FALSE2023Q3000107125512/3100010712552023-01-012023-09-3000010712552023-10-30xbrli:shares00010712552023-09-30iso4217:USD00010712552022-12-31iso4217:USDxbrli:shares0001071255us-gaap:CasinoMember2023-07-012023-09-300001071255us-gaap:CasinoMember2022-07-012022-09-300001071255us-gaap:CasinoMember2023-01-012023-09-300001071255us-gaap:CasinoMember2022-01-012022-09-300001071255us-gaap:FoodAndBeverageMember2023-07-012023-09-300001071255us-gaap:FoodAndBeverageMember2022-07-012022-09-300001071255us-gaap:FoodAndBeverageMember2023-01-012023-09-300001071255us-gaap:FoodAndBeverageMember2022-01-012022-09-300001071255us-gaap:OccupancyMember2023-07-012023-09-300001071255us-gaap:OccupancyMember2022-07-012022-09-300001071255us-gaap:OccupancyMember2023-01-012023-09-300001071255us-gaap:OccupancyMember2022-01-012022-09-300001071255us-gaap:HotelOtherMember2023-07-012023-09-300001071255us-gaap:HotelOtherMember2022-07-012022-09-300001071255us-gaap:HotelOtherMember2023-01-012023-09-300001071255us-gaap:HotelOtherMember2022-01-012022-09-3000010712552023-07-012023-09-3000010712552022-07-012022-09-3000010712552022-01-012022-09-300001071255us-gaap:CommonStockMember2021-12-310001071255us-gaap:AdditionalPaidInCapitalMember2021-12-310001071255us-gaap:RetainedEarningsMember2021-12-3100010712552021-12-310001071255us-gaap:CommonStockMember2022-01-012022-03-3100010712552022-01-012022-03-310001071255us-gaap:RetainedEarningsMember2022-01-012022-03-310001071255us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001071255us-gaap:CommonStockMember2022-03-310001071255us-gaap:AdditionalPaidInCapitalMember2022-03-310001071255us-gaap:RetainedEarningsMember2022-03-3100010712552022-03-310001071255us-gaap:CommonStockMember2022-04-012022-06-300001071255us-gaap:RetainedEarningsMember2022-04-012022-06-3000010712552022-04-012022-06-300001071255us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001071255us-gaap:CommonStockMember2022-06-300001071255us-gaap:AdditionalPaidInCapitalMember2022-06-300001071255us-gaap:RetainedEarningsMember2022-06-3000010712552022-06-300001071255us-gaap:CommonStockMember2022-07-012022-09-300001071255us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001071255us-gaap:RetainedEarningsMember2022-07-012022-09-300001071255us-gaap:CommonStockMember2022-09-300001071255us-gaap:AdditionalPaidInCapitalMember2022-09-300001071255us-gaap:RetainedEarningsMember2022-09-3000010712552022-09-300001071255us-gaap:CommonStockMember2022-12-310001071255us-gaap:AdditionalPaidInCapitalMember2022-12-310001071255us-gaap:RetainedEarningsMember2022-12-310001071255us-gaap:CommonStockMember2023-01-012023-03-3100010712552023-01-012023-03-310001071255us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001071255us-gaap:RetainedEarningsMember2023-01-012023-03-310001071255us-gaap:CommonStockMember2023-03-310001071255us-gaap:AdditionalPaidInCapitalMember2023-03-310001071255us-gaap:RetainedEarningsMember2023-03-3100010712552023-03-310001071255us-gaap:CommonStockMember2023-04-012023-06-3000010712552023-04-012023-06-300001071255us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001071255us-gaap:RetainedEarningsMember2023-04-012023-06-300001071255us-gaap:CommonStockMember2023-06-300001071255us-gaap:AdditionalPaidInCapitalMember2023-06-300001071255us-gaap:RetainedEarningsMember2023-06-3000010712552023-06-300001071255us-gaap:CommonStockMember2023-07-012023-09-300001071255us-gaap:RetainedEarningsMember2023-07-012023-09-300001071255us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001071255us-gaap:CommonStockMember2023-09-300001071255us-gaap:AdditionalPaidInCapitalMember2023-09-300001071255us-gaap:RetainedEarningsMember2023-09-300001071255gden:NevadaAndMarylandMember2023-09-30gden:propertygden:segment0001071255stpr:NVgden:NevadaTavernsMember2023-09-30gden:location0001071255gden:RockyGapPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-250001071255gden:CenturyCasinosIncMembergden:RockyGapPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-252023-07-250001071255gden:RockyGapPropertyMembergden:VICIPropertiesLPMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-252023-07-250001071255gden:DistributedGamingMembergden:JJGamingMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-03-030001071255gden:DistributedGamingNevadaMembergden:JJGamingMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-03-032023-03-030001071255gden:DistributedGamingMontanaMembergden:JJGamingMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-03-032023-03-030001071255gden:DistributedGamingMontanaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembergden:JJGamingMember2023-09-132023-09-130001071255gden:RockyGapPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-08-252023-09-300001071255gden:RockyGapPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-12-310001071255gden:RockyGapPropertyMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-09-300001071255gden:DistribuedGamingMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-03-032023-09-130001071255gden:MarylandCasinoResortMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-06-300001071255gden:DistributedGamingMontanaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-06-300001071255gden:MarylandCasinoResortMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-012023-09-300001071255gden:MarylandCasinoResortMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-07-012022-09-300001071255gden:MarylandCasinoResortMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-09-300001071255gden:MarylandCasinoResortMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-09-300001071255gden:DistributedGamingMontanaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-012023-09-300001071255gden:DistributedGamingMontanaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-07-012022-09-300001071255gden:DistributedGamingMontanaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-09-300001071255gden:DistributedGamingMontanaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-09-300001071255gden:DistributedGamingNevadaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-09-300001071255gden:DistributedGamingNevadaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-07-012023-09-300001071255gden:DistributedGamingNevadaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-07-012022-09-300001071255gden:DistributedGamingNevadaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-01-012023-09-300001071255gden:DistributedGamingNevadaMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-01-012022-09-300001071255gden:NevadaCasinoResortsMember2022-12-310001071255gden:NevadaLocalsCasinosMember2022-12-310001071255gden:NevadaTavernsMember2022-12-310001071255gden:DistributedGamingMember2022-12-310001071255gden:NevadaCasinoResortsMember2023-09-300001071255gden:NevadaLocalsCasinosMember2023-09-300001071255gden:NevadaTavernsMember2023-09-300001071255gden:DistributedGamingMember2023-09-300001071255us-gaap:TradeNamesMember2023-09-300001071255srt:MinimumMembergden:PlayerRelationshipsMember2023-09-300001071255gden:PlayerRelationshipsMembersrt:MaximumMember2023-09-300001071255gden:PlayerRelationshipsMember2023-09-300001071255srt:MinimumMemberus-gaap:NoncompeteAgreementsMember2023-09-300001071255us-gaap:NoncompeteAgreementsMembersrt:MaximumMember2023-09-300001071255us-gaap:NoncompeteAgreementsMember2023-09-300001071255srt:MinimumMemberus-gaap:OtherIntangibleAssetsMember2023-09-300001071255us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2023-09-300001071255us-gaap:OtherIntangibleAssetsMember2023-09-300001071255us-gaap:TradeNamesMember2022-12-310001071255srt:MinimumMemberus-gaap:CustomerRelationshipsMember2022-12-310001071255us-gaap:CustomerRelationshipsMembersrt:MaximumMember2022-12-310001071255us-gaap:CustomerRelationshipsMember2022-12-310001071255srt:MinimumMembergden:PlayerRelationshipsMember2022-12-310001071255gden:PlayerRelationshipsMembersrt:MaximumMember2022-12-310001071255gden:PlayerRelationshipsMember2022-12-310001071255srt:MinimumMemberus-gaap:NoncompeteAgreementsMember2022-12-310001071255us-gaap:NoncompeteAgreementsMembersrt:MaximumMember2022-12-310001071255us-gaap:NoncompeteAgreementsMember2022-12-310001071255srt:MinimumMemberus-gaap:OtherIntangibleAssetsMember2022-12-310001071255us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2022-12-310001071255us-gaap:OtherIntangibleAssetsMember2022-12-310001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Member2023-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Member2022-12-310001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanBMember2023-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanBMember2022-12-310001071255gden:SeniorSecuredFirstLienCreditFacilityMember2017-10-310001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanBMember2017-10-310001071255gden:SeniorSecuredFirstLienCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2017-10-310001071255gden:SeniorSecuredFirstLienCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2017-12-310001071255gden:SeniorSecuredFirstLienCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2018-12-310001071255gden:SeniorSecuredFirstLienCreditFacilityMember2018-12-310001071255gden:SeniorSecuredFirstLienCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-10-120001071255gden:SeniorUnsecuredNotesDue2026Member2023-05-26xbrli:pure0001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Member2023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityMember2023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Membergden:VariableRateComponentOneMemberus-gaap:BaseRateMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Membergden:VariableRateComponentTwoMembergden:SecuredOvernightFinancingRateSOFRMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanBMembergden:VariableRateComponentTwoMembergden:SecuredOvernightFinancingRateSOFRMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityMembergden:VariableRateComponentOneMemberus-gaap:RevolvingCreditFacilityMember2023-05-262023-05-260001071255srt:MinimumMembergden:SeniorSecuredFirstLienCreditFacilityMembergden:VariableRateComponentOneMemberus-gaap:RevolvingCreditFacilityMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityMembergden:VariableRateComponentOneMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityMembergden:VariableRateComponentTwoMembergden:SecuredOvernightFinancingRateSOFRMemberus-gaap:RevolvingCreditFacilityMember2023-05-262023-05-260001071255srt:MinimumMembergden:SeniorSecuredFirstLienCreditFacilityMembergden:VariableRateComponentTwoMembergden:SecuredOvernightFinancingRateSOFRMemberus-gaap:RevolvingCreditFacilityMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityMembergden:VariableRateComponentTwoMembergden:SecuredOvernightFinancingRateSOFRMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2023-05-262023-05-260001071255gden:SeniorSecuredFirstLienCreditFacilityMember2023-07-012023-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityMember2023-01-012023-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-09-30gden:installment0001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Member2023-01-012023-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanBMember2022-07-012022-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanBMember2022-01-012022-09-300001071255gden:SeniorUnsecuredNotesDue2026Member2019-04-150001071255gden:SeniorUnsecuredNotesDue2026Member2022-01-012022-09-300001071255gden:SeniorUnsecuredNotesDue2026Member2022-10-012022-12-310001071255us-gaap:SubsequentEventMembergden:SeniorUnsecuredNotesDue2026Member2023-10-012023-10-310001071255us-gaap:SubsequentEventMembergden:SeniorUnsecuredNotesDue2026Member2023-10-310001071255us-gaap:CommonStockMember2023-07-2700010712552023-07-012023-07-310001071255us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001071255us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001071255us-gaap:EmployeeStockOptionMember2023-09-300001071255us-gaap:EmployeeStockOptionMember2022-09-300001071255us-gaap:RestrictedStockUnitsRSUMember2022-12-310001071255us-gaap:PerformanceSharesMember2022-12-310001071255us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001071255us-gaap:PerformanceSharesMember2023-01-012023-09-300001071255us-gaap:RestrictedStockUnitsRSUMember2023-09-300001071255us-gaap:PerformanceSharesMember2023-09-300001071255gden:AwardDateMarch2021Memberus-gaap:PerformanceSharesMember2023-01-012023-09-300001071255us-gaap:PerformanceSharesMembergden:AwardDateMarch2020Member2023-01-012023-09-300001071255us-gaap:PerformanceSharesMembergden:AwardDateMarch2023Member2023-01-012023-09-300001071255gden:TwentyFifteenPlanMember2023-01-012023-09-300001071255gden:AwardDateMarch2022Memberus-gaap:PerformanceSharesMember2023-01-012023-09-300001071255gden:AwardDateMarch2022Memberus-gaap:PerformanceSharesMember2022-01-012022-12-310001071255gden:AwardDateMarch2022Memberus-gaap:PerformanceSharesMember2023-01-012023-03-310001071255us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001071255us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001071255us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001071255us-gaap:PerformanceSharesMember2023-07-012023-09-300001071255us-gaap:PerformanceSharesMember2022-07-012022-09-300001071255us-gaap:PerformanceSharesMember2022-01-012022-09-300001071255us-gaap:RestrictedStockUnitsRSUMember2022-09-300001071255us-gaap:PerformanceSharesMember2022-09-3000010712552023-01-012023-01-010001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-09-300001071255gden:SeniorSecuredFirstLienCreditFacilityTermLoanB1Memberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001071255us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-09-300001071255us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001071255us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-09-300001071255us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-09-300001071255us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001071255us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001071255us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Membergden:SeniorSecuredFirstLienCreditFacilityTermLoanBMember2022-12-310001071255us-gaap:FairValueInputsLevel2Membergden:SeniorSecuredFirstLienCreditFacilityTermLoanBMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001071255us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-12-310001071255us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001071255us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310001071255us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310001071255us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001071255us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001071255us-gaap:CasinoMembergden:ParticipationAndRevenueShareAgreementsMember2023-07-012023-09-300001071255us-gaap:CasinoMembergden:ParticipationAndRevenueShareAgreementsMember2023-01-012023-09-300001071255us-gaap:CasinoMembergden:ParticipationAndRevenueShareAgreementsMember2022-07-012022-09-300001071255us-gaap:CasinoMembergden:ParticipationAndRevenueShareAgreementsMember2022-01-012022-09-30utr:mi0001071255gden:TavernsMember2023-09-30gden:slotMachine0001071255gden:DistributedGamingMontanaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-09-132023-09-130001071255us-gaap:CasinoMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:CasinoMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:CasinoMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:CasinoMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:OccupancyMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:OccupancyMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:OccupancyMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:OccupancyMembergden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:CasinoMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:CasinoMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:CasinoMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:CasinoMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:OccupancyMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:OccupancyMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:OccupancyMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:OccupancyMembergden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:HotelOtherMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:CasinoMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:CasinoMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:CasinoMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:CasinoMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:FoodAndBeverageMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:FoodAndBeverageMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:FoodAndBeverageMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:FoodAndBeverageMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:OccupancyMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:OccupancyMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:OccupancyMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:OccupancyMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:HotelOtherMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:HotelOtherMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:HotelOtherMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:HotelOtherMembergden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:CasinoMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:CasinoMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:CasinoMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:CasinoMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:FoodAndBeverageMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:FoodAndBeverageMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:FoodAndBeverageMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:FoodAndBeverageMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:HotelOtherMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:HotelOtherMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:HotelOtherMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:HotelOtherMembergden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:CasinoMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:CasinoMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:CasinoMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:CasinoMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:FoodAndBeverageMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:FoodAndBeverageMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:FoodAndBeverageMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:FoodAndBeverageMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:HotelOtherMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255us-gaap:HotelOtherMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255us-gaap:HotelOtherMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255us-gaap:HotelOtherMembergden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255gden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001071255gden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001071255gden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001071255gden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001071255us-gaap:CorporateNonSegmentMember2023-07-012023-09-300001071255us-gaap:CorporateNonSegmentMember2022-07-012022-09-300001071255us-gaap:CorporateNonSegmentMember2023-01-012023-09-300001071255us-gaap:CorporateNonSegmentMember2022-01-012022-09-300001071255gden:NevadaTavernsMember2023-07-012023-09-300001071255gden:NevadaTavernsMember2022-07-012022-09-300001071255gden:NevadaTavernsMember2023-01-012023-09-300001071255gden:NevadaTavernsMember2022-01-012022-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-09-300001071255gden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2023-09-300001071255gden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2023-09-300001071255gden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2023-09-300001071255gden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2023-09-300001071255us-gaap:CorporateNonSegmentMember2023-09-300001071255gden:NevadaCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-12-310001071255gden:NevadaLocalsCasinosMemberus-gaap:OperatingSegmentsMember2022-12-310001071255gden:MarylandCasinoResortsMemberus-gaap:OperatingSegmentsMember2022-12-310001071255gden:NevadaTavernsMemberus-gaap:OperatingSegmentsMember2022-12-310001071255gden:DistributedGamingMemberus-gaap:OperatingSegmentsMember2022-12-310001071255us-gaap:CorporateNonSegmentMember2022-12-310001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeSpaceAdjacentToOfficeHeadquartersLeaseMember2018-11-012018-11-300001071255us-gaap:RelatedPartyMembergden:OfficeSpaceAdjacentToOfficeHeadquartersLeaseMembergden:MrArcanaMember2018-11-012018-11-300001071255us-gaap:RelatedPartyMembergden:OfficeSpaceAdjacentToOfficeHeadquartersLeaseMembergden:MrSartiniSImmediateFamilyMembersMember2018-11-012018-11-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeSpaceAdjacentToOfficeHeadquartersLeaseMember2023-07-012023-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeSpaceAdjacentToOfficeHeadquartersLeaseMember2022-07-012022-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeSpaceAdjacentToOfficeHeadquartersLeaseMember2022-01-012022-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeSpaceAdjacentToOfficeHeadquartersLeaseMember2023-01-012023-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeHeadquartersSubletMember2023-07-012023-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeHeadquartersSubletMember2022-07-012022-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeHeadquartersSubletMember2022-01-012022-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeHeadquartersSubletMember2023-01-012023-09-300001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeHeadquartersSubletMember2022-12-310001071255us-gaap:RelatedPartyMembergden:MrSartiniMembergden:OfficeHeadquartersSubletMember2023-09-300001071255us-gaap:RelatedPartyMembergden:SartiniEnterprisesMembergden:AircraftTimeSharingCoUserAndVariousCostSharingAgreementsMember2023-07-012023-09-300001071255us-gaap:RelatedPartyMembergden:SartiniEnterprisesMembergden:AircraftTimeSharingCoUserAndVariousCostSharingAgreementsMember2023-01-012023-09-300001071255us-gaap:RelatedPartyMembergden:SartiniEnterprisesMembergden:AircraftTimeSharingCoUserAndVariousCostSharingAgreementsMember2022-07-012022-09-300001071255us-gaap:RelatedPartyMembergden:SartiniEnterprisesMembergden:AircraftTimeSharingCoUserAndVariousCostSharingAgreementsMember2022-01-012022-09-300001071255us-gaap:RelatedPartyMembergden:SartiniEnterprisesMembergden:AircraftTimeSharingCoUserAndVariousCostSharingAgreementsMember2023-09-300001071255us-gaap:RelatedPartyMembergden:SartiniEnterprisesMembergden:AircraftTimeSharingCoUserAndVariousCostSharingAgreementsMember2022-12-310001071255us-gaap:RelatedPartyMembergden:AnthonyAMarnellIIIMember2022-01-012022-09-300001071255us-gaap:RelatedPartyMembergden:AnthonyAMarnellIIIMember2022-09-300001071255us-gaap:RelatedPartyMemberus-gaap:RetainedEarningsMembergden:AnthonyAMarnellIIIMember2022-01-012022-09-30

