GDEN on NASDAQ

Golden Entertainment

Logo: Golden Entertainment, Public domain, via Wikimedia Commons5

American gaming company

Golden Entertainment, Inc. is an American gambling company based in Enterprise, Nevada that operates casinos and taverns.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 19, 2026.

Overview

Aug 3, 2015Founded1

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  • TickerGDEN on NASDAQ1
  • Industrygambling1
  • HeadquartersEnterprise1
  • Websitewww.goldenentertainment.com
  • Business address535 Madison Avenue, New York, Ny 100226
  • Filer categoryLarge accelerated filer6
  • Legal formBusiness Corporation4
  • LEI549300P8YYCKQVJ0Y6384
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O Corporation Service Company, 55113-5603 Roseville, United States4
  • Registered withOffice of the Minnesota Secretary of State Business & Lien system, 10E-8824

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Golden Entertainment, Inc. is an American gambling company based in Enterprise, Nevada that operates casinos and taverns. It was formed in 2015 by the merger of Golden Gaming (founded in 2001 by Blake Sartini) and Lakes Entertainment. It is the largest tavern operator in Nevada. In October 2017, the company completed an $850 million acquisition of American Casino & Entertainment Properties. The company now has eight casino resorts, all located in Southern Nevada.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.4%Operating margin8
-1.0%Net margin8
-4.8%Revenue growth, 20258
-1.4%Return on equity8
$35.6MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$45.9M
  • Selling, general and admin34¢$218.5M
  • Other costs58¢$367.5M
  • Income tax0¢$3.1M

Out of $634.9M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending49¢$47.5M
  • Dividends paid27¢$26.4M
  • Share buybacks23¢$22.3M

Out of $83.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue910118$634.9M in 2025−35% since 2019
0$500.0M$1.0B$1.5B2019: $973.4M$973.4M20192020: $694.2M$694.2M2020−29%2021: $1.1B$1.1B2021+58%2022: $1.1B$1.1B2022+2%2023: $1.1B$1.1B2023−6%2024: $666.8M$666.8M2024−37%2025: $634.9M$634.9M2025−5%
Operating income91011128$21.5M in 2025−53% since 2019
-$200.0M0$200.0M$400.0M2019: $46.1M$46.1M20192020: -$67.4M-$67.4M20202021: $166.0M$166.0M20212022: $147.9M$147.9M2022−11%2023: $399.2M$399.2M2023+170%2024: $112.1M$112.1M2024−72%2025: $21.5M$21.5M2025−81%
Net income91011128-$6.0M in 2025−85% since 2019
-$200.0M-$100.0M0$100.0M$200.0M$300.0M2019: -$39.5M-$39.5M20192020: -$136.6M-$136.6M2020+245%2021: $161.8M$161.8M20212022: $82.3M$82.3M2022−49%2023: $255.8M$255.8M2023+211%2024: $50.7M$50.7M2024−80%2025: -$6.0M-$6.0M2025
Fiscal year2019202020212022202320242025
Revenue$973.4M9$694.2M10$1.1B11$1.1B11$1.1B11$666.8M8$634.9M8
Cost of revenue$46.6M12$46.5M8$46.3M8$45.9M8
Selling, general and admin$229.3M9$183.1M10$222.0M11$235.4M12$255.6M8$225.3M8$218.5M8
Operating expenses$930.5M11$183.1M12$200.8M8$199.5M8$188.7M8
Operating income$46.1M9-$67.4M10$166.0M11$147.9M12$399.2M8$112.1M8$21.5M8
Interest
Income before tax$162.2M11$82.9M12$332.0M8$72.8M8-$9.1M8
Income tax-$1.9M9$61.0K10$436.0K11$521.0K12$76.2M8$22.1M8-$3.1M8
Net income-$39.5M9-$136.6M10$161.8M11$82.3M12$255.8M8$50.7M8-$6.0M8
Earnings per share-$1.439-$4.8710$5.6411$2.8712$8.938$1.808-$0.238
Earnings per share (diluted)-$1.439-$4.8710$5.0411$2.6112$8.318$1.718-$0.238
Shares (weighted, basic)28.7M shares1128.7M shares1228.7M shares828.2M shares826.3M shares8
Shares (weighted, diluted)32.1M shares1131.5M shares1230.8M shares829.7M shares826.3M shares8

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The story

Golden Gaming was formed in October 2001 as a result of Blake L. Sartini's acquisition of Southwest Gaming Services, a company he founded before selling to Station Casinos.

In 2002, the Golden Tavern Group subsidiary was formed, and it acquired the PT's chain of taverns.

In 2004, the company acquired three casinos in Black Hawk, Colorado: the Golden Gates, Golden Gulch, and Golden Mardi Gras.

