Investor Presentaiton
Improved 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.
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