Golden Entertainment swings to $8.5M loss as earnings miss estimates
Casino operator reports weak Q4 results amid pending $1.16bn VICI acquisition that will take company private
Golden Entertainment swung to a loss in the fourth quarter of 2025, reporting an $8.5 million net loss that sharply missed analyst estimates, as the Las Vegas-based casino operator navigates a pending sale to VICI Properties that will take the company private.
The company reported revenue of $155.6 million for the quarter ended December 31, down 5.2 percent from $164.2 million in the prior year and missing Wall Street expectations that ranged from $164.7 million to $167 million. More strikingly, Golden posted a loss of $0.33 per share, compared with net income of $3 million, or $0.10 per share, in the same period a year earlier. Analysts had projected earnings per share of $0.12 to $0.17, according to multiple analyst reports.
The disappointing quarter capped a challenging full year for the company. For 2025, Golden reported revenue of $634.9 million, down from $666.8 million in 2024, and swung to a net loss of $6 million, or $0.23 per share, compared with net income of $50.7 million the previous year. The full-year results included a $10.2 million loss on asset disposals. Adjusted EBITDA declined to $140 million for the year from $155.4 million in 2024.
Despite the earnings shortfall, Golden's stock remained largely unchanged in after-hours trading, reflecting investor focus on the company's pending transformation rather than quarterly performance. The company announced in November 2025 that it would sell seven casino real estate properties to VICI Properties for $1.16 billion in a sale-leaseback transaction.
Under the terms of the deal, VICI will acquire the land and real estate of The STRAT Hotel, Casino & Tower, Arizona Charlie's Decatur, Arizona Charlie's Boulder, Aquarius Casino Resort, Edgewater Casino Resort, Pahrump Nugget Hotel & Casino, and Lakeside RV Park & Casino. VICI will enter a 30-year triple-net master lease with a new entity, Golden OpCo, controlled by current Chairman and CEO Blake L. Sartini, with initial annual rent of $87 million and 2 percent annual escalations beginning in the third year.
Shareholders are expected to receive 0.902 shares of VICI common stock plus a cash dividend of $2.75 per Golden share at closing. The $30 per share consideration announced in November represented a 41 percent premium to Golden's closing price on November 5, 2025, which analysts noted provided significant value to investors. VICI will also assume and repay up to $426 million of Golden's senior secured credit facilities.
The muted stock reaction to the earnings miss reflects the fact that the company's future is now largely tied to the transaction's completion. When the deal was announced, Barry Jonas of Truist Securities described it as "modestly accretive for VICI" that would provide "exposure to the desirable locals market, with some growth pipeline." David Bain of Texas Capital Securities suggested the transaction would boost sentiment on land-based casino names.
Analyst sentiment on Golden had already shifted to neutral ahead of the earnings report. In January 2026, CBRE's John DeCree downgraded the stock from "Buy" to "Hold" with a $28 price target, reflecting the upcoming corporate change. The company's decision not to hold an earnings call, typically a forum for management commentary and guidance, further underscores the transitional nature of its current state.
Golden maintained its quarterly dividend of $0.25 per share, with a payment made on January 6, 2026, and another authorized for April 1, 2026, to shareholders of record as of March 18. The dividend policy remains in place despite the quarterly losses, a decision that may be viewed as a gesture of confidence to shareholders as the company approaches its delisting.
The VICI transaction is expected to close by mid-2026, subject to regulatory and shareholder approvals. Upon completion, Golden Entertainment's common stock will no longer be listed on any exchange, and the company will transition to a private entity controlled by Sartini. For shareholders, the earnings results serve as a final snapshot of public-company performance before the casino operator exits the public markets amid a period of financial weakness but with the prospect of premium-value exit through the VICI deal.