2024-07-12 09:50:28 ET
Summary
- Golden Entertainment completed the sale of the Distributed Gaming sector and Maryland Casino Resort to focus on its Nevada operations and improve its margins.
- The fund from the divestitures was primarily used to significantly lower the leverage and reduce the interest expenses.
- Completion of major renovations in Golden's most valuable asset, The STRAT, along with the opening of Atomic Golf in March can boost the revenue and EBITDA.
- At the current valuation, I believe new investors are only paying for the Taverns sector and The STRAT resort while the rest of the assets are basically being offered for free.
Investment Thesis
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Golden Entertainment: Current Divestitures And Attractive Valuation Offer Compelling Opportunity