NEW ROYAL HOLDCO I INC.

Listed Company

GDENCIK 0001071255NasdaqLarge AcceleratedServices-Miscellaneous Amusement & RecreationFY ends Dec 31

Period

FY 2025

Revenue

$634.91M

Net Income

$-6.04M

Total Assets

$1.02B

Equity

$420.90M

Shares Out

26.20M

Op. Cash Flow

$83.06M

Business

Golden Entertainment, Inc. owns and operates a diversified entertainment platform focused on casino and branded tavern operations. It offers casino gaming, hotel accommodations, food and beverage outlets, entertainment venues, race and sportsbook facilities, and branded tavern dining, craft beer and beverage services, supported by a consolidated loyalty program. The company conducts business through three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos and Nevada Taverns. Its operations and marketing are concentrated in Nevada, with properties and taverns primarily in the Las Vegas metropolitan area, Laughlin and Pahrump, marketed via local and regional advertising, digital and loyalty channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating Lease, Lease Income	51	56	72	63	—
Total revenues	635	667	1,053	1,122	—
Other	17	14	22	20	—
Selling, general and administrative	218	225	256	235	222
Depreciation and amortization	90	90	89	100	107
Loss (gain) on disposal of assets	10	−213,000	−228,000	934,000	1
Gain on sale of businesses	0	−69	−303	0	0
Preopening expenses	718,000	508,000	760,000	161,000	246,000
Impairment of assets	0	2	12	0	0
Total expenses	613	555	654	974	931
Operating income	22	112	399	148	166
Interest expense, net	−31	−35	−66	−63	−63
Loss on debt extinguishment and modification	0	−4	−2	−2	−975,000
Total non-operating expense, net	−31	−39	−67	−65	−4
(Loss) income before income tax benefit (provision)	−9	73	332	83	162
Income tax benefit (provision)	3	−22	−76	−521,000	−436,000
Net (loss) income	−6	51	256	82	162
Basic (in shares)	26	28	29	29	29
Diluted (in shares)	26	30	31	32	32
Basic (USD per share)	−0.23	1.8	8.93	2.87	5.64
Diluted (USD per share)	−0.23	1.71	8.31	2.61	5.04

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	55	58	158	137	221
Accounts receivable, net of allowance for credit losses of $432 and $97 at December 31, 2025 and 2024, respectively	14	13	17	20	19
Prepaid expenses and other	27	25	23	—	—
Inventories	8	8	8	8	7
Total current assets	104	104	409	245	264
Property and equipment, net	700	751	786	841	904
Operating lease right-of-use assets, net	71	78	79	148	179
Goodwill	87	87	84	158	158
Intangible assets, net	51	53	54	90	98
Other assets	6	7	10	16	12
Total assets	1,018	1,080	1,452	1,509	1,616
Current portion of long-term debt and finance leases	6	5	5	555,000	1
Current portion of operating leases	16	15	14	42	40
Accounts payable	16	22	19	25	19
Income tax payable	0	12	42	0	—
Accrued payroll and related	21	17	21	21	31
Accrued liabilities	31	30	35	33	35
Total current liabilities	89	101	174	133	127
Long-term debt, net and non-current finance leases	427	405	659	900	1,010
Non-current operating leases	69	78	81	122	155
Deferred income tax liabilities	12	21	0	53,000	2
Other long-term obligations	10,000	171,000	328,000	552,000	2
Total liabilities	597	606	915	1,156	1,296
Commitments and contingencies (Note 13)	—	—	—	—	—
Common stock, $.01 par value; authorized 100,000 shares; 26,185 and 26,511 common shares issued and outstanding at December 31, 2025 and 2024, respectively	262,000	265,000	287,000	282,000	288,000
Additional paid-in capital	483	482	476	480	478
Accumulated deficit	−62	−8	61	−127	−159
Total shareholders equity	421	474	538	353	320
Total liabilities and shareholders equity	1,018	1,080	1,452	1,509	1,616

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash lease benefit	−402,000	−380,000	−15,000	165,000	—
Share-based compensation	9	10	13	13	14
Amortization of debt issuance costs and discounts on debt	2	2	4	4	4
Loss (gain) on disposal of assets	10	−213,000	−228,000	934,000	1
Provision for credit losses	416,000	159,000	643,000	753,000	631,000
Deferred income taxes	−9	50	−18	−14	341,000
Accounts receivable	−1	4	−128,000	−5	−6
Prepaid expenses, inventories and other current assets	−2	−5	12	−24	−1
Other assets	419,000	−1	−609,000	−4	−2
Accounts payable and other accrued expenses	−9	−46	54	−4	14
Other liabilities	−521,000	−795,000	−416,000	−1	−791,000
Net cash provided by operating activities	83	92	119	150	296
Purchase of property and equipment, net of change in construction payables	−47	−50	−86	−51	−29
Acquisition of business, net of cash acquired	0	−7	−10	0	0
Proceeds from disposal of property and equipment	115,000	16,000	401,000	152,000	374,000
Proceeds from sale of businesses, net of cash sold	0	204	362	0	0
Net cash (used in) provided by investing activities	−47	147	267	−51	−29
Repayments of revolving credit facility	−20	0	0	0	0
Proceeds from revolving credit facility	45	20	0	0	0
Repayments of term loan	−4	−4	−577	−75	—
Issuance of new term loan	0	0	400	0	—
Repayments of senior notes	0	−276	−59	−40	0
Repayments of notes payable	−1	−661,000	−2	−512,000	−4
Principal payments under finance leases	−1	−1	−527,000	−541,000	−6
Payment for debt extinguishment and modification costs	0	−6,000	−8	−12,000	−651,000
Tax withholding on share-based payments	−8	−7	−17	−11	−7
Cash dividend paid	−26	−21	−58	0	0
Proceeds from issuance of common stock, net of costs	5,000	7,000	8,000	4,000	9,000
Proceeds from exercise of stock options	0	3	0	31,000	98,000
Repurchases of common stock	−22	−92	−9	−51	−11
Net cash used in financing activities	−38	−379	−331	−177	−150
Change in cash and cash equivalents	−2	−140	56	−79	117
Cash paid for interest	29	42	67	59	58
Cash paid for income taxes, net	22	9	39	20	0
Assets acquired under finance lease obligations	0	4	0	0	—
Payables incurred for capital expenditures	1	2	2	5	2
Notes payable incurred for capital expenditures	3	0	4	0	0
Loss on debt extinguishment and modification	0	4	2	2	—
Operating lease right-of-use assets obtained in exchange for lease obligations	7	13	9	22	41

Filings

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