In 2006, Golden Gaming acquired the Pahrump Nugget Hotel & Gambling Hall from Generation 2000.

In February 2007, Golden began a two-year deal to operate the casino at the Hard Rock Hotel while its new owner, Morgans Hotel Group, applied for a gaming license. Golden paid $20.7 million a year to lease the casino, and received a $3.3 million monthly management fee, plus a portion of revenue. Golden pulled out of the deal early when Morgans received its gaming license in January 2008, citing a desire to focus on its other operations.

Golden Gaming agreed in November 2007 to buy the Saddle West casino in Pahrump from Anthony Marnell III and Sher Gaming, but canceled the deal the following June, deciding instead to focus on the Pahrump Nugget, where it began an $11 million expansion and remodeling.

In 2010, Golden Gaming agreed to take over operation of four small casinos owned by The Siegel Group, previously operated by United Coin: the Gold Spike, Siegel Slots and Suites, the Resort on Mount Charleston, and Rumor.

In March 2012, Golden bought from Affinity Gaming the Terrible's Town Casino and Terrible's Lakeside Casino & RV Park in Pahrump and Affinity's slot route operation (except for Terrible Herbst locations). The deal made Golden the largest employer and largest gaming operator in Nye County, and the largest slot route operator in Nevada, with about 8,500 machines in 650 locations, making up 45% of the market. Affinity in turn bought Golden's three casinos in Black Hawk, which were valued at a total of $76–92 million.

Read the full text

Golden Gaming agreed in January 2015 to merge with Lakes Entertainment. Sartini would own 35% of the company and serve as its chief executive officer. The merger was completed on August 3, 2015, establishing Golden Entertainment.

The company expanded into Montana in 2016, purchasing slot routes with 2,800 machines for a total of $45 million. In June 2017, Golden Entertainment was granted a license for slot route operations in Illinois. This marked the fourth state Golden is licensed.

In October 2017, Golden Entertainment acquired American Casino & Entertainment Properties for $850 million, which expanded the company's casino portfolio by four: the Stratosphere, Arizona Charlie's Boulder, Arizona Charlie's Decatur and the Aquarius Casino Resort. The following year, the company announced a $140 million renovation of the Stratosphere.

In January 2019, the company bought the Colorado Belle and Edgewater casinos in Laughlin, Nevada from Marnell Gaming (owner and operator of Nugget Casino Resort in Sparks) for $190 million. The acquisition of the Colorado Belle and Edgewater gives the company dominance in the market with three of 11 Laughlin properties, including the Aquarius.

In 2020, Golden completed a revitalization of the Stratosphere and rebranded the company as The Strat Hotel, Casino & Tower.

Golden sold the Rocky Gap Casino Resort in 2023 to Vici Properties and Century Casinos for $260 million. Also in 2023, Golden sold its Nevada and Montana slot routes to J&J Ventures.

In 2026, Golden Entertainment went private through a deal with Sartini and Vici Properties. The real estate of seven of Golden's casinos was sold to Vici in a leaseback deal for $1.16 billion, while Sartini and his family purchased the rest of the company's operating business.

From Wikipedia’s article on Golden Entertainment, shared under CC BY-SA 4.0.7

Leadership

Who has led Golden Entertainment, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lyle Berman2006–2013
  2. Blake L. Sartini2015–now

Chair

  1. Blake L. Sartini2015–now

President

  1. Timothy J. Cope2007–2013
  2. Blake L. Sartini2015–2019
  3. Charles Protell2020–now

Chief financial officer

  1. Timothy J. Cope2007–2013
  2. Matthew W. Flandermeyer2015–2016
  3. Charles Protell2016–now

Chief operating officer

  1. Stephen A. Arcana2015–2024
2010201520202025
Board members and other officers (19)

Products and brands

Golden Casino Group

Aquarius Casino Resort — Laughlin, Nevada

Arizona Charlie's Boulder — Las Vegas, Nevada

Arizona Charlie's Decatur — Las Vegas, Nevada

Edgewater Hotel and Casino — Laughlin, Nevada

Read the full text

Gold Town Casino — Pahrump, Nevada

Lakeside Casino & RV Park — Pahrump, Nevada

Pahrump Nugget Hotel & Gambling Hall — Pahrump, Nevada

The Strat Hotel, Casino and Tower — Las Vegas, Nevada

PT's Taverns

Great American Pub

Las Vegas (3 locations)

Lucky's

Henderson (1 location)

Las Vegas (2 locations)

Reno (1 location)

PT's Gold

Henderson (5 locations)

Las Vegas (24 locations)

North Las Vegas (2 locations)

PT's Place

Las Vegas (3 locations)

PT's Pub

Henderson (1 locations)

Las Vegas (15 locations)

PT's Ranch

Las Vegas (3 locations)

