{"id":314427,"date":"2024-03-18T11:46:44","date_gmt":"2024-03-18T16:46:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=314427"},"modified":"2024-03-19T12:50:08","modified_gmt":"2024-03-19T17:50:08","slug":"golden-entertainment-stock-heralded-as-nevada-pure-play","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/","title":{"rendered":"Golden Entertainment Seen as Golden Opportunity Among Casino Stocks"},"content":{"rendered":"

Shares of Golden Entertainment (NASDAQ: GDEN) are off 15.15% year-to-date, and the stock labors 25% below its 52-week high. But some analysts remain bullish on the name.<\/p>\n

\"Golden
Golden Entertainment’s Strat Las Vegas. An analyst is bullish on the stock, lauding its Nevada exposure and strong balance sheet. (Image: OnTheStrip.com<\/em>)<\/figcaption><\/figure>\n

That group includes Truist Securities analyst Barry Jonas, who in a recent report to clients, initiated coverage of the Strat operator with a \u201cbuy\u201d rating and a $45 price target. That implies upside of about 32% from the March 15 close. Jonas believes Golden is underappreciated and undervalued.<\/p>\n

(Current valuation) doesn\u2019t reflect improving fundamentals, a significant reduction in leverage, or a real estate ownership backstop,\u201d<\/strong> he wrote.<\/p><\/blockquote>\n

In anointing Golden Entertainment the \u201cSilver State Warriors,\u201d Jonas added that the casino operator has one of the best balance sheets<\/a> in the industry, and that returning capital to shareholders could be an increasing priority for the gaming company.<\/p>\n

Golden Entertainment Now a Nevada Pure Play<\/h2>\n

Following its $260 million sale<\/a> of the Rocky Gap Casino Resort in Flintstone, Md., and the divesture of its slot route unit last year, Golden is now a pure play on Nevada. It has nearly 70 PT\u2019s Pubs and casinos in Las Vegas, Laughlin, and Pahrump.<\/p>\n

\n

In addition to the Strat, Golden\u2019s other Sin City casinos are Arizona Charlie\u2019s Boulder, and Arizona Charlie\u2019s Decatur. Coupled with PT\u2019s Pubs, that\u2019s enough to tether Golden to the rising prominence of the Las Vegas locals demographic<\/a>, which is boosted in large part by the Valley\u2019s soaring population.<\/p>\n<\/div>\n

In Pahrump, which is located about 58 miles from the Las Vegas Strip, Golden owns and operates the Gold Town Casino, Lakeside Hotel & Casino, and Pahrump Nugget Hotel & Casino. Golden operates the Aquarius and Edgewater gaming venues in Laughlin. That puts it in competition with Caesars Entertainment (NASDAQ: CZR) as the dominant casino name in that city.<\/p>\n

Golden could also be mulling options for the Colorado Belle in that city, which has been shuttered since 2020 because of\u00a0 the coronavirus pandemic.<\/p>\n

Golden Entertainment’s Real Estate Story<\/h2>\n

Truist\u2019s Jonas argued that investors ascribe some credit for Golden\u2019s Las Vegas real estate holdings, adding that the stock\u2019s current multiples imply a shareholder is getting the company\u2019s Sin City casino operations for free. However, there isn\u2019t much adulation for the entirety of the operator’s property holdings.<\/p>\n

\u201cAdditionally, we think GDEN\u2019s real estate could be worth as much as the entirety of its current equity value, with the OpCo essentially free,\u201d observed Jonas.<\/strong><\/p>\n

Wall Street has long praised gaming companies with extensive or full control of their real estate, and it\u2019s not a stretch to assume Golden\u2019s Nevada real estate is worth close to or more than its market capitalization of $977.05 million.<\/p>\n

Jonas also sees Golden as a capital return story, a thesis that was cemented earlier this month when the company initiated a quarterly dividend<\/a>. The Arizona Charlie\u2019s operator has also been a devoted buyer of its own shares and is actively reducing debt.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Golden Entertainment (NASDAQ: GDEN) are off 15.15% year-to-date, and the stock labors 25% below its 52-week high. But some analysts remain bullish on the name. That group includes Truist Securities analyst Barry Jonas, who in a recent report to clients, initiated coverage of the Strat operator with a \u201cbuy\u201d rating and a $45 […]<\/p>\n","protected":false},"author":46,"featured_media":225189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nGolden Entertainment Stock Heralded As Nevada Pure Play<\/title>\n<meta name=\"description\" content=\"Golden Entertainment Seen as Golden Opportunity Among Casino Stocks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Golden Entertainment Stock Heralded As Nevada Pure Play\" \/>\n<meta property=\"og:description\" content=\"Golden Entertainment Seen as Golden Opportunity Among Casino Stocks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-18T16:46:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-19T17:50:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strat.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/\",\"url\":\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/\",\"name\":\"Golden Entertainment Stock Heralded As Nevada Pure Play\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strat.jpg\",\"datePublished\":\"2024-03-18T16:46:44+00:00\",\"dateModified\":\"2024-03-19T17:50:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Golden Entertainment Seen as Golden Opportunity Among Casino Stocks.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strat.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strat.jpg\",\"width\":1500,\"height\":1000,\"caption\":\"Golden Entertainment's Strat Las Vegas. 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