GDEN - Earnings call transcript Q4 2019 | Golden Entertainment, Inc.

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Fourth Quarter 2019 Golden Entertainment Earnings Conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded, March 12th, 2020. [Operator Instructions]

to Relations. call pleasure Jaffoni to my Investor with it's turn over the Joe Now,

Joe Jaffoni

Carmen good XXXX you, website access can Thank and found at to should now, be Investors our have www.goldenent.com everyone under fourth section. the quarter on earnings the which afternoon release, company's everyone. By

by securities we are Before forward-looking meaning the not statements remarks, remind use laws. forward-looking performance. that which need the federal statements, These we identified such of guarantees or begin expect, our today's words everyone usually within anticipate, of to future believe, are formal other as discussion include of the will phrases similar will, should,

are interpreting actual therefore, them. statements, statements that and to differ and uncertainties should corporate and could results caution exercise relying working These you cause on in numerous materially subject risks to from our

XX-Q refer condition recent our reports XX-K, updated factors forward-looking operating by you our recent financial impact results discussion our that SEC statements. future could other filings, Form a risk to quarterly Form We our most of the as for and in subsequent risks and more detailed the including on

in release. for measures These in During the earnings management is uses useful measures, today's GAAP comparable company's discuss which isolation with we a believes be are operating call, our these financial GAAP. financial quarter and the prepared XXXX considered substitute not will directly non-GAAP measures performance. most in measures as accordance should available results our A to evaluating reconciliation of fourth in or

start then your the Protell, the and Financial and the make which Executive is and and call Officer. the Charles questions. open Chief we'll Blake after Chief Sartini, comments, Blake will Chairman President to Founder, call, some today's call On Charles will company's company's Officer;

Charles please Protell. With the that, ahead. over my turn go Charles, pleasure to call to it's

Charles Protell

grew delivered fourth casino revenue gaming we both Thanks and adjusted as Joe. Gold operations. quarter our distributed EBITDA record and

renovations major initiatives, and rollout primarily at program, across of the our the loyalty also our completion of further several progress new The made We Strat TrueRewards.

and to million. XX.X% For to the revenue million fourth EBITDA quarter, XX.X% rose grew $XXX.X adjusted net $XX.X

fourth up prior casinos, quarter EBITDA year, $XX.X Nevada For was from $XXX.X grew XX.X% XX.X% while million. the revenue to adjusted million,

Nevada Belle Edgewater Laughlin the from as the from well at our contribution our segment. across increases of Colorado and in adjusted the as and reflect casinos year-over-year Nevada Growth the rest Casinos EBITDA revenue

and At renovations the the on Strat at The The floor now property's at half the the the second impacted XXXX of disruption room of Strat majority for construction the of F&B The in and completed we growth property. casino performance despite December, disruption. are XXXX end revenue strong without operating

Laughlin to cross our properties, we three consolidated play assets loyalty programs between since increased and see rationalize For we spending. promotional continue our our

loss and our in are the We to more calendar stronger to XXXX. from entertainment on market expect a bringing operations than to benefit compared focused

Our very and revenue local Arizona Charlie's well, mid-single-digits quarter. growing for double-digits EBITDA Casino the has performed by

competitive pressures right-size efforts a to regional in Gap Rocky in spend. EBITDA reflects lapping in that X.X% increased XX% while revenue its emerged This increased over the Maryland, some of our property growth year-over-year on marketing $X.X to At basis, million. QX its XXXX

the than performance our from to year. taverns from and X.X% EBITDA million chain-store contributions revenues grew healthy opened Adjusted six fourth of distributed total prior economy, million. up approximately was reflects stabilized the In new This local Nevada during XXXX. $XX.X quarter more $XX over in business, our XX% locations, the

EBITDA Montana grew up our distributed $XX for In year-over-year. in million $X.X business Adjusted gaming of XX.X% X.X% Montana, to distributed revenues the million. generated operations QX,

the generating and the gains offering the average. exclusive win result that state state Our as growth double locations in currently are Montana are in per is new of highest as the a unit we well

program to we've earned XXX created physical loyalty TrueRewards our out with locations, distributed at locations. In doing casinos gaming rolled and resort December, largest we link in network the industry's gaming mostly so, club, points the first Nevada. players over became In which Southern

Our our and local and distributed redeem that of we're able can any platform. across our they our this properties, earn opportunity customers taverns drive at to supermarkets rewards excited now new at are about revenues to

