The company operating the well-known PT’s gaming taverns throughout Nevada announced record-breaking revenues for the first quarter of 2017. [toc]
Actually, Golden Entertainment Inc., which is based in Las Vegas, also states that its net income has more than doubled compared to the same period last year. A significant contribution to this increase has been the sustained growth of its PT’s gaming tavern brands.
This year, the company reported a net revenue of $106.6 million in the first quarter, an increase compared to the $91 million during the same period in 2016. Notably, the most significant growth was observed in the company’s net income for the first quarter, which escalated to $5.3 million. This represents an almost 140% increase from the $2.2 million reported in the first quarter of the previous year.
Growth attributed to PT’s gaming tavern expansion
Blake L. Sartini, Chairman and CEO of Golden Entertainment, credited the company’s record first quarter financial results to their acquisitions in Montana and the opening of new PT’s gaming taverns in Nevada.
PT’s Entertainment Group, a subsidiary of the company, operates 54 gaming taverns throughout the state under various brand names. These include PT’s Pub, PT’s Gold, PT’s Ranch, PT’s Brewing Co., Sean Patrick’s, Sierra Gold, and SG Bar. The majority of these taverns, 52 to be exact, are located in the Las Vegas Valley.
The company’s 54th location was inaugurated as a PT’s Gold gaming tavern on South Buffalo Drive near West Warm Springs Road in March this year. Sartini discussed the company’s expansion during the opening.
Golden Entertainment’s 54th tavern marks the beginning of our 2017 expansion plan to grow the company by introducing the PT’s business model to neighborhoods in need of entertainment options. Our development strategies for 2017 are based on the company’s growth activities from the previous year when we launched five new taverns. Golden Entertainment is set to operate 60 taverns in Nevada by the end of 2017.
Company bullish on PT’s, Nevada economy
Indeed, following the release of the first quarter earnings, Sartini reaffirmed the company’s dedication to expanding the PT’s gaming tavern brand. He also continued to express optimism about the economy in Nevada.
Golden Entertainment is looking forward to the rest of 2017 with a clear focus on expanding our operations and ensuring sustained growth. Our plan to open seven new taverns in Las Vegas in 2017 is still on track. We believe that these taverns represent one of the best investment opportunities for us, given the positive economic trends observed in Nevada.
PT’s Entertainment Group has revealed plans to locate five of their new taverns in southwest Clark County for the remaining part of 2017. The sixth tavern is slated to be constructed near Centennial Hills, while the seventh is planned for the Green Valley Ranch area in Henderson.
Video gambling, pub favorites, craft beer
PT’s Entertainment Group venues usually house several bar-top video gaming devices and offer a menu full of pub favorites. They are also renowned for their happy hour specials, which typically feature a 50 percent discount.
Earlier this year, the company’s own craft beer began being offered at the gaming taverns. The brewery where it’s made, PT’s Brewing Company, opened its doors a year ago and has since been producing over a dozen different beers. This includes seven standard brews as well as a variety of seasonal ones. These products from the brewery started being distributed to PT’s gaming bar locations in March.
Golden Entertainment, operated by PT, manages over 12,000 gaming devices and almost 30 table games across Nevada, Maryland, and Montana. The majority of these are located at PT’s Entertainment Group locations throughout Las Vegas. The company also owns four casino properties, which include Rocky Gap in Maryland and Pahrump Nugget, Lakeside, and Gold Town in Pahrump, Nevada.