Sean Patrick's

Las Vegas (2 locations)

North Las Vegas (2 locations)

SG Bar

Las Vegas (1 location)

Sierra Gold

Las Vegas (4 locations)

Henderson (1 location)

Reno (2 locations)

Former

Colorado Belle — Laughlin, Nevada

Golden Gates Casino — Black Hawk, Colorado

Golden Gulch Casino — Black Hawk, Colorado

Golden Mardi Gras Casino — Black Hawk, Colorado

Rocky Gap Resort Casino — Flintstone, Maryland

From Wikipedia’s article on Golden Entertainment, shared under CC BY-SA 4.0.7

Former names

  • GOLDEN ENTERTAINMENT, INC.Aug 4, 2015 to Apr 30, 20266
  • LAKES ENTERTAINMENT INCAug 7, 2002 to Jul 30, 20156
  • LAKES GAMING INCOct 23, 1998 to May 31, 20026

Timeline

  1. Aug 4, 2015Went public Listed on NASDAQ1
  2. Aug 4, 2015New chief executive Blake L. Sartini becomes CEO17
  3. Aug 3, 2015Founded Founded1
  4. Mar 21, 2006New chief executive Lyle Berman becomes CEO18

Filings

228 filings to the SEC since October 2021: 6 annual reports, 13 quarterly reports, 41 major events, 78 insider forms, 21 large holders, 69 other. The latest 20:

  1. May 11, 202615-12G EDGAR
  2. May 4, 2026EFFECT EDGAR
  3. May 4, 2026EFFECT EDGAR
  4. May 4, 2026EFFECT EDGAR
  5. May 4, 2026EFFECT EDGAR
  6. May 4, 2026EFFECT EDGAR
  7. May 4, 2026SCHEDULE 13D/A EDGAR
  8. Apr 30, 20264 EDGAR
  9. Apr 30, 20264 EDGAR
  10. Apr 30, 20264 EDGAR
  11. Apr 30, 20264 EDGAR
  12. Apr 30, 20264 EDGAR
  13. Apr 30, 202625-NSE EDGAR
  14. Apr 30, 20264 EDGAR
  15. Apr 30, 2026POS AM EDGAR
  16. Apr 30, 2026POS AM EDGAR
  17. Apr 30, 2026POS AM EDGAR
  18. Apr 30, 2026POS AM EDGAR
  19. Apr 30, 2026POS AM EDGAR
  20. Apr 30, 2026POSASR EDGAR

The 228 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

20 open-market trades by officers, directors and large owners since October 2021: 1 buys and 19 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 13, 2025Sartini Blake L IIEVP of OperationsSale23,979$25.87$620.3KForm 4
Dec 20, 2024Wright TerrenceDirectorSale16,586$31.26$518.5KForm 4
Sep 20, 2024LIPPARELLI MARK ADirectorSale10,000$32.11$321.1KForm 4
Sep 19, 2024LIPPARELLI MARK ADirectorSale773$33.32$25.8KForm 4
Dec 21, 2023Protell CharlesPresident and CFOSale8,910$39.83$354.9KForm 4
Dec 20, 2023Protell CharlesPresident and CFOSale13,557$41.42$561.5KForm 4
Dec 19, 2023Protell CharlesPresident and CFOSale12,285$40.09$492.5KForm 4
Dec 18, 2023Protell CharlesPresident and CFOSale10,104$41.00$414.3KForm 4
Oct 12, 2023Arcana StephenEVP and COOSale62$35.00$2.2KForm 4
Apr 6, 2023Arcana StephenEVP and COOSale13,672$42.01$574.4KForm 4
Apr 5, 2023Arcana StephenEVP and COOSale11,328$42.01$475.9KForm 4
Oct 6, 2022Arcana StephenEVP and COOSale12,500$38.49$481.1KForm 4
Oct 5, 2022Arcana StephenEVP and COOSale12,500$37.96$474.5KForm 4
Mar 2, 2022Arcana StephenEVP and COOSale16,372$54.37$890.1KForm 4
Mar 2, 2022SARTINI BLAKE LChairman and CEOSale75,000$55.32$4.1MForm 4
Mar 1, 2022Arcana StephenEVP and COOSale17,000$54.83$932.1KForm 4
Mar 1, 2022SARTINI BLAKE LChairman and CEOSale78,871$55.10$4.3MForm 4
Feb 28, 2022SARTINI BLAKE LChairman and CEOSale168,129$56.79$9.5MForm 4
Feb 24, 2022SARTINI DELISE F10% ownerSale600,000$46.30$27.8MForm 4
Nov 8, 2021Wright TerrenceDirectorBuy14,630$51.38$751.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Huntington National Bank1$290.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Mar 14, 2025Susie LeeDemocratic, HouseSale$1,001 - $15,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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