GDEN - Golden Entertainment pops after big earnings beat Union Gaming PT boost

Union Gaming hikes its price target on Golden Entertainment ([[GDEN]] +12.2%) to $45 after calling the Q1 results more than just a recover. Analyst John DeCree: "GDEN's properties are firing on all cylinders, with the exception of The STRAT, which like the rest of the Las Vegas Strip is just now turning the corner and gearing up for a leisure-led demand recovery this summer. In total, the company reported a record $60m of Adjusted EBITDA in 1Q21, more than 20% above 1Q19. This is particularly impressive with very little contribution from the company's largest asset (The STRAT) in the quarter. Instead, the strong performance was driven heavily by the company's Las Vegas Locals operation, including its distributed gaming business, which generated revenue 20% ahead of 1Q19." DeCree estimates that GDEN's net leverage will dip below 5.0X this year and break 3.0X by the end of next year. Dig into Golden

For further details see:

Golden Entertainment pops after big earnings beat, Union Gaming PT boost