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of October 30, 2023, the registrant had 28,616,599 shares of common stock, $0.01 par value per share, outstanding.

			Common stock												Additional Paid-In Capital						Accumulated Deficit						Total Shareholders’ Equity
			Shares						Amount
Balance, January 1, 2022			28,830						$	288					$	477,829					$	(158,576)					$	319,541
Issuance of stock on options exercised and restricted stock units vested			419						4						—						—						4
Repurchase of common stock			(269)						(2)						—						(15,194)						(15,196)
Share-based compensation			—						—						3,141						—						3,141
Tax benefit from share-based compensation			—						—						(10,298)						—						(10,298)
Net income			—						—						—						36,066						36,066
Balance, March 31, 2022			28,980						$	290					$	470,672					$	(137,704)					$	333,258
Issuance of stock on options exercised and restricted stock units vested			36						—						—						—						—
Repurchase of common stock			(515)						(5)						—						(22,469)						(22,474)
Share-based compensation			—						—						3,295						—						3,295
Tax benefit from share-based compensation			—						—						(271)						—						(271)
Net income			—						—						—						21,220						21,220
Balance, June 30, 2022			28,501						$	285					$	473,696					$	(138,953)					$	335,028
Issuance of stock on options exercised and restricted stock units vested			4						—						—						—						—
Share-based compensation			—						—						3,282						—						3,282
Tax benefit from share-based compensation			—						—						(111)						—						(111)
Net income			—						—						—						14,003						14,003
Balance, September 30, 2022			28,505						$	285					$	476,867					$	(124,950)					$	352,202