Our with customers tater our unique the program attracting allows loyalty to show believe patrons. experiences and this Knights. share hour reward Strat with us a with offering of drive The to wallet variety Golden our customers happy a existing We of gains a from can and

increased properties new year-over-year XX% Our by February. in saw sign-ups and over card in January XX%

outstanding first At we notes. addition $XXX in year-end, to loans, term of Moving had $XXX million unsecured of sheet. to lien the million balance senior

continue have our borrowings outstanding million no under $XXX We to revolver.

is October has Our of Reducing of million, times. in matured cash is $XXX our flow, goal the X.X while covenants XXXX, in fourth resulting April of leverage with financial cash approximately net loan months. bonds unsecured no to We continued and XX within five matures XXXX. quarter and equivalents below ended our and cash be leverage of times our a significant free priority with term

with the million June approximately and spent year, bringing Strat. to December spend on CapEx total million the XXXX, to additional Since $XXX The $XX CapEx million The first through about million approximately starting on half on expect of spend The of of Strat. the in quarter $XX was spent $XX Strat we our this on $XX Total approximately for property million renovations renovations in

payments our I'm come first done, renovations through to and The please will tour. the be with on the a Many continue Strat so flow work of and funded others, completed the to Based if of you you spend with cash confident you quarter of property, will this results particularly the seen for spend total impressed through from million. relative reaction be primarily year. yet, fourth you have we operations give to half we've the $XXX could haven't in relates to the

Las renovations, to With feedback a to option now The Strat to Vegas. from be our debt for is attractive more visitors positioned

will to little more. million per goal times, modest renovations X drive our customers over our several on guest said spend have with provide a with an to annual Strat, visitors is we attractive a only investment. return just these incremental our With to The As opportunity spend current

plan to harvest our for accretively will we shareholders. capital operations, us which from our allocate to XXXX, free flow cash For position

We real XX% from as with distributed the guests. as of including for XX% Strat, estate. With live have diverse only international generated casinos, U.S., businesses, well casinos, coming nights of of our guests a our our with operations. wholly-owned The local At about about EBITDA, regional room in our portfolio X% EBITDA most of which accounts of from and property-level gaming

handicap of equity the coronavirus, is and Obviously, we proportionate severity was Last to the duration the weekend, aren't out. time, sold the to that property it any business impact but impact our valuation. at remotely seeing on to is this tough our

I'll turn comments. Blake to provide the now additional over to call

Blake Sartini

Thanks, Charles.

Charles progress to before. XX we're coming and for on world than stronger back operated Having a As other every very Vegas mentioned, years, of each managed bigger and over fourth and and make has our initiatives. company in case; off Las are come I've has strong events and in all continuing quarter Nevada resiliency proven local through its

regarded I all unfortunately is don't control everyone; have shareholder together which other the public an do I'd I that gaming and grow. can't and and to all of have we highly have with invest the our entertainment and But valuation with remind along a interest, industry, shareholders obvious largest equity management coronavirus of build the to see the am teams shareholders. in have ownership aligned boards cure. significant one of our most like

Southern fastest-growing built have we deliberately As drivers all ourselves which organic different that gaming most stable Golden other company in Entertainment region and That past, have growth Nevada, been which we've communicated from key Nevada we environment, country. has as a focus the being highest as positioning population led on to the profit well the are economic in positive for have with a the businesses. regulatory factors, to of growth, consistent

Strip we of not large are to a Strip on are local addition, regional our business and group our each dependent asset, have business. company. a one of air traffic any units Not not And in While requires properties visit. we

operations diverse this to markets, here by gaming and the local platform our As design Nevada, Maryland Montana. we in I've as in include said, mostly well as built regional and

our extremely each in the XXX% Maryland, of ground of out, lease where under real with than Other XX-plus important have we with platform, casinos. state. think estate gaming our we to the point own I but year along it's unique a

to All of future. market mix, the which the asset free harvest have to generate leadership the continue to impact say, the is with estate real coronavirus we into strong cash we will the to including and and deal of the best flow owned

a bit actually just Southern here on Nevada. happening what's color in additional Finally, of

their time people are generally a lunch in manner. normal are today, about people of public, As and lives in going out

risk, team mitigate There normal as seemingly activity heightened conscious Our [ph] Most with along as not properties are to on taking traffic I-XX and including members. no own guests local efforts traffic exhibiting go of efforts corridors. steps, well are our of major best-in-class thoroughfares, is shortage place. the is their

