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Boyd Gaming Q4 Earnings Cap Strong 2023, Revenue Up 3% Year-Over-Year

Written By Tebearau Egbe on February 20, 2024
Boyd Gaming's Fremont Hotel & Casino Street View

Gambling operator Boyd Gaming Corp. recorded impressive results for its 2023 fourth quarter, which ended on Dec. 31. The reports showed the company amassed $954.4 million in revenue, which is a 3% increase from Q4 2022 when the figure stood at $922.9 million.

President and Chief Executive Officer Keith Smith said having to experience an upsurge is a good way to end the year, and the company’s progress resulted from its varied offerings and ability to keep up with current trends.

Net income for the fourth quarter of 2023 amounted to $92.6 million, translating to $0.94 per share. This figure represents a significant decline of about 46.4% compared to the same period in 2022, when the net income stood at $172.7 million, equivalent to $1.63 per share.

Total Adjusted EBITDAR for Q4 2023 was $355.5 million, less than the $360.1 million from Q4 2022. However, the Q4 Total Adjusted EBITDAR was slightly higher than that of Boyd Gaming’s Q3 2023, which was $320.8 million.

For adjusted earnings, Boyd Gaming reported quarterly earnings of $1.66 per share, surpassing the Zacks consensus estimate of $1.43 per share.

Boyd Gaming’s online segment is the leading revenue contributor

According to data released by Boyd Gaming, the majority of revenue in the fourth quarter can be attributed to its gaming and online divisions, particularly after the launch of sports betting in Ohio in January 2023. Hence, the online segment contributed $124,075, significantly higher than Q4 2022, when the figure was $89,695.

Meanwhile, its land-based segment, Las Vegas Locals, demonstrated steady revenue and Adjusted EBITDAR performances, with $235,075 for the former and $120,431 attributed to the latter.

The Downtown Las Vegas segment saw a modest increase in revenue of around 1.4% to $63,314 from Q4 2022, which stood at $62,442. Additionally, the Midwest & South segments rebounded, experiencing growth in both revenue and Adjusted EBITDAR by approximately 0.28%, recording $497.898 for the former and $190,568 for the latter.

According to a Boyd Gaming news release, Smith said:

“The fourth quarter’s strong performance was a fitting conclusion to another record year for our company. Our fourth-quarter and full-year results were driven by our diversified portfolio, consistent core customer trends, and solid returns from our recent property investments.

Our management teams continued to demonstrate their ability to efficiently manage the business, achieving property-level operating margins above 40% for both the fourth quarter and full year.”

Boyd Gaming sees 2% growth in full-year revenue

For the full year 2023, Boyd Gaming reported a slight growth of 2% in revenue, reaching $3.7 billion, up from $3.6 billion for the full year 2022. The company’s net income was $630.0 million in comparison to Q4 2022 when its figure stood at $639.4 million.

Total Adjusted EBITDA for the full year 2023, numbers were up slightly by $1.4 billion compared to the year 2022.

Boyd Gaming disbursed a quarterly cash dividend of $0.16 per share on Jan. 15, 2024. Moreover, within the fourth quarter of 2023, the company repurchased $100 million in shares from its common stock.

This repurchase activity left approximately $326 million still available under the company’s existing share repurchase authorizations as of Dec. 31, 2023.

“And as part of our balanced approach to capital allocation, we returned more than $475 million to our shareholders in 2023 while investing in our properties and maintaining the strongest balance sheet in our Company’s history.

Looking ahead, we remain confident in our ability to continue delivering profitable growth and creating long-term shareholder value,” Smith added.

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Tebearau Egbe

Tebearau Egbe has written about gambling for more than four years. She has a Master's degree in philosophy and possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives for readers.

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