			Common stock												Additional Paid-In Capital						(Accumulated Deficit) Retained Earnings						Total Shareholders’ Equity
			Shares						Amount
Balance, January 1, 2023			28,179						$	282					$	480,060					$	(127,422)					$	352,920
Issuance of stock on options exercised and restricted stock units vested			658						6						—						—						6
Share-based compensation			—						—						3,290						—						3,290
Tax benefit from share-based compensation			—						—						(15,373)						—						(15,373)
Net income			—						—						—						11,630						11,630
Balance, March 31, 2023			28,837						$	288					$	467,977					$	(115,792)					$	352,473
Issuance of stock on options exercised and restricted stock units vested			20						1						—						—						1
Share-based compensation			—						—						3,288						—						3,288
Net income			—						—						—						12,282						12,282
Balance, June 30, 2023			28,857						$	289					$	471,265					$	(103,510)					$	368,044
Issuance of stock on options exercised and restricted stock units vested			11						—						—						—						—
Repurchase of common stock			(252)						(3)						—						(9,131)						(9,134)
Share-based compensation			—						—						3,434						—						3,434
Tax benefit from share-based compensation			—						—						(249)						—						(249)
Cash dividend paid			—						—												(57,727)						(57,727)
Net income			—						—						—						241,216						241,216
Balance, September 30, 2023			28,616						$	286					$	474,450					$	70,848					$	545,584

