over 35,000 sq. ft. of meeting space ⚫ Located on ~22 acres along the Colorado River Featured 1,102 hotel rooms 3 • Amenities included: 2 swimming pools, restaurants, 4 bars and entertainment lounge an 15#16Arizona Charlie's Casinos ARIZONA CHARLIE'S DECATUR. GOLDEN ENTERTAINMENT ARIZONA CHARLIE'S BOULDERT נע LOCALS ARIZONA CHARLIE'S RECASTRATION CASINO VALET PARKI HOTEL CASINO Located on ~17 acres in the heavily populated area of west Las Vegas ⚫ Features 259 hotel rooms, 706 slot machines and 10 table games • Amenities include: bingo parlor, race and sports book, 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 598 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 sports book, 3 restaurants, 2 bars and entertainment lounge 16#17Pahrump Casinos PAHRUMP NUGGET HOTEL CASINO TM X GOLD TOWN - CASINO PAHRUMP NUGGET CHOTEL & GAMEL LAK GOLD TOWN CASINO CASINO ENTRANCE GOLDEN ENTERTAINMENT LAKESIDE & RV PARK • Located on ~40 acres on Highway 160 in Pahrump, NV Features 69 hotel rooms, 337 slot machines and 9 table games • Amenities include: bingo parlor, bowling center, race and sports book, 4 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 ⚫ Features 187 slot machines • Amenities include: a restaurant, a bar and a convenience store • Located on ~35 acres at the intersection of Homestead Rd and Thousandaire Blvd in Pahrump, NV ⚫ Features 173 slot machines ⚫ Amenities include: 159 RV spots, a pool, a bingo parlor, a waterfront event and group gathering facility, restaurant, a bar and watersports a 17#18Our Branded Taverns GOLDEN ENTERTAINMENT Largest portfolio in Nevada comprised of 69 Taverns, including 66 in the Las Vegas Valley New location pipeline includes 2 acquired locations and 2 development sites PT'S GOLD PT'S PUB SIERRA GOLD A NEVADA STYLE PAYERN -SEAN- PATRICK'S. PUB & GRILL TARO PUREST PT'S PUB • 31 locations 16 locations PRITS DINING SIERRA GOLD JACKPOTS SEAN- PATRICK'S 8255 7 locations 4 locations LUCKY'S EST. 2005 LIGET'S PT'S PLACE -PT'S― RANCH SG BAR RANCH SG 4 locations locations 3 locations 1 location 18#19APPENDIX GOLDEN™ ENTERTAINMENT#20Appendix – Financial Summary 1 (In thousands) Revenues Nevada Casino Resorts (1) $ Nevada Locals Casinos (2) Maryland Casino Resort (3) Nevada Taverns (4) Distributed Gaming Corporate and other Total Revenues (5) 2023 Year Ended December 31, 2022 2021 413,058 $ 406,950 $ 389,712 157,435 157,514 159,855 43,456 78,010 78,155 109,215 109,965 110,170 320,680 365,472 357,414 9,305 3,808 1,237 $ 1,053,149 $ 1,121,719 $ 1,096,543 Adjusted EBITDA Nevada Casino Resorts (1) Nevada Locals Casinos (2) Maryland Casino Resort Nevada Taverns (4) $ 120,256 $ 135,104 $ 149,077 73,846 75,848 80,005 (3) 12,652 25,383 26,697 32,682 37,610 39.762 Distributed Gaming (5) 34,545 44,021 47,514 Corporate and other (51,459) (50,886) (51,337) Total Adjusted EBITDA $ 222,522 $ 267,080 $ 291,718 Adjustments Other non-operating income Depreciation and amortization 60,000 Non-cash lease expense (88,933) 15 (100,123) (165) (106,692) (762) Share-based compensation (13,476) (13,433) (14,401) Gain (loss) on disposal of assets 228 (934) (1,260) Gain on sale of businesses 303,179 Loss on debt extinguishment and modification (1,734) (1,590) (975) Preopening and related expenses (6) (760) (161) (246) Severance expenses (149) (378) (228) Impairment of assets (12,072) Other, net (11,342) (3,939) (2,089) Interest expense, net (65,515) (63,490) (62,853) Income tax provision (76,207) (521) (436) Net income $ 255,756 $ 82,346 $ 161,776 GOLDEN ENTERTAINMENT (1) Comprised of The STRAT Hotel, Casino & Tower, Aquarius Casino Resort and Edgewater Casino Resort. (2) Comprised of Arizona Charlie's Boulder, Arizona Charlie's Decatur, Gold Town Casino, Lakeside Casino & RV Park and Pahrump Nugget Hotel Casino. (3) Comprised of Rocky Gap Casino Resort (sold 7/25/23). (4) Comprised of the operations of the Company's 69 branded tavern locations. (5) Comprised of distributed gaming operations in Nevada (sold 1/10/24) and Montana (sold 9/13/23). (6) Preopening and related expenses consist of labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of branded tavern and food and beverage and other venues within the Company's casino locations. 20#21GOLDEN ENTERTAINMENT TM