Golden Entertainment Inc., which is preparing for a May 31 reopening of its Nevada casinos, including The Strat, is encouraged by the kind of slots activity its properties in Montana showed after they reopened May 4.
In a conference call with investors, Golden Chairman and CEO Blake Sartini talked about “the unprecedented impact” on the company which weathered the Covid-19 storm by drawing on $200 million in credit and deferring capital expenses with a 13.6 percent decline in revenue for the first quarter. This despite the company’s “significant” growth over the year before prior to the pandemic striking in mid-March.
“We have not missed a beat in Montana,” added CFO Charles Protell. The executives see this as a good sign that demand will be high when Nevada reopens its casinos.
Sartini told investors “Our current cash position, capital structure with no near-term debt maturities and diverse operations of wholly owned casinos and distributed gaming operations across multiple jurisdictions will position Golden Entertainment favorably to achieve long-term success as we are allowed to reopen our properties.”
Protell noted that The Strat gaming floor is designed to hold up to 2,000 machines but currently has 750. This will enable the casino to easily follow the state’s guidelines for social distancing when it reopens.
