In fact, Las Vegas-based Golden Entertainment Inc. also claims its net income has more than doubled over the same period last year. This, thanks in no small part to the continued growth of its PT’s gaming tavern brands.
The company reported net revenue of $106.6 million in the first quarter of this year, compared to $91 million in the first quarter of 2016. However, the biggest gains came in the company’s first quarter net income. It reached $5.3 million, up almost 140 percent over the $2.2 million reported in the first quarter last year.
Growth attributed to PT’s gaming tavern expansion
Golden Entertainment Chairman and Chief Executive Officer Blake L. Sartini attributed the company’s record first quarter financial results to acquisitions in Montana and new PT’s gaming tavern openings in Nevada.
The company’s PT’s Entertainment Group runs 54 gaming tavern locations across the state. They are all under the brand names PT’s Pub, PT’s Gold, PT’s Ranch, PT’s Brewing Co., Sean Patrick’s, Sierra Gold, and SG Bar. In fact, the Las Vegas Valley is home to 52 of them.
The 54th location opened in March of this year as a PT’s Gold gaming tavern on South Buffalo Drive near West Warm Springs Road. At the time of the opening, Sartini spoke on the company’s growth:
“The opening of Golden Entertainment’s 54th tavern is the first step in our 2017 development plan to grow the company by bringing the PT’s business model into neighborhoods seeking entertainment choices. Our 2017 development plans follow the company’s growth activities in year ago in which we opened five new taverns. By the end of 2017, Golden Entertainment will operate 60 taverns in Nevada.”
Company bullish on PT’s, Nevada economy
In fact, after the first quarter earnings number came out, Sartini reiterated the company’s commitment to continuing to grow the PT’s gaming tavern brand and remained bullish about the Nevada economy.
“Looking ahead to the balance of 2017, Golden Entertainment remains fully focused on scaling our business and positioning the Company for continued growth. We remain on schedule to open a total of seven new Las Vegas taverns in 2017 and believe these taverns are one of the most attractive ways we can invest our capital given the positive macroeconomic trends seen in Nevada.”
According to PT’s Entertainment Group, five of the remaining new taverns planned for 2017 will be located in southwest Clark County. The sixth location will be built near Centennial Hills. The seventh is planned for the Green Valley Ranch area in Henderson.
Video gambling, pub favorites, craft beer
PT’s locations typically feature a number of bar-top video gaming devices alongside a pub favorites menu. PT’s Entertainment Group are also famous for their 50 percent off happy hour specials.
The gaming taverns also started offering the company’s own craft beer earlier this year. The PT’s Brewing Company brewery opened a year ago. It has been brewing more than a dozen different beers, including seven standard brews and a number of seasonal varieties. The brewery’s products rolled out to PT’s gaming bar locations in March.
PT’s Golden Entertainment actually operates more than 12,000 gaming devices and nearly 30 table games in Nevada, Maryland and Montana. Most of these at PT’s Entertainment Group locations across Las Vegas. However, the Company also owns four casino properties. These include Rocky Gap in Maryland, Pahrump Nugget, Lakeside, and Gold Town, all in Pahrump, Nevada.