Q3 2024 Golden Entertainment Inc Earnings Call
[music].
[music].
[music].
[music].
[music].
Good afternoon, ladies and gentlemen, thank you for standing by.
Welcome to the Golden Entertainment third quarter, 'twenty 'twenty four earnings conference call.
At this time all participants are in a listen only mode.
A question and answer session will follow the formal remarks. Please.
Note that this call is being recorded today.
Now I'd like to turn it over to James Adams, The company's Vice President of corporate Finance and Treasurer.
Please go ahead Sir.
Thank you very much operator, and good afternoon, everyone on the call today is Blake <unk>, the company's founder Chairman and Chief Executive Officer, and Charles <unk>, The company's President and Chief Financial Officer.
On this call we will make forward looking statements under the safe Harbor provisions of the federal Securities laws.
Actual results may differ materially from those contemplated in these statements except as required by law. We undertake no obligation to update these statements as a result of new information or otherwise.
During the call. We will also discuss non-GAAP financial measures in talking about our performance you can find the reconciliation of GAAP financial measures in our press release, which is available on our website.
We will start the call with Charles reviewing the details of the third quarter results and a business update following that Lake Charles will take your questions with that I will turn the call over to Charles.
Charles: Thanks, James sorry.
Charles: Starting with our financial results, we generated revenue of $161 million and EBITDA of 34 million in the third quarter. Our reported prior year numbers include the results from our divested, Maryland Casino and distributed gaming operations, but comparing the results our continuing operations total revenue declined 5%.
Charles: And consolidated EBITDA declined 21% in the third quarter.
Charles: Our third quarter was challenging for both both our casino and taverns segments with the most significant year over year declines in July.
Charles: As others have noted Las Vegas experienced record heat this summer, which can create attributed to lower visitation at our casino properties and local taverns.
Charles: In addition, we saw continued weakness at the lower tiers of our database as those consumers have reduced their discretionary spending and the current economic environment.
Charles: Despite these challenges we see Q3 is the lowest level of financial performance for our portfolio given October trends and our outlook for the remainder of the year.
Charles: Reflecting that view, we have increased our share repurchase authorization by $100 million. So we now have over $130 million of buyback capacity to add to the $60 million, we repurchased over the last two quarters.
Charles: Now for some color on our operating segments.
Charles: For our Nevada Casino resorts revenue declined, 6% and EBITDA declined 20% with most of the decline coming out of Australia.
Charles: At the Strat, our weekend occupancy was slightly up year over year. However, our midweek occupancy was down almost 6% to prior year and spend per guest also trended lower for the quarter.
Charles: Las Vegas, citywide occupancy and ADR were weaker in July, particularly for mid to lower tier properties. In addition, without direct meeting space. The strat was unable to benefit from recovering convention business in September to the same extent as other strip properties.
For the Strat, our Q4 looks stronger than Q3, and we anticipate stable year over year performance with opportunity for growth in 2025 from returning midweek occupancy and increased spend from our core customer.
Charles: In Laughlin, despite lower visitation and revenue our properties increase their market share in the quarter and reduced their operating expenses.
Charles: Our riverfront bingo room continue to help drive increased local business to offset lower visitation due to having one less major concert at our Laughlin event Center.
Charles: For our Nevada locals casinos revenue declined 7% and EBITDA declined 15%, where we saw increased seasonality compared to recent years and decreased spend from our lower tier customers are Arizona Charlie's to cater property was further impacted by disruption from room renovations, which were completed mid September.
Charles: Sure.
Charles: The largest revenue and EBITDA percentage declines in our Nevada locals casinos continue to come from our smaller, Arizona, Charlie's Boulder property, which caters to our most value oriented guests, while our pahrump casinos remained stable year over year.
Charles: We expect stable year over year performance in Q4 for all of our local properties, which will be helped by the Las Vegas promotional environment moderating.
Charles: For the third quarter, Nevada Tavern revenue declined, 2% and EBITDA declined 29% with margins negatively impacted mostly as a result of the elevated initial operating expenses associated with our seven new taverns and the last mandated Nevada minimum wage hike in July.
Charles: Our tavern customers were also impacted by extreme summer heat and less discretionary spending we typically see our new taverns stabilizing within nine to 18 months of opening or acquisition and we expect these last seven to follow the same pattern.