robust play. significant Our the Las the activity, new locals uninterrupted. commercial Raiders Las will Vegas and sphere, and activity visible These for Resort the with stadium continue and projects, to Allegion remains the to. project along with properties drive center, Construction convenient the MSG Vegas new large are now Convention residential easy World very

casino completely past I carrying are frequent full more in restaurants dozen was local it so a a and local consistent. very while I normal. Saturday waited latte at the minutes with or XX activity all with was was my pretty and on are this is busy Restaurants was people, as casino weight busy. a with and night, morning this start-ups and for much

not and trying contrary, the very presents to are that to will Quite not individual minimize current or are clearly that seriously this evident. taking threats the and we to are responsibilities all we our continue present. I'm the business challenges as blind environment

reality simply through regional observations the local some normalcy. Golden and form Vegas with I and time Nevada of some Entertainment Southern to in certainly general, share this maneuvering this Las macro I'm with in that the wanted markets you real-time, at firsthand challenge and

XXXX. quarter, very In priorities a we and strong set summary, have a had clear operating of we fourth for

without We will finally construction disruption. integration or operate the portfolio

leveraging integrated While uniquely and club. players new our

continue have we growth addition, distributed opportunities gaming In new markets. real potential to and

of yields associated with of We our industry, I'm estate on we all the future. our highest the flow have one real free own in and cash bullish casinos. the

open that, for the operator, please With questions. call

Operator

from with ahead. go Carlo question Instructions] [Operator Santarelli first is Deutsche you. Please Bank. Thank Our

Carlo Santarelli

to Yeah, thank remarks real of the much you the of Blake, your you of in your conditions estate real you? you times. did your of changing change several lines that daily more presence value how so evolve Both have both terms And you question to think the of a for the real what Charles, views is The perspective in all estate continue basis. estate in of like your and provided. that along about in much. on we today you very and its referenced thank manner my

Blake Sartini

Carlo, this is Blake.

point day-to-day long-term think all mentioned, result at value. you've as of given, looking environment. of a of first to as the options all, grow on as to goalpost we're moving are table that's a macro And in I time, occurring this kind this company, the the shareholder

We underappreciated have are I that own local see real estate can as we gaming, as like we this, us. I I this as price, we perspective long given phones, the as in try like here, give share to, we today, mentioned, some we'll mean, all the a question. we're to is and in have I prices our company the some to advantage. that variability ours, continue today flexibility. pause or see trading no of own on also reality how plans is in regional see and it think other if do I your all I anything I we're share to currently. But of driven that share the continue than a as is And closing be price, doing that fact, that. lasts the what depending consider -- properties pick reality do not through are our business in forever. we our upon an only distributed for to diversified, our short-term And compatriots as operating see be

Carlo Santarelli

until -- That's view is the the this for looking NCAA believe canceled question to I of things at bit. opinion, regional were at And second your of What I to a careful being the the your there canceled from to want on you schools casinos exists do picture United a even be period word time brief a being with that's closed. get Thank that and/or likelihood potentially you Great. the off In the everything do is in and and how opinion. actually potential point? casinos welcome little helpful. you tournament of going Vegas broad want possibly very very believe you. to and as to potentially kind States, I I this, -- Las Do but relief close cool

Blake Sartini

It's time, I to on me that. At a that. hard personal mean, for we're not perspective, comment this from anticipating

post think I daily, However, move not it's comment. to for us a to we're response this goal as again, -- going

that price I think at built that's into occurs. the if our moment, share

Charles Protell

Hi, the talking canceling championship thought about would Carlo. we be national A week ago playing just a and we not games. NCAA

So yes, it anything's the vein time. possible, at in not of we're for this but of point sure, planning

Carlo Santarelli

I pricing things both mean, of your point like at to that. this it does And think we're Charles I No. and feel points, in beyond

picture the be to the of So here the start bigger that and all if healing process for this of thing. were

as one Thank to you out be the and guys. solution this out the trying appreciate of could then alarmist, your problem perspective as how we that it term of at near negative point more But and works move was I and/or closed of start figure to road be potentially my of come down it. the was this in get further things time. not in all on everything that we So one of

Blake Sartini

Thanks, Carlos.

Charles Protell

Thanks.

Operator

you. Thank

from is Chad next Our question with Beynon Macquarie.

Chad Beynon

Taking question. my

Blake Sartini

Chad. Hey,

Charles Protell

Hi.

