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Golden Entertainment Reports 2020 First Quarter Results

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– Q1 Results Negatively Impacted by Mandated Closure of All Operations in March
– Cash Outlays Significantly Reduced to Preserve Liquidity
– Revolver Fully Drawn in March to Create Over $300 million Cash Position
– Montana Distributed Gaming Operations Reopened May 4th Statewide

Golden Entertainment, Inc.  reported financial results for the first quarter ended March 31, 2020.

Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “The COVID-19 pandemic forced the mandated closure of all our operations beginning in mid-March, and continues to have an unprecedented impact on our business and the gaming and entertainment industry in general. This is reflected in our first quarter financial results, notwithstanding our significant year-over-year growth through February prior to the suspension of our operations. Since the closures, we have focused on supporting our team members, staying connected to our customers, and working to establish appropriate sanitation protocols to offer a safe environment when we are allowed to reopen.

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“In order to preserve the Company’s liquidity and position ourselves to withstand the ongoing interruption to our operations, we reduced our cash operating expenses, deferred all capital expenditures and drew down our $200 million availability under our revolving credit facility. The actions that we have taken since the closure of our operations have positioned Golden Entertainment to withstand the current disruption in our business for the foreseeable future.

“Over the last several years we have executed on a strategic plan to put the Company on a path for long-term growth. This plan included capital investment to renovate and reposition The STRAT, accretive acquisitions that have grown our market share in Laughlin, pursuing new distributed gaming markets, and the introduction of our True Rewards one-card loyalty program. 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.

“Finally, I want to extend my deepest sympathies to those whose health or livelihood has been directly affected by COVID-19, as well as acknowledge our great appreciation for all the healthcare providers, first responders and other essential workers whose efforts are keeping our communities safe and healthy.”

Consolidated Results

The Company reported 2020 first quarter revenues of $207.2 million compared to $239.9 million in the first quarter of 2019. Net loss for the first quarter of 2020 was $32.6 million, or a loss of $1.17 per share, compared to a net loss of $8.0 million, or $0.29 per share, in the first quarter of 2019. Adjusted EBITDA was $30.3 million for the first quarter of 2020 compared to $48.4 million for the first quarter of 2019.

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Casinos

Casino revenues were $128.0 million in the first quarter of 2020 compared to $151.4 million in the first quarter of 2019. Casino Adjusted EBITDA was $31.8 million compared to $46.6 million in the first quarter of 2019.

Distributed Gaming

Distributed Gaming revenues for the first quarter of 2020 were $79.0 million compared to $88.4 million in the first quarter of 2019. Distributed Gaming Adjusted EBITDA was $7.1 million compared to $13.5 million in the first quarter of 2019.

Balance Sheet Highlights

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As of March 31, 2020, the Company had cash and cash equivalents of approximately $302 million, including $200 million drawn from the Company’s revolving credit facility on March 16, 2020. Total debt on March 31 was $1.36 billion including the revolver draw.

Capital Expenditures

Capital expenditures in the first quarter of 2020 totaled $18.5 million, including payments of approximately $12 million related to renovations at The STRAT that were completed in December 2019. The total cost of renovations for The STRAT since June 2018 totals approximately $101 million.

 

 

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Dr. Jennifer Shatley

New Trade Association Launches Unprecedented Effort to Strengthen Responsible Online Gaming, Promote Best Practices

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The Responsible Online Gaming Association (ROGA), an independent trade association launched by seven of the largest U.S. legal mobile gaming companies, will actively promote a new industry-wide best practices charter, overseen by one of the world’s foremost experts in the field of responsible gaming (RG).

This unprecedented effort will be led by Dr. Jennifer Shatley, a deeply respected responsible gaming executive with more than 25 years of experience in the industry. She will serve as ROGA’s full-time Executive Director, and her role will be to facilitate widespread education to all relevant parties on the subject of responsible gaming.

ROGA will embark on a series of initiatives under Dr. Shatley’s direction. These include research, consumer and industry responsible gaming education and awareness, promoting responsible gaming best practices, an independent data clearinghouse, and an independent certification program.

