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Boyd Gaming Reports 2023 First Quarter Results

Written By Katarina Vojvodic | Updated:
Boyd Gaming reports strong Q1 financials

Boyd Gaming Corporation reported financial results for the first quarter ending March 31, 2023.

The US gambling company reported a total revenue increase of 12%, while online revenue grew by 123%.

Keith Smith, president and CEO of Boyd Gaming, said via press release:

“The first quarter was an excellent start to 2023 for our Company, as we again demonstrated the strength of our business model and the resilience of our diversified portfolio. We continued to see increased play from our core customers across the country, as well as strong growth in our non-gaming operations.”

Boyd Gaming’s Q1 2023 results are on the rise, calling out Nevada segment

Boyd Gaming reported first-quarter 2023 revenue of $964.0 million. The figure is a 12.0% increase from $860.7 million in the first quarter of 2022.

The company reported a net income of $199.7 million, or $1.93 per share, in Q1 2023. The number compares to $162.9 million, or $1.45 per share, for the year-ago period.

Total Adjusted EBITDAR was $367.1 million in the first quarter of 2023, an 8.4% increase from $338.8 million in the first quarter of 2022.

Adjusted Earnings for the first quarter of 2023 were $177.4 million, or $1.71 per share. That’s a 12.6% increase compared to $157.5 million, or $1.40 per share, for the same period in 2022.

Keith added: “Our Nevada segments delivered outstanding performances, as increased tourism in southern Nevada and growing play from core customers helped drive record first-quarter EBITDAR and operating margins in both our Las Vegas Locals and Downtown Las Vegas segments.”

EBITDAR from Boyd’s online operations more than doubled YOY

Last year was a strong year for Boyd Gaming, with Q4 2022 being the most successful in terms of income.

Since the first quarter of 2022, Boyd’s online revenue increased by a massive 123%. The company’s earnings per share climbed by 22.1%, from $1.40 to $1.71. Financial results from online activities include contributions from the company’s sports-betting partnership with FanDuel.

Boyd’s online revenues and adjusted EBITDAR more than doubled since last year, mainly due to the following reasons:

  • Recently launched sports betting markets in Ohio and Kansas
  • Continued growth in existing markets
  • The vast increase in online operations and recent property investments

In the Business Wire press release, Keith concluded: “Sky River Casino continued to perform ahead of expectations, and recent property investments helped drive incremental revenue and EBITDAR growth.

Our proven business model and experienced team are delivering strong results for our shareholders, giving us confidence in our continued ability to successfully navigate the current economic environment.”

Photo by PlayUSA
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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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