Charles: With regards to our capital structure, we continue to maintain when the best balance sheets in the gaming industry with our net leverage at approximately two times EBITDA and $240 million of availability under our revolving credit facility.
Charles: Since selling our non core assets at premium multiples last year, we have repaid over $500 million of debt and returned nearly $150 million to shareholders through a combination of share repurchases and dividends, including over $80 million since the end of Q1.
Charles: Between August and October we have repurchased approximately 950000 shares.
Charles: Bind with the almost 1 million shares repurchased in Q2, we have repurchased nearly 2 million shares over the last six months, representing 7% of our outstanding shares and 9% of the free float.
Charles: After increasing our buyback authorization, we have $131 million of availability for share repurchases, which can be funded by cash from operations as well as our undrawn revolving credit facility.
Charles: We continue to believe that our portfolio of wholly owned casinos in local taverns will benefit from the favorable long term demographic and economic trends in southern Nevada, and we see significant value in continuing to acquire our own equity at this time.
Charles: While we do evaluate strategic opportunities as they arise it will be a high bar for acquisitions, given our current valuation and we anticipate continuing to meaningfully buyback stock absent more compelling alternatives.
Charles: That concludes our prepared remarks, Blake and I are now available for questions.
Charles: Thank you.
Charles: Ladies and gentlemen, leaving and I will be conducting a question and answer session.
Charles: If you would like to ask a question. Please press star and one on your telephone keypad.
Charles: A confirmation tone will indicate your line is no question kill you.
Charles: You May press star two if you'd like to remove your question from the queue.
Charles: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the stock east.
Charles: Ladies and gentlemen, we will wait for a moment, while we poll for questions.
Charles: The first question comes from the line of body Jonas from <unk> Securities. Please go ahead.
Speaker Change: Hey, guys.
Speaker Change: I appreciate the comments on <unk>.
Speaker Change: Charles I appreciate your comments on M&A, but maybe you could just talk about what you're seeing out there how albertson that environment is there for assets you'd be interested in and then I'd be curious to get your thoughts on the sale leaseback model.
Speaker Change: Slide in the deck is always just curious any updated thoughts given where valuation sits today. Thanks.
Speaker Change: Yeah, I'll take I'll take a bit of that first part and Blake may want to comment on the second I think from an M&A perspective, we haven't seen a lot out there that is compelling for us I think when you look at the M&A landscape right now there's still a bit of a disconnect between.
Speaker Change: Buyers and sellers around the bid ask spread.
And not so much necessarily maybe the multiple that more and what's the run rate EBITDA.
Speaker Change: And I think that as we look into next year I think there's going to be a lot more visibility around stabilization of operations as well as the benefit of declining interest rates, which should help.
Speaker Change: Yeah in addition to that.
Speaker Change: Look I don't think that's overstating that we are in active mode right now.
Speaker Change: Looking at all of our potential strategic alternatives.
Speaker Change: That includes you know I think.
Speaker Change: In our Investor deck, we provided some math around it.
Speaker Change: The value of our real estate.
Speaker Change: And how that May you know made me may drive values, certainly in our share price given that.
Speaker Change: Our math shows our our Opco is really free if you buy our shares.
Speaker Change: So again, we're in active mode.
Speaker Change: In regards to reap, particularly.
Speaker Change: Tag onto Charles' comments in the M&A segment, you know, we're looking for our Holdco assets I don't there aren't many of those out there Theres limited Theres limited inventory I think of Holdco assets are.
Speaker Change: They are out there, but that would be our preference in terms of moving the needle for valuation of Golden given our strength of our balance sheet and so on.
Speaker Change: But we are considering all we're active in considering all alternatives at this point.
Speaker Change: Yeah.
Speaker Change: Great. That's helpful and then just as a follow up.
Speaker Change: Also appreciate the commentary on the on the consumer and certainly the summer heat and seasonality, but curious.
Speaker Change: If you saw any impact from the election.
Speaker Change: And any of your segments and.
Speaker Change: And now that that's over have you seen or would you expect to see any.
Speaker Change: And any improvements related thank you.
Speaker Change: Yeah, I think historically around these major federal elections presidential elections every four years, we do see consumers in the short term prior to the election.
Speaker Change: You know pulling back, but that's the right term, but certainly a.
Cautiously spending before and some a little bit after so much.
Speaker Change: Much like seasonality, although she loves it be selections. These broad elections only come around every four years, we do see a pattern of consumers pulling back certainly in the short term before the elections occur.
Speaker Change: Great. Thank you so much.
Speaker Change: Thank you.
Speaker Change: Q.
Speaker Change: The next question comes from the line of David Bain from B Riley Securities. Please go ahead great.
Speaker Change: Great. Thank you Hi, Blake Charles.
Everything we can hi, I'm, hoping we can unpack the margin stability or opportunity from three key results. It seems like multiple segmental improved to flat year over year in <unk>. So I assume you meant EBITDA there and is that a function of higher revenue and some rebound in margins I understood. The commentary on the tavern with this.
Speaker Change: Seven coming online and those normalizing longer term, but maybe across the rest of the portfolio would be helpful.
Speaker Change: Yeah, I think it quite frankly, the only asset that from a margin perspective remains a big challenge will be the strat as we look into Q4 and that really has to do with the latest culinary Union contract that we signed earlier this year as we look at the other asset we see stabilization both on the revenues.
Speaker Change: The cost structure in that business. Some of it is specific to changes, we're making if you look down in laughlin and focusing a bit more on the locals and our strategy going to smaller scale entertainment and in the locals that are here in Nevada, we really just see stabilization of the Tibet, while we continue to man.
Speaker Change: <unk> costs in that business, you mentioned, the taverns already and I think with respect to describe the strat will ebb and flow.
Speaker Change: Occupancy of the town and whats going on along the strip corridor and so we are basically a derivative of that without any of our own direct group meeting space. The one thing. We do have is we have an elevated cost structure. It's reflected in our views for for Q4 that are generally out there you know with all of you.
Speaker Change: You are right now so we feel confident in our statement about Q3 being the low point for the portfolio.
Speaker Change: Okay and also the <unk> commentary was helpful. For this but maybe if you could speak to F. One and the Super Bowl comp in one queue and Uh huh traveling not not just to the strip at the Las Vegas portfolio generally.
Speaker Change: Yeah. The F. One comp is.
Speaker Change: We've made adjustments obviously to our approach last year certainly on the expense side. So we're going to make significant improvements in regards to what we saw.
Speaker Change: Spent to try to drive traffic to the properties that's going to result in a positive I think.
Speaker Change: Generally citywide we're hearing.
Speaker Change: Gonna be a tough comp to half one last year.
Speaker Change: Given ticket prices are low we hurting room rates are lower.
Speaker Change: We've gone out and partner with the downtown folks to do a kind of a weekend festival that we can to try and drive some of that customer nor should downtown with entertainment bans.
Speaker Change: Pop ups and those kinds of things so we're well much better positioned for upon this year than we were speaking for ourselves last year, certainly from a cost standpoint, and it is a tough comp in Q1 was Super Bowl Super Bowl was was big for US last year I think it was big for the city last year. So we're going into Q1, knowing that that's going to be a tough comp and it gives you some.
Speaker Change: Sense of magnitude of Super Bowl, It was worth about $1 million and EBITDA to us and so from my perspective, as we talk over the course of the quarter. We think there is many other drivers that overcome that between the taverns stabilizing between increased occupancy and things that are going on at the strat, we feel side in terms of fading.
Speaker Change: Dot com.
Speaker Change: Okay, great. Thanks, guys.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Our next question comes from the line of Jordan Bender from citizens JMP. Please go ahead.
Jordan Bender: Good afternoon, everyone.
Jordan Bender: Golf up and running and has there been any thoughts around if something else Sacramento could stay into the excess land.
Jordan Bender: Between Australia, anatomic golfs that could help drive more foot traffic at both properties.
Speaker Change: Yeah look it's no. It's no secret we've been talking about atomic golf has been slow to ramp up.
Speaker Change: Before I talk about the additional potential development on property neurosurgery isn't to us.
Speaker Change: Still believe atomic remains a modern competitive facilities, the $70 million facility and irregardless of the slow ramp which it is ramping.
Speaker Change: Still going to continue to be irrelevant and significant asset next to a property. It's a world class asset in terms of physically what it offers so we're long term bullish on that in regards to the adjacent property I think between the strat and atomic is too narrow.
We tried to push that closer to the building to make it convenient for crosswalk traffic, but we do have five and a half acres of developable developable asphalt flat land across the street.
Speaker Change: Which is which is desirable we're getting a lot of inquiries into what could possibly be put there we're trying to fit a highest and best use concept in there that would drive.
Speaker Change: More traffic to the property so absolutely.
Speaker Change: We have we have adjacent property that with the ability to.
Speaker Change: Put some attractions on there that would benefit the distress.
Speaker Change: I'd say, we're also working on development of extra amenities inside the building. So we have approximately 150000 square feet.
Speaker Change: Space on the mezzanine level of distress and so we're working with some third parties to bring some experiential type of attraction to the property that we think help drive traffic as well.
Speaker Change: Great. Thank you and then Charles just on the ball up as we approach kind of year one of the dividend being paid is there any cadence or parameters, we should be thinking about in terms of.
Speaker Change: Does that go up is it based off of the pay out of yield et cetera.
Speaker Change: Yeah, I mean look we've talked and thought about it almost as constant dollar a bit out the door with the fluctuation based on the amount of equity we can buy back into the company. So in other words, when we get to the one year anniversary, we will take a look and see what's their projected cash flow going forward you know how do we.
Speaker Change: Think about how much stock, we bought back and how that translates into overall cash outflow, but you know clearly we.
Speaker Change: The dividend to us has been a constant piece of our of our cash flows going forward and.
Speaker Change: We look to increase that as we get into next year.
Speaker Change: Thank you very much.
Speaker Change: Thank you then.
Speaker Change: The next question comes from the line of David Katz from Jefferies. Please go ahead.
David Katz: Hi, everyone. Thanks for.
Taking my questions.
David Katz: I just want to make sure that I'm processing.
David Katz: All the commentary properly.
David Katz: We're talking about.
David Katz: Essentially activating some of the excess land one way or the other and we're also potentially talking here about a.
David Katz: A sale and lease back.
Speaker Change: And with the proceeds necessarily be used for capital returns or you know is.
Speaker Change: Is there a range of potential users just for the purposes of this exercise.
Speaker Change: Yeah. So I think I think the purpose is highlighting the value of that real estate is illustrated with Blake had discussed earlier, which is if you look at any reasonable multiple of our rent stream that is in excess of the total enterprise valuation of the company as it sits here today yeah.
Speaker Change: From our perspective, clearly clearly undervalued in terms of the combination of the Opco as well as the real estate, that's why quite frankly, we're confident in increasing the share buyback very meaningfully we have $130 million of availability on that buyback it represents a little bit over half of our.
Speaker Change: The revolving credit facility, yeah, we could use that as we see the opportunity.
Speaker Change: Within the market to do so we will have consistent buyback through Q4, and we're going to be doing that.
Speaker Change: Into the future, but I think youre not going to see.
Speaker Change: <unk> is sale leaseback to fund other development.
Speaker Change: We're not going to see as a strategic alternative I think year to date.
Speaker Change: Does that we're trading at levels that were the discount.
Speaker Change: It remains for a prolonged period and I think some people might point out that it has but we've been in a challenging interest rate environment, which I don't think has helped REIT multiples and so as we see the rate cuts that happened today, and we anticipate rate cuts in the future, it's our belief that multiples get better and cap rates get better.
Speaker Change: From a real estate perspective, and we're going to let that play out as we get through through next year.
Speaker Change: Totally agree.
Speaker Change: And totally sensible.
Speaker Change: If I can follow that up and just you know.
Speaker Change: I know we've talked about these things before.
Speaker Change: But it does feel field.
Speaker Change: Why.
Speaker Change: Assume it includes you know potential mergers or other alright.
Speaker Change: Alright, when Blake says we're active.
Speaker Change: Does it feel to play include.
Speaker Change: No corporate type activities like that.
Speaker Change: Yes, yes, I mean, we are.
Speaker Change: Uh huh.
Speaker Change: Its frustrating and I am sure its frustrating to our investors and to those that follow the company its frustrating to see we.
We get no credit for the real estate whatsoever. So within that context, we are frustrated with the valuation and we are sitting in a good position with a strong balance sheet.
Speaker Change: We owned real estate and a well run company to look at all alternatives. So yes, corporate merger, where we're active in looking at all things that may potentially drive cigna.
Speaker Change: Significant value to our current portfolio.
Speaker Change: Great.
Speaker Change: I appreciate it.
Speaker Change: Thank you for Canada.
Thank you thanks, David.
Speaker Change: Thank you.
Speaker Change: The next question is from the line of Chad Beynon from Macquarie Asset management. Please go ahead.
Speaker Change: Hey, good afternoon. This is Aaron on for Chad. Thanks for taking the question.
Speaker Change: Werent, just touch Hey, How're you doing wants to touch on the direct business at the Strat, which has been a nice success story for you guys. How high do you think that can go or just how do you think about the optimal mix there. Thanks.
Speaker Change: Yeah. So we've worked pretty hard and when we first took over the property. The O T. A mix was about over 70% 72 to 70, 475% that's down now to between 60 and 65% and we think we can keep moving that lower I mean, ideally we'd like it to be about 50% of the property.
Speaker Change: We're doing a lot of things in terms of boosting our direct booking business working more closely with the citywide conventions in selling blocks of rooms into this city wides.
Speaker Change: And I'm doing a little bit better job, capturing customer data Wednesday, even though they may have booked off an O T. A once they get on the property being able to send them return offers directly rather than through the <unk>. So we.
Speaker Change: We are pretty excited about that journey, it's a slow journey and it's a good one and theres upside in the property from doing that yes, I would just add to that.
Speaker Change: Charles said, it very well.
Speaker Change: We continue to see bright spots at the property.
Speaker Change: We are aggressively marketing the casino and seeing and seeing improvement in part of the play.
Speaker Change: We're seeing improvement in re visitation people revisiting the property, which prior to our ownership.
Speaker Change: It was pretty much nonexistent.
Speaker Change: Just for you know.
Speaker Change: A metric that may or may not be relevant produce environment, but if you look at 19 or 80 yards are still up approximately 20% today over 19 levels alright.
Speaker Change: Alright occupancy is down a bit but we can do is up but the middle the midweek is where Charles continues to talk about our upside. So theres a lot of data points and the properties that are going the right direction, we're kind of taking it in into the time, but it is going in a positive direction.
Speaker Change: Understood. Appreciate the color there are just turning to taverns in terms of growing the number of your taverns as we look to next year do you anticipate adding locations at the same rate as you have this year.
Speaker Change: Just any color on how you see the opportunity set there would be great.
Speaker Change: No I think we had some unique opportunities in the marketplace to acquire some brands in some locations that we think long term it will be very beneficial to the portfolio going forward more we're more focused on developing ground up and so we look to add one to two next year and then going forward after that it's private.
Speaker Change: In a three to four range the only thing I would add to that too for a little more color as we're bullish on that Greenfield Charles thoughts about one to two we are so we're looking for what we call a five star or premier locations only.
Speaker Change: To further grow the portfolio, we're having success in.
Speaker Change: In providing an inventory of these solid locations for us going forward.
Speaker Change: In those locations as Charles said, one to two year and still those those new locations versus the acquired locations, which admittedly have taken us longer to ramp up those new build locations still provide a 25% cash on cash return.
Speaker Change: When we build them. So we're very confident we will continue in that direction.
Speaker Change: Thank you very much.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: Next question is from the line of John Decree from CBRE. Please go ahead.
Speaker Change: Hey, guys I think most of mine have been answered, but maybe one follow up on the tavern discussion, particularly the new build and and and properties you acquired.
Speaker Change: I think up to about 18 months to stabilize.
Speaker Change: You give us a little bit more color on on that lifecycle I mean, when you when you bring a new property into the system any Catherine or open new ones. We typically lose money and then and then breakeven and then moving into profitability and then I guess the follow up is you know.
Speaker Change: Given that the seven or so that you've spoke about earlier kind of came on line at different times, where we are kind of in that lifecycle.
Speaker Change: Hey.
Speaker Change: Yeah, if you think about kind of inflection to profitability and maybe.
Speaker Change: Margin enhancement across that that business overall.
Speaker Change: Yeah. So when we typically open a ground up kavner and we're spending between two and eight 3 million and it's usually on the shorter end of that scale of ramp up to call. It. The nine to 12 month range. We usually have in the location, where we potentially don't have a lot of other locations and there is not the competition.
Speaker Change: And so they ramp faster than we staff them with people that came out of our existing caverns. So they know the process. They know our methodology they know our brands and they know our marketing.
Speaker Change: And we very quickly see those ramp to 25% to 30% cash on cash ROI as Blake mentioned with the acquisition depending on the staff that we acquire that could either be shorter or longer in this case for the cheese, Brad it's longer so we have basically turned over the entire.
Speaker Change: Staff and the fixed locations. We've acquired now we put in new staff and we're seeing the fruits of that in terms of that ramp up as we're getting into the into Q4 right now.
Speaker Change: So we're confident that those will get there and they're a little bit there's some different brands from what we've had in the past. So we like that we actually opened our newbuild with one of those brands and so it adds a little diversification to the portfolio, but it's just taken us a little bit longer to get them up to our standard.
Understood. Thanks for that color Charles but that's all for me I appreciate it guys.
Speaker Change: Yep.
Speaker Change: Thank you ladies and gentlemen, we take the last question from the line of Carlo Santarelli from Deutsche Bank. Please go ahead.
Speaker Change: Hey, Charles Blake. Thank you for taking my question.
Speaker Change: Charles I, just wanted to kind of.
Speaker Change: Understand a little bit when you when you talked about.
Speaker Change: The Nevada Casino segment.
Speaker Change: And I believe you also mentioned.
Speaker Change: With respect to the local segment I E. <unk> that you expect it to be stable year over year and I, just kind of want to understand what you meant with the stable comment I'm. Assuming you don't mean, you would anticipate they would be flat year over year, but but maybe I'm misunderstanding.
Speaker Change: Yes for Q4 year over year flat right.
Speaker Change: But other than the scrap excuse in my commentary and in the commentary my reference is really to the levels that are local properties are.
Speaker Change: And our casinos out in Pahrump Laughlin should be the same way I think you know strat should be a little bit down year over year, given where we are from a labor expense perspective.
Speaker Change: But that's that's the kind of all will be better than Q3, yes, yes, okay. Okay, and then just it might've been nuanced and it might not or might not exactly understood. It correctly, but what when you talked about the disconnect between buyers and sellers you made the point that it was not necessarily.
<unk> eight <unk>.
Speaker Change: A difference in pricing in bid ask it was more of a difference in <unk>.
Speaker Change: Earnings or EBITDA or cash flows is the perception than from from a buyer's perspective that sellers are looking for.
Speaker Change: Multiple off of a business, that's flat or growing and buyers. Just just are kind of looking for things to continue to kind of a slightly kind of erode or what exactly is that dynamic you were referencing.
Speaker Change: Yeah, I would say the dynamic probably not as specific is that buyers are looking at like we would look at it more conservative EBITDA to underwrite the future depending on what sellers may be offering whether they're offering yeah.
Speaker Change: Double digit growth rates in weird, saying, we're not going to get there or they are offering more flat. We think we should be a little bit more conservative I. Just think that there is more conservatism at least from our perspective as a buyer and what we're seeing.
Speaker Change: In in the situations, we've looked at from a seller perspective.
Speaker Change: Okay that makes sense. Thank you for the clarification. Thanks, guys Yep. Thank you.
Speaker Change: <unk>.
Speaker Change: Thank you.
Speaker Change: Do you remember that we have.
I'll follow up question from David Bain from being 90 Securities. Please go ahead.
Speaker Change: Oh, great. Thank you sorry for this.
Speaker Change: This question might be a little off track given the tavern discussion that were clearly centered around Las Vegas, but have there been any new thoughts around tavern business expansion outside of Nevada, I believe you still have the J&J relationship if I'm not mistaken.
Speaker Change: You've got the proven model.
Speaker Change: I would think you know the brand opportunity as well.
Speaker Change: Okay, that's actually very actually very good question. So when we exited.
Speaker Change: The route business, both in Montana in Nevada, I think on prior calls I referenced the fact, we have not.
Speaker Change: Our potential for remaining in the distributed business through operating the brick and mortars or brands.
Speaker Change: Other than that we have or new brands.
Speaker Change: We I think that's an opportunity for us yes.
Speaker Change: And although nothing is eminent I think there's a path for us to do that.
Speaker Change: Okay, great. Thank you very much.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen, this concludes the conference of Golden Entertainment, Inc. Thank.
Speaker Change: Thank you for your participation you may now disconnect your lines.
Speaker Change: Okay.
Speaker Change: [music].
Yeah.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change:
Speaker Change: Uh huh.
Speaker Change: Yes.
Speaker Change: [music].