Demonstrating their commitment to this endeavor, initial member companies – who together represent more than 85% of the legalized online sports betting and iGaming industry – have pledged more than $20 million in support of ROGA’s mission in year one. ROGA’s member companies include BetMGM, bet365, DraftKings, Fanatics Betting and Gaming, FanDuel, Hard Rock Digital, and PENN Entertainment.

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“I am humbled, honored, and excited to be selected to lead ROGA during this important period of growth in legalized mobile gaming. Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness. Together, our members will work alongside researchers, experts, regulators and stakeholders to promote responsible online gaming and maximize our efforts to support additional responsible gaming education and awareness. By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming,” said Dr. Shatley.

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Compliance Updates

Play’n GO awarded Pennsylvania license 

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Play’n GO has continued on its upward trajectory in North America by landing its latest US iGaming licenses and will soon supply its award-winning content portfolio to operators and players in Pennsylvania and Delaware

These licenses are the fifth and sixth obtained by the Swedish gaming giants in the USA, following New Jersey, Michigan, West Virginia, and Connecticut.

Play’n GO have taken a dual-pronged approach to its strategy in North America, with these US licenses being complimented by the company’s success north of the border in Canada, where Play’n GO was one of the first suppliers to be licensed to supply slot games in the province of Ontario.

Although early in its American journey, Play’n GO games such as Piggy Blitz, make regular appearances in the top 15 most popular titles in all of North America*.

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Magnus Olsson, Chief Commercial Officer for Play’n GO, said: “Play’n GO content is the most conducive to player retention across the industry. With player acquisition costs sky high in the US, we’re pleased to be able to offer operators in Pennsylvania access to our content which will keep players coming back for more.

“We are determined to be the number one casino gaming supplier in every regulated market in the world, and given that we are thriving in more than 25 jurisdictions around the world where we have a license, we fully expect a similar success story in Pennsylvania in the coming years.”

Play’n GO is set to release more than 50 online slot titles in 2024 and is active in more than 25 regulated jurisdictions worldwide, including Ontario, New Jersey, Michigan and West Virginia in North America.

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Experi-MENTAL

Lightning Box concocts scientific experiment with new release Experi-MENTAL

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 Light & Wonder, Inc. (NASDAQ and ASX: LNW) (together with its subsidiaries, “Light & Wonder” or “L&W”) announced the launch of its new game, Experi-MENTAL, stacked with features, modifiers and a clash with the mad scientist.

Experi-MENTAL has two in-game features to enhance the overall player experience.

This 3×5 title, exhibits the distinctive Expanding Wild Feature, which can award huge prizes for players should the Wild Brain symbol expand and replicate by five times during the Free Games round.

When players enter the mad scientist’s lab, they will stumble across the Upgrading Feature, which zaps the 9, 10, J, Q, K or A symbols into high-paying icons, including Test Tubes, Power Switch, Cat, Pug or Man. The wins are then accumulated and paid out once the reels have stopped spinning.

The Barrel Pick Feature can radio-activate the feature by awarding an extra 15 Free Games, as players are presented with highly dangerous barrels with an unknown material.

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A meter appears when players select a barrel, with a red area and a green area in view. Landing on the meter’s green area ensures the Free Games round is triggered and additional games are awarded but landing in the red zone activates only the round itself.

The classic Free Games mode is unlocked when Scatter symbols appear, with five Scatters granting the maximum of 10 Free Games and the Barrel Pick Feature. During the round, Free Games can be retriggered at any time.

Experi-MENTAL is set to go live with Caesars in New Jersey, Michigan and Ontario initially, and will be available at a later date to customers of Light & Wonder’s industry-leading OPENGAMING platform.

 Michael Maokhamphiou, Studio Director at Lightning Box, said: “Experi-MENTAL is one Wacky slot game, and we believe it can propel our slots onto the next level.

 “During this game, players can unlock some new features, which add a dramatic element to this slot and classic round that are a cornerstone of Lightning Box’s portfolio. We are in no doubt will love taking on the mad scientist in this epic title.”

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 Rob Procter, VP of Game Development at Light & Wonder, said: “2024 is going to be a big year for Lightning Box and the launch of Experi-MENTAL gives players the opportunity to showcase this thrilling game.

 “With a variety of different features exhibited on this captivating title, it sets Lightning Box apart from its competitors, ensuring the player experience is unrivalled.”

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