Golden Entertainment, Inc. and its wholly-owned subsidiaries own and operate a diversified entertainment platform, consisting of a portfolio of gaming assets that focus on casino and distributed gaming operations (including gaming in the Company’s branded taverns). The Company’s portfolio includes eight casino properties located in Nevada. The Company’s Nevada Taverns segment is comprised of the operation of its branded taverns targeting local patrons located primarily in the greater Las Vegas, Nevada metropolitan area. The Company’s distributed gaming operations involve the installation, maintenance and operation of slot machines in third-party non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores in Nevada. Unless otherwise indicated, the terms “Golden” and the “Company” refer to Golden Entertainment, Inc. together with its subsidiaries.

As of September 30, 2023, the Company conducted its business through four reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming. Each reportable segment is comprised of the following properties and operations:

On July 25, 2023, the Company 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 aggregate cash consideration of $260 million. Specifically, Century acquired the operations of Rocky Gap from Golden for $56.1 million in cash (subject to adjustment based on Rocky Gap’s working capital and cage cash at closing), and VICI acquired the real estate assets relating to Rocky Gap from Golden for $203.9 million in cash. Prior to its sale, the operations of Rocky Gap were presented in the Company’s Maryland Casino Resort reportable segment. Refer to discussion in “Note 2 — Divestitures and Assets Held for Sale” for further information.

On March 3, 2023, the Company entered into definitive agreements to sell its distributed gaming operations in Nevada and Montana to J&J Ventures Gaming, LLC (“J&J Gaming”), for aggregate consideration of $322.5 million. Specifically, J&J Gaming agreed to acquire the Company’s distributed gaming operations in Nevada for $213.5 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing), and the Company’s distributed gaming operations in Montana for $109 million in cash plus purchased cash, comprised of cash and cash equivalents related to such operations at the time of closing (subject to adjustment based on working capital and purchased cash at closing), subject in each case to the conditions and terms set forth therein. On September 13, 2023, the Company completed the sale of the distributed gaming operations in Montana for aggregate cash consideration of $109 million plus working capital adjustment and purchased cash at closing. Refer to discussion in “Note 2 — Divestitures and Assets Held for Sale” for further information. The Company’s proposed sale of its distributed gaming operations in Nevada to J&J Gaming remains pending and is expected to close during the fourth quarter of 2023, subject to satisfaction or waiver of customary closing conditions, including receipt of gaming regulatory approvals. Prior to the sale, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in the Company’s Distributed Gaming reportable segment.

Refer to discussion in “Note 2 — Divestitures and Assets Held for Sale” for further information.

The unaudited consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim financial information. Accordingly, certain information normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) has been condensed and/or omitted. For further information, refer to the audited consolidated financial statements of the Company for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K (the “Annual Report”) previously filed with the SEC. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which included only normal recurring adjustments, necessary to present fairly the Company’s results for the periods presented. Results for interim periods should not be considered indicative of the results to be expected for the full year and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report.

The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Reclassifications were made to the Company’s prior period consolidated financial statements to conform to the current period presentation, where applicable. These reclassifications had no effect on previously reported net income.

There have been no changes to the significant accounting policies disclosed in the Company’s Annual Report.

Cash and cash equivalents include cash on hand and in banks and highly liquid investments with original maturities of three months or less. As of September 30, 2023, the Company had $295.9 million in cash and cash equivalents, which included $34.7 million of cash and cash equivalents related to assets held for sale. Although cash and cash equivalents balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institutions holding such deposits.

Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net income by the weighted-average of all common and potentially dilutive shares outstanding. In the event of a net loss, diluted shares are not considered because of their anti-dilutive effect. For the three months ended September 30, 2023, diluted net income per share excluded the weighted average effect of 68,239 shares of common stock related to time-based and performance-based restricted stock units due to such shares being anti-dilutive. No shares of common stock related to time-based and performance-based restricted stock units were anti-dilutive for the nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, diluted net income per share excluded the weighted average effect of 205,699 and 141,350 shares of common stock, respectively, related to time-based and performance-based restricted stock units due to such shares being anti-dilutive.

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs.

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU improves the accounting for revenue contracts with customers acquired in a business combination by addressing diversity in practice and inconsistency related to recognition of contract assets and liabilities acquired in a business combination. The provisions of this ASU require that an acquiring entity account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. The Company adopted the standard effective January 1, 2023, and the adoption did not have a material impact on the Company’s financial statements or disclosures.

Management does not believe that any other recently issued accounting standards that are not yet effective are likely to have a material impact on the Company’s financial statements.

The Company classifies assets as held for sale when a sale is probable, is expected to be completed within one year, and the asset group meets all of the accounting criteria to be classified as held for sale. Gains or losses associated with the disposal of assets held for sale are recorded within operating expenses.

As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on July 25, 2023, the Company completed the sale of Rocky Gap. Operations of Rocky Gap had historically been presented in the Company’s Maryland Casino Resort reportable segment. The Company incurred $8.1 million in transactions costs since the announcement of the sale on August 25, 2022, $0.2 million of which was incurred in 2022 and $7.9 million of which was incurred during the nine months ended September 30, 2023. The Company recorded transaction costs in selling, general and administrative expenses as incurred.

