Golden Entertainment Inc. reported another down quarter to close out 2025, as the Las Vegas-based casino operator prepares to transition into private ownership.
The company posted fourth-quarter revenue of $155.6 million, an $8.6 million year-over-year decline, and swung to a net loss of $8.5 million after reporting a profit in the same period last year. Adjusted earnings fell to $33.5 million, compared with $39.2 million at the end of 2024, according to public filings.
For the full year, Golden generated $634.9 million in revenue, down from $666.8 million in 2024. The company booked a net loss of $6 million for 2025, a sharp reversal from the $50.7 million profit the prior year.
Results were dragged down by a $10.2 million loss from asset disposals, according to the company. Adjusted EBITDA for 2025 came in at $140 million, compared with $155.4 million the year before.
Despite the softer results, Golden continued issuing its regular quarterly dividend. The company paid $0.25 per share in January and authorized another $0.25 payout for April 1 to shareholders of record on March 18.
Golden is no longer holding earnings calls as it moves through its previously announced plan to sell its operating assets to company Chairman and Chief Executive Officer Blake Sartini and several of its casino real estate holdings to VICI Properties Inc.
Nevada casinos changing hands as part of the deal include The Strat at the north end of Las Vegas Boulevard, the Aquarius and Edgewater resorts in Laughlin, the Pahrump Nugget and two Arizona Charlie’s casinos in Las Vegas.
Once the transaction closes, Golden’s stock will be delisted and the company will operate privately.
The company ended the year with $438.7 million in total debt, mostly from a $390 million term loan, and reported $55.3 million in cash on hand. Golden also had $195 million available on its revolving credit line as of Dec. 31, a figure that increased to $203 million after an $8 million repayment made in late January.
MGM Resorts, BetMGM donate $1 million toward problem gambling efforts
Las Vegas-based MGM Resorts International and its digital gaming partner BetMGM announced a $1 million expanded commitment to responsible gaming efforts.
The two companies joined the National Council on Problem Gambling in marking March as Problem Gambling Awareness Month. The funding will support research, public education, community partnerships and employee training, according to a news release.
The companies committed $450,000 to the International Center for Responsible Gaming to support a new research initiative focused on sports betting behaviors, risk factors and emerging trends. MGM Resorts and BetMGM will also direct more than $850,000 in 2026 to state and national organizations involved in problem gambling prevention and treatment, while expanding their GameSense program across casino floors, sportsbooks, digital platforms and employee training.
MGM Resorts will launch a new “Earn More. Play Smart.” campaign this spring to integrate responsible-play messaging into its MGM Rewards loyalty program, while BetMGM continues promoting its hockey-themed responsible gaming ads featuring NHL superstar Connor McDavid.
Additional initiatives include lived-experience trainings offered through EPIC Global Solutions and continued participation in industrywide responsible gaming campaigns such as the American Gaming Association’s Have A Game Plan program.
Macao February results
February gaming revenue in Macao was lower than expected, but better than what was feared, a New York-based analyst said.
The Gaming Inspection and Coordination Bureau of Macao on Sunday reported gaming revenue of $2.56 billion (U.S.), a 4.5 percent increase over February 2025 figures.
Much of the increase was attributed to the Chinese Lunar New Year falling in February this year, compared with it being in January last year.
“Although this was weaker than the market and our initial estimate, it was better than the trend of our weekly channel checks, which had indicated a year-over-year decline for the first three weeks of February,” said Jefferies Equity Research analyst Anne Ling in a Monday report to investors.
For the first two months of 2026, gaming revenue in Macao has soared by 13.9 percent to $5.63 billion (U.S.).
“The acceleration toward the end of the month and Chinese New Year is encouraging and should be a modest positive for the related stocks,” Ling said in her report. “It is clear that gauging expectations remains challenging as the market evolves post-COVID with respect to non-gaming investments, new or repositioned assets and management changes.”
Insider trading
The Commodity Futures Trading Commission has announced a pair of disciplinary actions involving insider trading by customers using the KalshiEx prediction market exchange.
The CFTC last week affirmed disciplinary actions against Kyle Langford, a candidate for a U.S. House seat in California, and Artem Kaptur, an editor for the MrBeast YouTube channel.
Kalshi accepts prediction contracts on current events, including election results. Prediction markets are under scrutiny in Nevada because state gaming regulators say Kalshi is illegally taking sports wagers on the outcomes of games without being licensed.
The actions against Kaptur and Langford are the first major disciplinary actions taken by the CFTC, a federal agency that oversees rapidly growing prediction markets.
Kalshi policed itself in both matters.
According to the CFTC, in May social media posts contained videos that appeared to show a political candidate trading on his own candidacy on Kalshi. Kalshi’s compliance team contacted the candidate that same day, and the trader acknowledged that he knew the trades were improper and violated Kalshi’s rules, which prohibit trading in a contract over which the trader has direct or indirect influence over the outcome. Kalshi imposed a $2,246.36 financial penalty (disgorgement of $246.36 related to the improper trading activity, plus a $2,000 penalty) and a five-year suspension from direct or indirect access to the exchange.
Langford is listed as a candidate in a nonpartisan primary election race for a U.S. House seat in California District 26.
According to the CTFC, In August and September, an individual traded a prediction market related to a YouTube channel while having an employment relationship or other formal affiliation with the subject of the contract, through which the trader likely had access to material non-public information related to his trades, in violation of exchange rules. Upon investigating the highly successful trades and the trader responsible, Kalshi discovered that the trader was an editor for a YouTube channel who likely had advanced knowledge of the contents of the channel’s videos prior to the time they were publicly posted. Kalshi concluded there was reasonable belief that the trades were based on material non-public information misappropriated in violation of a pre-existing duty and imposed a $20,397.58 financial penalty (disgorgement of $5,397.58 in profits from the illicit trading, plus a $15,000.00 penalty) and a two-year suspension from direct or indirect access to the exchange.
Nevada gaming regulators contend that Kalshi operates its sports prediction markets with little regulatory scrutiny.