Golden Entertainment Reports Across-the-Board Declines Ahead of Going Private

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Golden Entertainment released its fourth-quarter 2025 earnings, showing declines in revenue, net income, and adjusted EBITDA compared to the prior year. The company attributed the declines to performance at its flagship property, The Strat Hotel, Casino & Tower on the Las Vegas Strip. Golden Entertainment announced in November 2025 that it has entered into agreements to sell its operating assets to CEO Blake L. Sartini and its casino real estate assets to VICI Properties through a sale-leaseback arrangement, with the company going private upon completion of the transactions.

Why it matters

The earnings report and planned privatization of Golden Entertainment highlight the challenges facing some casino operators in the Las Vegas market, even as the city's tourism industry continues to recover from the COVID-19 pandemic. The sale-leaseback deal with VICI Properties also reflects a broader industry trend of casino companies separating their real estate assets from operations.

The details

Golden Entertainment reported fourth-quarter 2025 revenue of $155.6 million, down from $164.2 million a year earlier. Net loss for the quarter was $8.5 million, compared to net income of $3 million in the prior-year period. Adjusted EBITDA declined to $33.5 million from $39.2 million. The company's Nevada Resorts segment, which includes The Strat, saw revenue drop to $90.2 million from $97.4 million and adjusted earnings decline to $20.1 million from $24.4 million.

• Golden Entertainment released its fourth-quarter 2025 earnings on February 27, 2026.
• In November 2025, Golden Entertainment announced agreements to sell its operating assets to CEO Blake L. Sartini and its casino real estate assets to VICI Properties.

What’s next

Upon completion of the proposed transaction, Golden Entertainment's common stock will no longer be listed and the company will become a private entity.