As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on March 3, 2023, the Company entered into definitive agreements to sell its distributed gaming operations in Nevada and Montana and continued to classify the assets related to the distributed gaming operations as held for sale as of September 30, 2023. The Company ceased recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreements on March 3, 2023. On September 13, 2023, the Company completed the sale of the distributed gaming operations in Montana. The Company has incurred $0.9 million in transactions costs for both transactions since the announcement of the sale, which were recorded in selling, general and administrative expenses. The Company’s proposed sale of its distributed gaming operations in Nevada remains pending and is expected to close during the fourth quarter of 2023, subject to satisfaction or waiver of customary closing conditions, including receipt of gaming regulatory approvals. Prior to the sale, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in the Company’s Distributed Gaming reportable segment.

The assets and liabilities of the Rocky Gap and Montana distributed gaming businesses previously held for sale were as follows as of the most recent balance sheet date preceding the sale:

The following information presents the revenues and pretax income generated by the Rocky Gap and Montana distributed gaming businesses previously held for sale and divested on July 25, 2023 and September 13, 2023, respectively:

As discussed above, the Company’s proposed sale of its distributed gaming operations in Nevada remains pending and the carrying amounts of the assets and liabilities held for sale consisted of the following:

Revenues and pretax income generated by the Nevada distributed gaming assets held for sale as of September 30, 2023 were as follows:

Property and equipment, net, consisted of the following:

Depreciation expense for property and equipment, including finance leases, was $21.9 million and $65.2 million for the three and nine months ended September 30, 2023, respectively, and $22.4 million and $70.3 million for the three and nine months ended September 30, 2022, respectively.

The Company reviews the carrying amounts of its long-lived assets, other than goodwill and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Based on the results of its interim impairment assessments conducted during the three and nine months ended September 30, 2023 and 2022, the Company concluded that there was no impairment of the Company’s long-lived assets.

The Company tests goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. Based on the results of its interim impairment assessments conducted during the three and nine months ended September 30, 2023 and 2022, the Company concluded that there was no impairment of the Company’s goodwill and intangible assets.

The following table summarizes goodwill balances by reportable segment:

Intangible assets, net, consisted of the following:

Total amortization expense related to intangible assets was $0.3 million and $2.0 million for the three and nine months ended September 30, 2023, respectively, and $1.9 million and $5.6 million for the three and nine months ended September 30, 2022, respectively.

Accrued liabilities consisted of the following:

Long-term debt, net, consisted of the following:

In October 2017, the Company entered into a senior secured credit facility consisting of a $900 million senior secured first lien credit facility (consisting of an $800 million term loan (the “Term Loan B”) maturing on October 20, 2024 and a $100 million revolving credit facility (the “Revolving Credit Facility”)) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto (the “Credit Facility”). The Revolving Credit Facility was subsequently increased from $100 million to $200 million in 2018, increasing the total Credit Facility capacity to $1 billion. On October 12, 2021, the Company further modified the terms of the Revolving Credit Facility by increasing its size to $240 million and extending the maturity date from October 20, 2022 to April 20, 2024.

On May 26, 2023, the Company further modified the terms of the Credit Facility by (1) extending the maturity date of the existing Revolving Credit Facility from April 20, 2024 to the earlier of May 26, 2028 and 91 days prior to April 15, 2026, the stated maturity date of the Company’s 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”), for so long as any indebtedness remains outstanding under the 2026 Unsecured Notes (the “Springing Maturity Date”), and (2) establishing a new senior secured term loan B-1 credit facility (the “Term Loan B-1”) in the amount of $400 million with a maturity date of the earlier of May 26, 2030 and the Springing Maturity Date, which was fully drawn at closing with the proceeds thereof used to repay a portion of the Term Loan B. The Company incurred $10 million in fees and recorded a non-cash charge of $0.4 million for the debt issuance costs and discount related to the Term Loan B as a result of the 2023 modification of the Credit Facility. The Company recognized $8 million of the debt issuance costs for the 2023 modification of the Credit Facility, which will be amortized over the terms of the Term Loan B-1 facility and Revolving Credit Facility. The remainder of the Term Loan B was repaid in full in July 2023 using a portion of the proceeds from the sale of Rocky Gap.

Under the Credit Facility, the Term Loan B-1 bears interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.50%), plus a margin of 1.75% or (2) the Term SOFR rate for the applicable interest period plus a credit spread adjustment of 0.10% (subject to a floor of 0.50%), plus a margin of 2.75%, and (c) borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.00%), plus a margin ranging from 1.00% to 1.50% based on the Company’s net leverage ratio, or (2) the Term SOFR rate for the applicable interest period plus a credit spread adjustment of 0.10%, plus a margin ranging from 2.00% to 2.50% based on the Company’s net leverage ratio.

The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was 8.11% and 7.85% for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2023, the Company had $399 million in principal amount of outstanding Term Loan B-1 borrowings, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that the full borrowing availability of $240 million under the Revolving Credit Facility was available to the Company. The Term Loan B-1 is repayable in 27 quarterly installments of $1 million each, which commenced in September 2023, followed by a final installment of $373 million due at maturity.

During the three and nine months ended September 30, 2022, the Company made multiple prepayments on the Term Loan B and recorded non-cash charges in the amount of $0.2 million and $0.3 million, respectively, for the accelerated amortization of debt issuance costs and discount related to prepayment of the Term Loan B.

The Company was in compliance with its financial and other covenants under the Credit Facility as of September 30, 2023.

