New Royal Holdco I Inc. (NASDAQ: GDEN)

Golden Entertainment, Inc. owns and operates a diversified entertainment platform focused on casino and branded tavern operations.

Golden Entertainment, Inc. generates revenue primarily from gaming activities at its casino properties including slot machine and table game play, from hotel room rentals at its resort properties, from food and beverage sales at its casinos and taverns, and from entertainment offerings such as shows and attractions. The company also receives a share of gaming revenue from slot machines located in its branded taverns under revenue sharing agreements with the third party that operates those machines.

The company operates through the following segments: Nevada Casino Resorts, Nevada Locals Casinos, and Nevada Taverns.

• Nevada Casino Resorts consists of destination casino resort properties that provide a range of food and beverage outlets entertainment venues and other amenities catering to a regional drive in customer base seeking a value oriented vacation experience with guests typically arriving from Southern California or Arizona and featuring a larger number of hotel rooms compared to other properties in the portfolio resulting in longer stays but lower visitation frequency relative to the locals casino segment.

• Nevada Locals Casinos comprises properties that serve local customers living within approximately five miles of each location experiencing a higher frequency of visits offering limited hotel room capacity and generating most of its revenue from slot machine play including locations such as Arizona Charlie's Boulder Arizona Charlie's Decatur Pahrump Nugget Lakeside Casino RV Park and others.

• Nevada Taverns includes branded tavern locations that offer a casual upscale environment with superior food craft beer and other alcoholic beverages limited to fifteen slot machines per venue primarily situated in the greater Las Vegas metropolitan area serving local patrons looking for convenient entertainment and featuring brands such as PT's Gold PT's Pub PT's Ranch PT's Place Sierra Gold Sierra Junction Sean Patrick's Lucky's Great American Pub and SG Bar with revenue derived from a share of slot machine income under agreements with the third party that operates the machines.

Golden Entertainment, Inc. holds a niche position in the Nevada gaming market as a mid sized operator with a mix of casino resorts locals casinos and taverns that differentiates it from larger Strip focused competitors and provides a balanced revenue stream across different customer segments. The company competes with major casino operators on the Las Vegas Strip with regional casinos in Laughlin and with non gaming resorts and online gaming platforms. Its competitive advantages include the True Rewards loyalty program that encourages repeat visitation across its properties the diversified mix of assets that reduces reliance on any single line of business and the strong local brand recognition of its tavern offerings.

The company serves a regional drive in customer base that visits its casino resorts for vacation oriented trips primarily from Southern California and Arizona. It also serves a local customer base that frequents its locals casinos and taverns for regular gaming and dining entertainment. Additionally it serves a tavern focused customer base that prefers casual upscale venues with food beverage and limited slot machine offerings.