Golden Entertainment — Investor Presentation (May 2025)
21 slides from Golden Entertainment's investor presentation, May 8, 2025
Slide 1: Golden Entertainment Investor Presentation May 2025
GOLDEN ENTERTAINMENT INVESTOR PRESENTATION M AY 2 0 2 5
Slide 2: Forward-Looking Statements
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”). Forwar
Slide 3: Investment Highlights
Investment Highlights 1 Focused casino and branded tavern operations in Nevada 2 Well-positioned to capitalize on Nevada’s long-term demand drivers 3 Strong free cash flow generation 4 Low leverage and owned real estate maximizes flexibility 5 Experienced management team aligned with shareholders 3
Slide 4: Nevada Focused Gaming Platform
Nevada Focused Gaming Platform Excess CASINOS Location Slots Tables Rooms Acres 8 IN NEVADA The STRAT 772 36 2,429 9 ~4,400 SLOTS Las Vegas Arizona Charlie’s Decatur 698 9 259 10 ~6,000 ROOMS Arizona Charlie’s Boulder 592 - 303 - Aquarius 1,023 29 1,905 2 Laughlin Edgewater 656 13 1,037 - Colorado B
Slide 5: Nevada-Focused Operations
Nevada-Focused Operations LTM 3/31/25 Operations by Segment Property Revenue Property EBITDA Note: LTM 3/31/25 figures exclude results from corporate. 5
Slide 6: Owned Real Estate with Excess Land
Owned Real Estate with Excess Land Pahrump Las Vegas 20 excess 10 excess acres acres Palace Station Sahara LVXP Site Fontainebleau Circus Circus Westgate Las Vegas Resorts World Convention Center 9 excess Encore acres Wynn Treasure Island Palazzo Hard Rock Las Vegas Venet
Slide 7: Nevada is a Growing, Attractive Gaming Market
Nevada is a Growing, Attractive Gaming Market Clark County population growing 3.8x faster than total US(1) Rebounding Las Vegas visitation, but still not back to its peak(2) (# in thousands) (# in millions) 42.5 40.8 41.7 38.8 2,578 2,537 32.2 2,493 2,443 2,410 19.0 2024 2025 2026 2027 2028 2019 202
Slide 8: Significant Implied Real Estate Value
Significant Implied Real Estate Value Illustrative sale leaseback transaction highlights potential value of owned real estate ($ in millions) Low Medium High Illustrative PropCo Multiple 12.5x 13.5x 14.5x (x) Assumed Rent $85 $85 $85 Gross Sale Leaseback Proceeds $1,063 $1,148 $1,233 (Excludes tax a
Slide 9: PT's Taverns - Hyper Local Gaming
PT’s Taverns - Hyper Local Gaming We are the largest operator of branded taverns in Nevada with 72 locations Nevada Taverns Brands Illustrative Tavern Returns Range Average Investment Per Location $2-3 million Targeted ROI % 20-30% 9
Slide 10: Unified Loyalty Program
Unified Loyalty Program True Rewards combines loyalty points earned at our casino properties and tavern locations under a single card • Golden's loyalty program, True Rewards, includes over six million players • Links rewards across the entire portfolio, including our casino properties and branded t
Slide 11: Improved Balance Sheet Accelerates Shareholder Returns
Improved Balance Sheet Accelerates Shareholder Returns Golden has significantly reduced leverage post pandemic from EBITDA growth and debt repayment • Opportunistic divestitures of non-core assets further focus the business and redirect capital towards deleveraging, select growth opportunities and s
Slide 12: Capital Structure
Capital Structure Capitalization as of 3/31/25 2.4x net leverage Target net leverage of 3.0x or less $393 million 1st lien term loan $393m S + 225 bps Term Loan $240 million revolver $15 million drawn at S + 260 bps $225 million of remaining availability Cash balance of $50 million $
Slide 13: Property Overviews
PROPERTY OVERVIEWS
Slide 14: The STRAT Hotel, Casino & Tower
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 • Feature
Slide 15: Laughlin Casino Resorts
Laughlin Casino Resorts • Located on ~18 acres along the • Located on ~16 acres along the • Currently closed Colorado River Colorado River • Located on ~22 acres along the • Features 1,905 hotel rooms (market • Features 1,037 hotel rooms, 656 slot Colorado River leader), 1,023 slot machines, and 29
Slide 16: Arizona Charlie's Casinos
Arizona Charlie’s Casinos • Located on ~17 acres in the heavily populated area of west • Located on ~24 acres in the eastern metropolitan area of Las Vegas Las Vegas • Features 259 hotel rooms, 698 slot machines and 9 • Features 303 hotel rooms and 592 slot machines table games • 221 RV site offerin
Slide 17: Pahrump Casinos
Pahrump Casinos • Located on ~40 acres on Highway 160 • Located on ~7 acres on Highway 160 in • Located on ~35 acres at the intersection in Pahrump, NV Pahrump, NV of Homestead Rd and Thousandaire Blvd in Pahrump, NV • Features 69 hotel rooms, 345 slot • Adjacent to the Pahrump Nugget machines and 9
Slide 18: Our Branded Taverns
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 18
Slide 19: Appendix
APPENDIX
Slide 20: Appendix – Financial Summary
Appendix – Financial Summary Year Ended December 31, Three Months Ended March 31, (In thousands) 2024 2025 2024 Revenues Nevada Casino Resorts $ 399,139 $ 94,221 $ 101,012 Nevada Locals Casinos 150,972 38,831 38,991 Nevada Taverns 109,723 27,470 27,807 Corporate and Other 965 321 218 Total revenues
Slide 21: GOLD=N
GOLD=N ENTERTAINMENT
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