On April 15, 2019, the Company issued $375 million in principal amount of 2026 Unsecured Notes in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bear interest at 7.625%, payable semi-annually on April 15th and October 15th of each year.

During the nine months ended September 30, 2022, the Company repurchased $37.5 million in principal amount of 2026 Unsecured Notes in open market transactions and recorded a non-cash charge in the amount of $1.1 million for accelerated amortization of the debt issuance costs and discount related to the repurchase of 2026 Unsecured Notes. The Company repurchased an additional $2.0 million in principal amount of 2026 Unsecured Notes in open market transactions during the remainder of 2022, thereby reducing the aggregate principal amount of 2026 Unsecured Notes outstanding to $335.5 million.

During October 2023, subsequent to fiscal quarter end, the Company repurchased an additional $49.3 million in principal amount of 2026 Unsecured Notes in open market transactions, thereby reducing the aggregate principal amount of 2026 Unsecured Notes outstanding to $286.2 million. Refer to “Note 13 — Subsequent Events” for further information.

On July 27, 2023, the Company’s Board of Directors increased its share repurchase program to $100 million. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. As of September 30, 2023, the Company had $90.9 million of remaining share repurchase availability under its July 27, 2023 authorization.

The following table includes the Company’s share repurchase activity for the three and nine months ended September 30, 2023 and 2022:

(1)All repurchased shares were retired and constitute authorized but unissued shares.

(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers.

In July 2023, the Company’s Board of Directors declared a one-time cash dividend of $2.00 per share of the outstanding common stock, totaling $57.7 million in the aggregate. The one-time cash dividend was paid on August 25, 2023 to the Company’s shareholders of record as of August 11, 2023.

The following table summarizes the Company’s stock option activity:

There was no share-based compensation expense related to stock options for the three and nine months ended September 30, 2023 and 2022. The Company did not have any remaining unrecognized share-based compensation expense related to stock options as of September 30, 2023 and 2022.

The following table summarizes the Company’s activity related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”):

(1)    Includes PSUs granted in March 2020 and March 2021 at 200% of the target and PSUs granted in March 2022 at target.

(2) The number of shares for the PSUs listed as granted represents the “target” number of PSUs granted to each recipient eligible to vest if the Company meets its “target” performance goals for the applicable period. The actual number of PSUs eligible to vest for those PSUs will vary depending on whether or not the Company meets or exceeds the applicable threshold, target, or maximum performance goals for the PSUs, with 200% of the “target” number of PSUs eligible to vest at “maximum” performance levels.

(3)    Represents PSUs granted in March 2020 that vested in March 2023 at 200% of the target PSUs.

(4)    In accordance with the provisions of the Golden Entertainment, Inc. 2015 Incentive Award Plan (the “2015 Plan”), the declaration of a one-time cash dividend of $2.00 per share of the outstanding common stock triggered the requirement to make an equitable adjustment to the number and type of securities subject to each outstanding award and the exercise price or grant price. The 2015 Plan allows the Company to make such equitable adjustments at its discretion. As a result, on August 25, 2023, the Company elected to adjust the exercise price of vested but unexercised stock option awards and the number of shares underlying unvested RSU and PSU awards to reflect an amount as if the cash dividend had been paid in stock. The vesting schedule and conditions of each grant remain the same (with these additional share amounts subject to forfeiture on the same terms as the underlying grants).

(5)    The Company’s financial results for the applicable performance goals were certified during the three months ended March 31, 2023 and 89.6% of the target PSUs granted in March 2022 were deemed “earned.” This resulted in the reduction of the PSUs granted in March 2022 to the number of PSUs eligible to vest from 83,579 to 74,880.

Share-based compensation expense related to RSUs was $2.0 million and $5.8 million for the three and nine months ended September 30, 2023, respectively, and $1.8 million and $5.1 million for the three and nine months ended September 30, 2022, respectively. Share-based compensation expense related to PSUs was $1.4 million and $4.2 million for the three and nine months ended September 30, 2023, respectively, and $1.5 million and $4.6 million for the three and nine months ended September 30, 2022, respectively.

As of September 30, 2023, there was $9.1 million and $7.0 million of unrecognized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 1.4 years and 1.1 years for RSUs and PSUs, respectively. As of September 30, 2022, there was $10.0 million and $8.3 million of unrecognized share-based compensation expense related to RSUs and PSUs, respectively, which is expected to be recognized over a weighted-average period of 1.4 years and 0.9 years for RSUs and PSUs, respectively.

As of September 30, 2023, a total of 3,630,600 shares of the Company’s common stock remained available for grants of awards under the Golden Entertainment, Inc. 2015 Incentive Award Plan, which includes the annual increase in the number of shares available for grant on January 1, 2023 of 1,127,160 shares.

The Company’s effective income tax rates were 21.8% and 21.9% for the three and nine months ended September 30, 2023, respectively, and 27.0% and (8.8)% for the three and nine months ended September 30, 2022, respectively. The Company recorded income tax expense of $67.2 million and $74.2 million for the three and nine months ended September 30, 2023, respectively. The Company recorded income tax expense of $5.2 million for the three months ended September 30, 2022 and income tax benefit of $5.7 million for the nine months ended September 30, 2022.

