Golden Entertainment Inc. is progressing towards becoming a privately-owned entity after disclosing a net loss of $6 million for the year 2025, a stark contrast to the $50.7 million profit reported in 2024.

Based in Las Vegas, the casino operator recorded revenues of $634.9 million in 2025, down from $666.8 million the prior year. The company’s adjusted EBITDA stood at $140 million, a decrease from $155.4 million in 2024, primarily impacted by a $10.2 million loss from asset sales.

During the fourth quarter, revenues amounted to $155.6 million, reflecting an $8.6 million drop compared to the same quarter last year. For the quarter, the company faced a net loss of $8.5 million after reporting profits in Q4 2024. Adjusted earnings decreased from $39.2 million to $33.5 million, as per public disclosures.

As of December 31, Golden Entertainment reported total debt of $438.7 million, largely stemming from a $390 million term loan. The company had $55.3 million in cash reserves and $195 million available under its revolving credit facility, which increased to $203 million after an $8 million repayment in late January.

The company has ceased its earnings calls as it progresses with a previously announced plan to sell its operational assets to Chairman and CEO Blake Sartini, alongside several of its casino real estate holdings to VICI Properties Inc.

The transaction includes properties in Nevada such as The Strat on the north end of Las Vegas Boulevard, as well as the Aquarius and Edgewater resorts in Laughlin, the Pahrump Nugget, and two Arizona Charlie’s casinos located in Las Vegas. Upon completion of the deal, Golden’s stock will be delisted, and the company will move to private operation.

Notwithstanding its financial setbacks, Golden Entertainment upheld its quarterly dividend. The company disbursed $0.25 per share in January and has authorized a subsequent $0.25 dividend for April 1, payable to shareholders on record as of March 18.