Chad Beynon

situation? was Charles I I those confidence KPIs? maybe in maybe from you just early if think on I or focus or or help disruption, RevPAR then of the the January you quarter, to points about but there impact before fourth gave moving I help quarter, February you in even uptake know how property were us any the Strat, like data particularly current on, the additional about covers? restaurant in things uptick believe, at some wanted some see could Anything could the that anything we direction? provide the Anything think of guess, kind occurred? that And to us The started Thanks. to right

Charles Protell

Charles. it's Chad, Sure.

that quarter, a revenues ADR hotel up, we gotten on the we've fourth that $XX quarter despite over We've it, the on the single-digits rooms our was that doing in that at were sell table mid- For quarter. some perspective. table we're premium us. we've high back those the F&B for single-digits online. well been That depending business on touched, going our the high the and still property. been Revenues up single-digits that has side, are games gaming disruption And very renovating, again, to of call on the maintaining venue, in revenues all mid from also the

slot down, We very casino footing of trying we on and ease areas we've our drag where it's for touched, had desk performance in a and created floors a we've the throughout to find erosion the October, that with little other of little little bit a EBITDA through about. casino particularly talked bit disruption of a results. as front terms still But that we seen touched, good and

us, for are those and on February, January numbers for clearly Now plan.

about this investment of of seen in in in into talking spend, point that we've very fourth the what So and and good through through January, terms the we've property I made up there our XXXX. feel -- quarter February the

Chad Beynon

to mix FIT gaming business the database happen next discounting players deeper those the and quarter Okay, your or were the customers. different was on with of then guys great. how are maybe even to that, ago we and you operators a handle secrets given How for X.X run probably If telling you just from the of It customers when to standpoint? into guys, your situation. I years and and bigger And beyond expect you're over a weakness there starts some should type digging their was competitors' without, heavily. guess, strip of that the some about going discounting

you because Or to maybe second discounting, be will think you handle blip? guys quarter? the how maybe of massive Will be Just hopefully kind trying term going hold for your is help pricing occupancy? be if will about you on a there will March own short and this us

Charles Protell

point. Listen, a use to period as think, Chad, that's a I good reference

rate And occupancy occupancy a had as time, that that did was group others not so business materialize everyone anticipated. retail on I on think based as driving for fighting at perspective

that you had sense EBITDA. of which, perspective, was of does our quarter, billion from EBITDA do $X.X that around was to give down So what XX%, The to within Strat, about $X to magnitude billion

we're if So at the point time, our that it's those type in we're view of are impacts that at. looking

you'd current see potentially. that a quarter Given groups the And then are situation that canceling. with for

Chad Beynon

on legislatively? from is betting just Maryland, of update then the just Rocky Okay. state sports on your property us Could standpoint And a lastly, gap. you that where that

Charles Protell

at working the this number casino them. a of It's excited way proposed. gaming We're it. one about its of being We're point. state There's in through now. limited is licenses Legislation obviously right

So stay that. tuned for

Chad Beynon

Okay. Thank guys. luck. you of very Best much

Charles Protell

Thanks.

Operator

Thank you.

with Our Politzer Dan JP next Morgan. is from question

Dan Politzer

thanks Hey, the the Certainly, current good all questions. taking afternoon, situation and my Southern for guys I appreciate there color Nevada. and on

wanted free than where I for unlock seems And – of here when for But that in months guess, we've it about last spoke. how not I the I be appreciating stock, touch about we world given to it, be should range. should about maybe talked it's mean, your a we And trading? part are really different few have the investors cash guess, that value big in when been thinking lot on a it today, ago leverage to stock. So cash did that? we what the year, how I flow. mid- the do last a been fully thinking you given Obviously, your story being that's past, maybe next the $X flow we looks granted in free

Charles Protell

largely expense really than have the less that, debt to don't spend $XX have interest million costs. cash obligations, Other dollar. we than we Dan, So of

their giving guidance. models, that not So everyone has we're I think

taken that's haircut views obviously, has a be this for the guys sector on for going You – to year. what

At at time within point real well it's portfolio may to in that even estate. strap this point, do we this or not with priced to as without in our have anything

So right isn't can particularly to now, all are And at from some the cash we my perspective, obligations. impact all, even the of certainly manage we much our expectations, on if our our an manage and said, flow, our assets seeing of like up, side. I really local XX% can EBITDA

million guidance. that not So is to have I'm a data we have But that to going give $XX what you again, as should cover. point

So in you guys there. do could math the

Dan Politzer

follow that's been properties, I the maybe options then And certain portfolio? here. markets? you're about up Obviously, it of topical about wanted you frame maybe Is certain you real it And how to Okay. mean, certain just that. will that? you estate. there is your on – in Can entire to look at as thinking properties think I monetize kind

Blake Sartini

Yes, Dan.

see pretty prices in it And portfolio. over our this they as I drive will although, certainly are that flexibility. be time, this different if at to -- many I in line, all the As prior said we at my particular and continuing underappreciated all see think make comments, point to that's I are We'll conclusion traded very it asset valuable I to continue be a time businesses time. much table. in cases. options on in very share that see

I having But right wholly said As anything. portfolio. owned I now, doing part anticipating like our as of I a like having real estate we're not that.

