Published on: October 10, 2025, 02:14h.
Updated on: October 10, 2025, 02:14h.
- Asset manager holds 5.06% of outstanding shares in Strat’s ownership
- Gabelli has expressed positive views on Golden Entertainment in the past
Mario Gabelli’s GAMCO Investors has acquired what seems to be an activist stake in regional casino operator Golden Entertainment (NASDAQ: GDEN), though the firm does not aim to gain control over the gaming enterprise.
A recent Form 13D filing with the Securities and Exchange Commission (SEC) reveals that GAMCO, along with affiliates connected to the asset manager and Gabelli himself, holds over 1.32 million shares in the Strat operator. This amounts to approximately $22.56 million or 5.06% of the company’s total equity. Investors with stakes over 5% in publicly traded companies are required to disclose their holdings to regulatory authorities.
The (GAMCO) filing indicates that the holdings were obtained for investment purposes across advisory and proprietary accounts; various funds including client assets, working capital, and personal funds were utilized,” as summarized from the regulatory document. “The filers have stated no intention to assume control but may engage in discussions with management as part of their investment strategy.”
SEC records show that Gabelli’s investment firm has been actively purchasing shares of Golden, interspersed with some modest sales over the last quarter. With its increased stake, GAMCO now ranks as one of the top five shareholders in the casino operator.
Analyzing Gabelli’s Intentions with Golden
Although GAMCO isn’t seeking a complete takeover of Golden, the investor hasn’t explicitly detailed its activism level or the future direction it hopes to influence within the gaming company. It is not uncommon for activist investors to remain silent about their strategies at first, while some others clarify their intentions right away.
GAMCO’s involvement with Golden aligns with Gabelli’s previous remarks. In the January edition of Barron’s “Roundtable,” he referred to Golden as “a work in progress” while pointing out potential assets from the operator’s nine acres of unused land across the Strat.
Recently, speculation has surged that Golden might consider a real estate maneuver this year aimed at maximizing shareholder value. Much of this speculation involves the Strat, which, while not on the Las Vegas Strip, is conveniently located nearby. The casino hotel, along with Gabelli’s mentioned acreage, constitutes the operator’s most significant property assets.
However, rumors regarding real estate transactions by Golden are growing stale in the investment community, causing some analysts to suggest that catalysts for consolidation related to the stock have diminished. Nevertheless, the presence of an activist investor could invigorate this narrative.
Gabelli’s Background in Gaming Investments
Gabelli boasts a rich history of investing in gaming sectors and has recently expressed optimism about Caesars Entertainment (NASDAQ: CZR), notably referencing the renewed engagement of activist investor Carl Icahn with that firm.
Regarding Golden, the company has indicated a preference to sell rather than buy, though the specifics of this could manifest as asset or real estate sales, or even an outright company sale. Any of these possibilities might satisfy an activist investor like GAMCO.
Golden operates casinos in Las Vegas, Laughlin, and Pahrump, suggesting potential opportunities for multiple asset or property divestitures, though it remains uncertain what kind of pressure Gabelli and GAMCO will apply.