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Boyd Gaming has reported “solid” results for the second quarter earnings, ending Jun. 30, 2023.
While revenue and net income improved compared to the same period last year, the figures showed a slight decrease compared to the previous quarter.
Keith Smith, president and Chief Executive Officer of Boyd Gaming, said in a press release:
“During the second quarter, we once again proved our ability to deliver solid results in a challenging environment, thanks to our effective operating model, strong management teams and successful growth initiatives.
We maintained our focus on building loyalty among our core customers while our operating teams continued to effectively manage expenses throughout the business, achieving strong companywide margins consistent with recent quarters.”
Boyd Gaming reports a yearly increase in revenue and net income
The company reported Q2 2023 revenues of $917.0 million, up from $894.5 million in the second quarter of 2022. But the figure is a 4.9% decrease from Q1 2023’s $964 million.
Boyd also announced a net income of $192.5 million, or $1.89 per share, for Q2 2023, increasing 31.1% from $146.8 million (or $1.33 per share) for the year-ago period. However, the number is a 3.6% drop from the previous quarter ($199.7 million).
Total Adjusted EBITDAR was $351.4 million in the second quarter of 2023, compared to $353.9 million in the second quarter of last year.
Adjusted earnings for the Q2 2023 dropped slightly to $161.3 million ($1.58 per share) compared to $163.5 million ($1.48 per share), for the same period in 2022.
Smith added in the Boyd press release:
“Property operating results were impacted by difficult year-over-year comparisons early in the quarter, while overall results were strengthened by our key growth initiatives, including online gaming and Sky River Casino. We remain confident in the overall direction of our business and our ability to create long-term value for our shareholders.”
The gaming revenue segment saw a year-over-year decrease, falling by 3.5% to $660.7 million (from Q2 2022’s $684.9 million). Room revenue was also slightly down, reaching $49.8 million compared to Q2 2022’s $49.9 million.
Food and beverage rose from 2022’s $70.3 million to $70.4 million. The online gambling segment improved to $85 million, 49.7% up from 2022’s $56.8 million, benefiting from FanDuel’s strong results in Ohio and Pennsylvania, and the addition of Boyd Interactive.
Management fees accounted for almost $17.5 million, with other revenues reaching $33.6 million (up from 2022’s $32.5 million). It was primarily thanks to Sky River Casino performing ahead of the company’s expectations.
Boyd recently reintroduced Stardust Online Casino in New Jersey
Last month, Boyd Gaming relaunched Stardust Online Casino in New Jersey. Boyd teamed with Atlantic City‘s Borgata Hotel Casino & Spa and FanDuel two years ago to bring the Stardust brand to the Garden State.
Back in 2021, FanDuel rebranded its existing Betfair online casino in New Jersey into Boyd’s Stardust brand.
