Golden Entertainment : Investor Presentation - July 2023

GOLDEN ENTERTAINMENT

INVESTOR PRESENTATION

J U L Y 2 0 2 3

Forward-Looking Statements

This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements can generally be identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "potential," "seek," "should," "think," "will," "would" and similar expressions, or they may use future dates. In addition, forward-looking statements include statements regarding the pending sale of our distributed gaming operations in Montana and Nevada (the "Transactions"), including the anticipated timing of the closing of the Transactions and satisfaction of regulatory and other conditions; our strategies, objectives, business opportunities and plans for future expansion, developments or acquisitions; anticipated future growth and trends in our business or key markets; projections of future financial condition, operating results, income, capital expenditures, costs, free cash flow generation, leverage or other financial items; economic and demographic trends; anticipated regulatory and legislative changes; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward- looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause our actual results to differ materially include: risks and uncertainties related to the Transactions, including the failure to obtain, or delays in obtaining, required regulatory approvals or clearances; the failure to satisfy any of the closing conditions to the Transactions on a timely basis or at all; changes in national, regional and local economic and market conditions; legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations); increases in gaming taxes and fees in the jurisdictions in which we operate; litigation; increased competition; our ability to renew our distributed gaming contracts; reliance on key personnel (including our Chief Executive Officer, President and Chief Financial Officer, and Chief Operating Officer); the level of our indebtedness and our ability to comply with covenants in our debt instruments; terrorist incidents; natural disasters; severe weather conditions (including weather or road conditions that limit access to our properties); the effects of environmental and structural building conditions; the effects of disruptions to our information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other factors identified under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, or appearing elsewhere in this presentation and in our other filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. We undertake no obligation to update any forward-looking statements for any reason.

Non-GAAP Financial Measures

To supplement our consolidated financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), we use Adjusted EBITDA because it is the primary metric used by our chief operating decision makers and investors in measuring both our past and future expectations of performance. Adjusted EBITDA provides useful information to the users of our financial statements by excluding specific expenses and gains that we believe are not indicative of our core operating results. Further, our annual performance plan used to determine compensation for our executive officers and employees is tied to the Adjusted EBITDA metric. It is also a measure of operating performance widely used in the gaming industry. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. In addition, other companies in our industry may calculate Adjusted EBITDA differently than we do. We define "Adjusted EBITDA" as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, impairment of goodwill and intangible assets, severance expenses, preopening and related expenses, gain or loss on disposal of assets, share-based compensation expenses, non-cash lease expense, and other non-cash charges that are deemed to be not indicative of our core operating results, calculated before corporate overhead (which is not allocated to each reportable segment). For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure, please see the reconciliations in the Appendix to this presentation.

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Investment Highlights

1 Nevada focused casino resort and distributed gaming platform

2 Well-positioned to capitalize on Nevada's long-term demand drivers

3 Strong free cash flow generation

4 Low leverage and owned real estate maximizes flexibility

5 Experienced management team aligned with shareholders

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Diversified Gaming Platform

CASINO RESORTS(1)

8 IN NEVADA

~4,500 SLOTS ~6,000 ROOMS

NEVADA TAVERNS

65 LOCATIONS

~1,000 SLOTS

	Location		Slots	Tables	Rooms
				The STRAT	759	41	2,429
		Las Vegas	Arizona Charlie's Decatur	688	10	259
Operations				Arizona Charlie's Boulder	599	-	303
	Laughlin(1)	Aquarius	1,099	29	1,906
		Edgewater	638	13	1,037
Continuing
			Pahrump Nugget	341	9	69
			Pahrump	Gold Town	188	-	-
				Lakeside	173	-	-
			Nevada	NV Taverns	1,033	-	-
			(65 locations)
		Total Continuing Operations	5,518	102	6,003
(2)			Maryland	Rocky Gap	630	16	198
		*Sale closed 7/25/23*
Assets
		Nevada	NV Distributed	6,504	-	-
Divested			(634 locations)
		Montana	3,848	-	-
				MT Distributed
				(340 locations)
		Total Divested Assets	10,982	16	198

Note: Figures as of 6/30/2023. Slots & Tables are ending units.

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1. Colorado Belle is currently closed, and stats are not included in totals.
2. Sale of Rocky Gap closed on 7/25/23; NV and MT Distributed sales are announced and pending close.

Overview of Recent Divestitures

Rocky Gap

• On July 25, 2023, Golden completed the sale of Rocky Gap Casino Resort to Century Casinos and VICI Properties for total consideration of $260 million
• • Century Casinos acquired the operations of Rocky Gap for $56 million
  • VICI Properties acquired the real estate for $204 million
• Sale provides for significant financial flexibility and enables Golden to focus operations in core Nevada market
• $175 million of proceeds used to repay term loan

Distributed Gaming

• On March 6, 2023, Golden announced sales of its Distributed Gaming Operations in Montana and Nevada to J&J Ventures
  Gaming ("J&J")
• Golden entered into a five-year agreement with J&J to support gaming operations at Golden's Nevada taverns
• • J&J is responsible for all tavern gaming capex, reducing Golden's go-forward maintenance capex obligations
  • J&J will receive a revenue share from tavern gaming operations (same as current financial statements)
• Transaction will allow Golden to continue to:
• • Focus on its wholly-owned,Nevada-centric casino and tavern portfolio
  • Deploy capital strategically to drive results
  • Continue to deleverage the business

($ in millions)

Gross Proceeds

Purchasers

Rocky Gap

$260

/

($ in millions)	Montana	Nevada
Gross	$114	$248
Proceeds(1)
Purchaser

EBITDA multiple	~10.0x
Closed	7/25/23

EBITDA multiple	~9.0x
Expected close	Q4 2023

Note: EBITDA multiples based on respective LTM Adj. EBITDA at deal announcement.

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1. Inclusive of $5m and $34m of estimated purchased cash at closing for Montana and Nevada sales, respectively.