Investor Presentation - Nov 2021

GOLDEN ENTERTAINMENT

I N V E S T O R P R E S E N T AT I O N

N O V E M B E R 2 0 2 1

Disclaimer

Forward-Looking Statements

This press release contains forward-looking statements regarding future events and the Company's future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. 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 in this press release include, without limitation: statements regarding: the Company's strategies, objectives and business opportunities; anticipated future growth and trends in the Company's business or key markets; projections of future financial condition, operating results, income, capital expenditures, costs or other financial items, including anticipated future cash generation and resulting ability to continue to reduce leverage and to return capital to shareholders; 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 the Company's current expectations and assumptions regarding its 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 the actual results to differ materially include: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments; 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 the Company operates; the Company's ability to realize the anticipated cost savings, synergies and other benefits of its casino and other acquisitions; litigation; increased competition; the Company's ability to renew its distributed gaming contracts; reliance on key personnel (including our Chief Executive Officer, President and Chief Financial Officer, and Chief Operating Officer); the level of the Company's indebtedness and its ability to comply with covenants in its debt instruments; terrorist incidents; natural disasters; severe weather conditions (including weather or road conditions that limit access to the Company's properties); the effects of environmental and structural building conditions; the effects of disruptions to the Company's information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company's filings with the SEC, including the "Risk Factors" sections of the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward- looking statements in this press release are qualified in their entirety by this cautionary statement.

Non-GAAP Financial Measures

To supplement the Company's consolidated financial statements presented in accordance with United States generally accepted accounting principles ("GAAP"), the Company uses Adjusted EBITDA, which measure the Company believes is appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company's past financial performance and prospects for the future. The Company believes Adjusted EBITDA provides useful information to both management and investors by excluding specific expenses and gains that the Company believes are not indicative of core operating results. Further, Adjusted EBITDA is a measure of operating performance used by management, as well as industry analysts, to evaluate operations and operating performance and is widely used in the gaming industry. Other companies in the gaming industry may calculate Adjusted EBITDA differently than the Company.

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. Reconciliations of Adjusted EBITDA to net income (loss) are provided in the financial information tables below.

The Company defines "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, change in non- cash lease expense, change in fair value of derivative, and other non-cash charges. Adjusted EBITDA for a particular segment or operation is Adjusted EBITDA before corporate overhead, which is not allocated to each segment or operation. The Company defines "Preopening and related expenses" as labor, food, utilities, training, initial licensing, rent and organizational costs incurred in connection with the opening of tavern and casino locations.

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Investment Highlights

1 Scaled and complementary casino resort and distributed gaming platform

2	Well-positioned to capitalize on Nevada's recovery and long-term trends

3 Substantial margin improvement and significant free cash flow generation

4 Achieving attractive ROI on recent STRAT investment

5 Experienced management team aligned with shareholders

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Diversified Gaming Platform

10 CASINO RESORTS

9 IN NEVADA

1 IN MARYLAND

5,000+ SLOTS

100+ TABLES

6,000+ ROOMS

DISTRIBUTED GAMING

11,000+ SLOTS

1,000+ LOCATIONS

Location		Slots	Tables	Rooms
		The STRAT	702	45	2,429
Las Vegas	Arizona Charlie's Decatur	731	10	259
		Arizona Charlie's Boulder	651	-	303
		Aquarius	1,077	29	1,906
	Laughlin	Edgewater	638	20	1,052
		Colorado Belle	-	-	-
		Pahrump Nugget	323	9	69
	Pahrump	Gold Town	186	-	-
		Lakeside	154	-	-
	Maryland	Rocky Gap	635	16	198
	Nevada	NV Distributed	8,448	-	-
	(775 locations)
	Montana	MT Distributed	3,362	-	-
	(317 locations)
TOTAL		16,907	129	6,216

Note: Figures as of 9/30/2021; Colorado Belle currently remains closed.

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Nevada-Focused Operations

YTD 2021 Revenue	YTD 2021 Revenue
by State	by Segment

$814	$814
million	million

YTD 2021 EBITDA	YTD 2021 Adj. EBITDA
by State (1)	by Segment (1)

$262	$262
million	million

Note: (1) Excludes YTD 2021 corporate expenses of $37.6 million.

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