Golden Leisure Inc., operator of the Strat and the PT’s Pub chain, noticed second-quarter income and earnings decline largely on account of room renovations taking a number of Strat rooms offline in the course of the quarter that ended June 30.
Executives with the corporate on Monday reported that work crews accomplished the renovation of 537 rooms and the resort’s pool deck to make certain that the property could be able to accommodate hundreds of holiday makers that will probably be in Las Vegas in November for the System 1 Las Vegas Grand Prix race and February’s Tremendous Bowl LVIII at Allegiant Stadium.
Golden, which has the most important gaming tavern footprint in Nevada, opened one new branded Nevada gaming tavern in April, has six taverns underneath contract to be acquired and agreements for 3 greenfield growth websites.
“Ongoing room and pool renovations on the Strat, which had been accomplished on the finish of June, negatively impacted second-quarter outcomes,” Golden CEO Blake Sartini mentioned within the name. “Regardless of weaker outcomes from our on line casino resorts section, our locals casinos continued their robust efficiency.”
Within the earnings name with traders Monday, Sartini mentioned the just lately accomplished sale of the Rocky Hole On line casino Resort in Maryland resulted in $175 million being dedicated to firm debt retirement and the fee of a $2-a-share dividend. As well as, the Golden board approved a $100 million share buyback.
Charles Protell, Golden’s president and chief monetary officer, informed traders on the decision that the dividend, payable Aug. 25 to shareholders of file Aug. 11, was a one-time payout that will not proceed in future quarters.
Golden shares, traded on the Nasdaq change, had been down 28 cents, 0.7 %, to $42.34 a share on above-average quantity.
Contact Richard N. Velotta at firstname.lastname@example.org or 702-477-3893. Observe @RickVelotta on Twitter