Dan Politzer

much the I guys. color. Thanks so Right. appreciate

Blake Sartini

Thanks.

Operator

is [Operator with Katz Our from question David next you. Thank Jefferies. Instructions]

David Katz

the about Stratosphere? you that a thank tethered those? at performance this to book-of-business to are Charles, you've the commentary. at you you you at visibility And really least talk about talked is the may may to been least to environment correlated bit, you have I the and whatever or but able trajectory that your for Or you of about everyone. appear degree performance And afternoon the can you've separate rest your around or that the moment Strip? have Hi, have to relative of the the the how which at are know

Charles Protell

window becomes a Strat business Strat. We The as as know, we short derivatives that. have you it relatively relates do have Strip at as not the booking to So, group

town, we've the rate and the and goes within Strip. done occupancy as So

the at this is So our peers. Stratosphere. levels a with We compete

right impacted we high events saw a minute it and we've I weekend. last the that property one Like sold to ways. context every with seen the We're to things. for new We this each I properties price along other tracking it as out XXXX. announcement evolving various the obviously saw said, this getting in every is again, of that, weekend. gave occupancy We summer chat Strip, hour I'd before. the of probably canceled occupancy in rates competitiveness is the Look, competing and say relatively different and this

those it us, a figures of some And so folks was EBITDA for year-over-year Strat EBITDA XX% go specifically, quarter Strat. the The for around an very that. people check annually. in drop for report to about basis But $XX The million on

then a could the is what guys basis. you math and impact quarterly the So on do

David Katz

of Right. just up And if I Can progress was that you versus quite sort respect to there sort with direct can able to OTA. you just Can follow also? being business about more -- drive the of OTA talk good. quarter

Charles Protell

mean, we a I lot look, of progress. Yes. made

on our up we're more a rolled looked bit, access actually from direct people database remember, us bookings customers, bookings Giving other you the increase, seeing quite assets. We're getting player coming in basis our low. marketing TrueRewards terms of program. are crossovers still we If particularly loyalty relatively out other to as so percentage a direct in

that's helpful. So all

are of relatively the of property, XX% XX% anywhere bookings to in depending I highly type still to OTA because of dependent the coming numbers channels on we're think are kind small time, OTA still. those the booking, overall on the from

bookings. casino all more play. time. And table metrics pretty of said, like improving of the with in about into terms we're TrueRewards It and that's encouraged talked we rollout some drive the more I ability But of our to game ties over direct driving

but a that, pushing reliant that on should process players. refining be will And over us less time. that, we're So get those little that a

David Katz

meaning, kind and/or Las plugged on which from tethered the I goings it events, if having there, et may. the or you strip. the one, the in connected, of last degree somewhat impact from some into cetera, to the are vibe Vegas, separated One as within reaction it. there is me to of Laughlin, the in it Got of Las What so been seeing struck situation? Vegas past week

Charles Protell

with there to meeting a had comfortable not down with there. ask our we Vegas. to, nothing customers less of see of, to play, fly frankly, was to our it Listen, in all crowd, as value yesterday get do And, and very they're to that Las hassle, question. GMs They less easier drive out quite a

So we don't see that changing. We're still seeing them coming.

We have weekend. on. a big this concert event It's

So still seeing into we're just not the impact, market. over that adverse yet

David Katz

you. Thank quarter. Great

Charles Protell

Thanks David.

Operator

Thank DeCree from Union question you. And Please comes Gaming. our next John with ahead. go

John DeCree

Hi Charles. Blake. Hi,

Blake Sartini

Hi, John.

John DeCree

Thanks my for taking question.

Blake Sartini

Yes.

John DeCree

kind I Missouri going up outside about any possibly and this. bit the there's some wanted Nevada, business Pennsylvania about right a kind to and that monitoring, little of and now? considering Southern talk you're been opportunities is of distributed talks of,

situation Nevada wanted right kind might if with and think I of those politicians of prospects coronavirus you know updated distracts point -- that And of to at And guys current you if of your kind outside for are guys business the of for kind you thoughts opportunities? now? had what this what on some

Blake Sartini

Yes, John.

of we've and/or spoken may quarterly expanding of Pennsylvania seems term, think, last, this places calls, that in form in involved very legalizing now real be right short distributed possibilities past the the to two and on that, discussed and be arise, Missouri term, near particular we've gaming. of have gaming in continue active to couple very the we they So, wherever pursuing opportunities in the a I as in

have point, a lot will of on call. update, our your next We more an to

lot positioning runs the effort that positively. think, June of monitoring through in I Pennsylvania. this legislative There catalysts that are we're session are a there

to issue the in of with situation only deal too other to and the elsewhere, but of are having and in revenue form those in literally proliferation of to dog are states hot a back I the this. creating it, shops, any the being tax are has Pennsylvania where the but don't far states, not barber caught shops want any not skill tracking front in the are ultimately state placed this, which game get gains,

a nexus. to And being And catalyst proving I from has games that revenue there, is BGT be Missouri Pennsylvania catalyst, the generated well. the think a also potential being these reached but as from in that legalization not only and

So, involved. myself, are repeating very without we

folks for time are our to We in we will and you back call. real daily on on detail update basis, with next much there much have speaking pretty a an more

John DeCree

Same Thanks. pipeline that's couple business to Las tavern X% the of Vegas, of a a you last kind guys a had update, talk you handful targeting terms kind and the this in your point? XXXX Can openings unit do still openings about expect new kind some still the good Like, of growth? you pipeline, a of in in of what's every X% helpful. of Or openings new segment, on years. have over of for year while at latest

Blake Sartini

in guess, Nevada market. in the County, spot been now have Southern or the market I our taverns XX in continuing bright approximating we significant a Having portfolio, Clark

in not category. growth the this capital comments, taverns As focus would spend, Charles year debt spend the our reduction his and necessarily on and mentioned growth into on is fall capital

new So, we not openings anticipating year. are this specifically, any

call we anything locations AAA our really for the have moment. are is put three-star Having what to us said that, brand. the for looking don't It we at pipeline an operate We opportunity to that always business. in

in uninterrupted believe of in tavern, without a this take I not, or to of one them our puts of having lot stress team. open six my on energy As lot year it year written a to mentioned comments, and

and now foreseeable down operation that on new on paying We're is. there's as focused future it focused right nothing we're in for openings. the So, debt

John DeCree

Great. Thanks, Blake. Appreciate the additional color.

Operator

Thank you.

Our next question [ph]. is Dennis from Farrell

Unidentified Analyst

a revolvers gaming, kind to just like of draw wondering, just Charles. all bunch I our Hey, precautionary across our industries, of as we've operator. a you, leisure, Thank seen companies the starting was lodging, you've logical I there? given a your ready thoughts if or just the plan to if uncertainty think done to the that move, get your in about, that's thing liquidity wanted you and environment. do down

Charles Protell

we're Look, have the see or think mean, that of that that think I fortunate their we covenants have liquidity to that's probably liquidity. look, financial our for with We or no we do in companies future. structure. debt in covenants issues plenty they current financial have have important maturities I

We revolver, have an noted. million $XXX undrawn as you

cash sheet. have the on We balance

kind its are what's watch But right is we we'll I comfortable now. future. look we're for forward. us look, But So going company’s situational up in coming obviously, on certainly the internees, as where of it an we option dependent think always

Unidentified Analyst

then, say customers, XX you like your say Or that SKU average And -- your guess, all it's like a you year SKUs it like older? an is higher just would of Okay. like old? the like -- kind the age? age do of Or I

Charles Protell

think on business the it depends looking at. I you're

local's our So, certainly on casino SKU the side, older. properties

being SKU up somewhere Tavern of Strat Our younger. middle the in this. ends

Unidentified Analyst

Okay. much Thank Good very All you, to you. luck guys. right.

Charles Protell

Thanks.

Operator

And Mr. you. at for to turn the back Thank will his closing this call comments. Sartini I time,

Blake Sartini

Thank you you, us today. operator, for joining and thank

we and are when quarter on we you We first anticipate forward quarter -- for our the results call look next in you. report to everyone XXXX. our hosting next Thank updating

Operator

and ladies we and that, you gentlemen, thank with now And participating, for disconnect. you may

Golden Entertainment (GDEN) 12 Mar 202019 Q4 Earnings call transcript