Golden Gaming reported earnings today and there was sufficient good news to be upbeat about the stock—except in Nevada. Casino revenue fell 15% in 3Q20 to $115 million. Slot routes, which ought to be trending upwards, tumbled 31% to $48 million. Golden’s Maryland outpost, Rocky Gap Casino, was up 4% to $20.5 million and Montana slot routes hopped 17.5% to $22 million. The silver lining was cash flow (aka return on investment), with Nevada casinos producing $42.5 million, an 18.5% increase. Rocky Gap jumped 27.5% on $8 million and Montana slot routes yielded $2.5 million, up 6.5%. But Silver State slot route cash flow cratered, down 76.5% to $2 million. The casino-revenue shortfall is predictable, perhaps, but the slot-route calamity is a real puzzler.
