Casino Resorts segment revenue declined 3% and EBITDA declined 5%, primarily due to low table game hold in Laughlin and a summer slowdown on the Las Vegas Strip.
Golden Entertainment reported Q2 2025 revenue of $163.6 million and EBITDA of $38.4 million.
Las Vegas Locals Casinos grew EBITDA by over 9%, with margins improving by 170 basis points to over 46%.
Nevada locals casinos posted their highest quarterly EBITDA in 2 years, with a 3% revenue increase and 7% EBITDA growth year-over-year.
STRAT occupancy fell to 69% for the quarter, down 4% year-over-year, with June occupancy dropping to 60%.
Tavern business revenue declined 7% year-over-year, impacted by promotional reinvestment and lower volume, especially during late night shifts.
Agent commission splits were 80.9%, up 36 basis points year-over-year, driven by business mix and agent mix with top agents taking greater share of transactions.
Balance sheet strengthened with $500 million new second lien debt issued, $345 million exchangeable notes repurchased at discount, revolver balance reduced to $460 million.
Operating EBITDA by segment: Anywhere Brands $163 million (up $4 million), franchise business expanded margins despite flat volume, Advisors operating EBITDA was 0, down $4 million due to higher employee benefit and commission costs, Integrated Services operating EBITDA was $10 million, up $1 million.
Q2 free cash flow was $36 million before a $41 million onetime payment for a 1999 Cendant legacy tax matter and negatively impacted by $25 million in seasonal volatility from securitization facility.
Q2 operating EBITDA was $133 million, a decrease of $10 million versus prior year, primarily due to higher employee benefit costs, increased investment in Reimagine initiative and an increase in agent commission costs in our own brokerage business.
Q2 revenue was $1.7 billion, up 1% versus prior year.
We realized $25 million in cost savings in the quarter and $39 million of cost savings year-to-date, on target to achieve $100 million in cost savings for 2025 with 95% of savings identified.
Adjusted EBITDA was $134 million, representing a margin of 13.8%, matching the record margin from the previous quarter.
Adjusted free cash flow was $67 million for the quarter, supported by robust EBITDA and working capital inflows.
Capital expenditures were $66 million, about 3.5% of sales, slightly below the original full-year run rate.
Growth versus market was negative 1% in the quarter, with excluding China growth over market at 4%.
Net cash position ended at $361 million, with $671 million in cash on the balance sheet.
Nonrecurring commercial items contributed positively to EBITDA by approximately $25 million in the first half of the year.
Sales decreased by $45 million year-over-year, impacted by lower BMS sales and market dynamics in China, partially offset by growth in cockpit electronics.
Visteon reported net sales of $969 million in Q2 2025, exceeding initial expectations, driven by strong demand for digital cockpit products in North America and Europe.
Adjusted EBITDA was $687 million, up 4.7% year-over-year, with an adjusted EBITDA margin of 14.4%, consistent with last year.
Effective tax rate for the quarter was 25.1%, with full year expected around 25%.
Europe's adjusted EBITDA margin improved to 8.2% from 7.4%, with EBITDA increasing to $111.8 million from $96.2 million.
Gross leverage was reduced by $90 million through open market debt repurchases.
Legal settlement expenses of $58 million were incurred related to boilers litigation.
Mexico's adjusted EBITDA margin declined to 16.3% from 19.4%, with EBITDA at $92.3 million versus $115.1 million last year, impacted by FX headwinds and bird disease challenges.
Net debt was less than $2.3 billion with leverage ratio below 1x adjusted EBITDA at quarter end.
Net interest expense totaled $31.5 million for the quarter, with full year guidance of $115 million to $125 million.
Net revenues for Q2 2025 were $4.8 billion, a 4.3% increase over Q2 2024.
SG&A costs decreased year-over-year primarily due to lower legal settlement costs.
Total cash and available credit exceeded $1.9 billion at quarter end.
U.S. net revenues increased nearly 6% to $2.82 billion, with adjusted EBITDA rising to $482.7 million from $444.6 million.
Dafinchi