The Company performs a continuing evaluation of its deferred tax asset valuation allowance on a quarterly basis. During the three months ended March 31, 2022, the Company concluded that it was more likely than not that the Company would generate sufficient taxable income within the applicable net operating loss carry-forward periods to realize a portion of its deferred tax assets, which resulted in a partial reversal of the deferred tax asset valuation allowance in that period. The partial reversal of the deferred tax asset valuation allowance during the three months ended March 31, 2022 resulted in the negative effective income tax rate and income tax benefit for the nine months ended September 30, 2022. The effective income tax rate and the income tax expense for the three and nine months ended September 30, 2023 differed from the federal tax rate of 21% primarily due to the limitation on tax deductions for executive compensation in excess of $1 million under Section 162(m) of the Internal Revenue Code.

As of September 30, 2023, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS.

As of September 30, 2023 and December 31, 2022, the Company had no material uncertain tax positions.

Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.

The carrying values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short duration of these financial instruments.

The following table summarizes the fair value measurement of the Company’s long-term debt: 

The estimated fair value of the Company’s Term Loan B, Term Loan B-1 and 2026 Unsecured Notes is based on a relative value analysis performed as of September 30, 2023 and December 31, 2022. The finance lease liabilities and notes payable are fixed-rate debt, are not traded and do not have observable market inputs, and therefore, their fair value is estimated to be equal to the carrying value.

The Company enters into certain slot placement contracts in the form of participation agreements. Under participation agreements, the Company and the business location each hold a state issued gaming license in order to be able to receive a percentage of gaming revenue earned on the Company’s slot machines. The business location retains a percentage of the gaming revenue generated from the Company’s slot machines. The Company is considered to be the principal in these arrangements; therefore, the Company records its share of revenue generated under participation agreements on a gross basis with the business location’s share of revenue recorded as gaming expenses.

The aggregate contingent payments recognized by the Company as gaming expenses under participation agreements were $50.0 million and $156.2 million for the three and nine months ended September 30, 2023, respectively, and $54.2 million and $162.1 million for the three and nine months ended September 30, 2022, respectively.

From time to time, the Company is involved in a variety of lawsuits, claims, investigations and other legal proceedings arising in the ordinary course of business, including proceedings concerning labor and employment matters, personal injury claims, breach of contract claims, commercial disputes, business practices, intellectual property, tax and other matters for which the Company records reserves.

Although lawsuits, claims, investigations and other legal proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its currently pending matters should not have a material adverse effect on its business, financial condition, results of operations or liquidity. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect the Company’s business, financial condition, results of operations or liquidity in a particular period.

During the nine months ended September 30, 2023, the Company received $8.1 million related to the sale of certain of its business interruption claims and incurred $2.4 million in fees related to this matter. The proceeds from the sale were included in other revenue and the fees were included in selling, general and administrative expenses in the Company’s statement of operations.

As of September 30, 2023, the Company conducted its business through four reportable segments: Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming.

The Nevada Casino Resorts segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona. The Company’s casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in its portfolio. While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to the Nevada Locals Casinos.

The Nevada Locals Casinos segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius. The Company’s locals casino properties typically experience a higher frequency of customer visits compared to its casino resort properties, with many of the customers visiting the Company’s Nevada Locals Casinos on a weekly basis. The casino properties within this reportable segment have no or a limited number of hotel rooms and offer fewer food and beverage outlets or other amenities, with revenues primarily generated from slot machine play.

The Nevada Taverns segment is comprised of branded tavern locations, where the Company controls the food and beverage operations as well as the slot machines located within the tavern. The Company’s branded taverns offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages and are typically limited to 15 slot machines.

The Distributed Gaming segment is comprised of the operation of slot machines in third party non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores and grocery stores, across Nevada with a limited number of slot machines in each location. Distributed Gaming operations cater to local residents with high frequency visitation to these locations. The Company places its slot machines in locations where it believes they will receive maximum customer traffic. As discussed in “Note 1 — Nature of Business and Basis of Presentation” and “Note 2 — Divestitures and Assets Held for Sale,” on March 3, 2023, the Company entered into definitive agreements to sell its distributed gaming operations in Nevada and Montana and classified the assets related to its Distributed Gaming segment as held for sale as of March 31, 2023. On September 13, 2023, the Company completed the sale of the distributed gaming operations in Montana for aggregate cash consideration of $109 million plus working capital adjustment and purchased cash at closing. The Company’s proposed sale of its distributed gaming operations in Nevada to J&J Gaming remains pending and is expected to close during the fourth quarter of 2023, subject to satisfaction or waiver of customary closing conditions, including receipt of gaming regulatory approvals.

As discussed in “Note 1 — Nature of Business and Basis of Presentation” and “Note 2 — Divestitures and Assets Held for Sale,” on July 25, 2023, the Company completed the sale of Rocky Gap for aggregate cash consideration of $260 million, subject to adjustments. Prior to its sale, the operations of Rocky Gap were presented in the Company’s Maryland Casino Resort reportable segment.

The Corporate and Other segment includes the Company’s cash and cash equivalents, miscellaneous receivables and corporate overhead. Costs recorded in the Corporate and Other segment have not been allocated to the Company’s reportable segments because these costs are not easily allocable and to do so would not be practical.

The Company presents Adjusted EBITDA in its segment disclosures because it is the primary metric used by the Company’s chief operating decision makers in measuring both the Company’s past and future expectations of performance. Further, the Company’s annual performance plan used to determine compensation of its executive officers and employees is tied to the Adjusted EBITDA metric. Adjusted EBITDA represents each segment’s earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, impairment of goodwill and intangible 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).

Due to the Company’s use of Adjusted EBITDA as its measure of profit for its reportable segments, the Company includes a reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP. The Company also discloses Adjusted EBITDA at the reportable segment level, as set forth in the table below: