By RICHARD N. VELOTTA
LAS VEGAS REVIEW-JOURNAL
Golden Entertainment, operators of the Sierra Gold, PT’s Tavern and the new PT’s Brewing franchises, will add six new properties in Southern Nevada this year, company officials said Wednesday.
The company affirmed the plan in the company’s announcement of fourth-quarter earnings in which Las Vegas-based Golden reported net income of $23.4 million, $1.06 a share, on revenue of $90.8 million for the quarter that ended Dec. 31.
It was the first full quarter of operations since Sartini Gaming completed a $341 million merger with Minnesota-based Lakes Entertainment last year.
The company reported a 2014 fourth-quarter loss of $58,000 on revenue of $12.8 million.
Blake Sartini, Golden’s chairman, president and CEO, said the merger has positioned the company to fulfill its growth strategy in Southern Nevada, which includes the opening of a new Sierra Gold property at the former location of the Sedona Restaurant & Lounge on West Flamingo Road near the 215 Beltway.
The company also introduced its PT’s Brewing concept with the opening of its first onsite brewery last month.
Golden operates 10,300 slot machines and 30 table games in four casinos, nearly 50 taverns and in 770 route locations in Nevada, Maryland and Montana. It’s the market leader in Nye County with its Pahrump Nugget Hotel, Gold Town Casino and Lakeside Casino and RV Park resorts in Pahrump.
The merger enabled the company to acquire the Rocky Gap Casino Resort inside Rocky Gap State Park, near Cumberland, Md. The 200-room hotel includes a Jack Nicklaus Signature golf course and is a drive of three hours or less for 10 million people.
The company also is investing $1 million to add parking at Rocky Gap. Sartini said the project will add 168 new parking spaces for a total of 746 citywide. He said on about 25 days out of the year, there haven’t been enough parking spaces to accommodate patrons.
The merger also enabled the company to enter the Montana market.
“We ended 2015 with strong quarterly results that reveal the initial benefits of the merger,” Sartini said. “In addition, we are now operational in Montana as a result of closing our distributed gaming acquisition during the month of January.
“Going forward into 2016, we continue to focus on our unique growth opportunities while enhancing productivity within each of our business segments.”
On Wednesday, Golden Entertainment closed up 8 cents, or 0.78 percent, to $10.30 a share on the Nasdaq.
Contact Richard N. Velotta at [email protected] or 702-477-3893. Find him on Twitter: @RickVelotta