Boyd Gaming Corporation posted its financial results for the fourth quarter of 2022 and the full calendar year ending Dec. 31, 2022.
As the US online gambling giant shared, the last three months of 2022 were very successful for the company. The fourth quarter was also in keeping with its results for the entire year.
Boyd Gaming reports Q4 2022 revenues of $922.9 million
The company announced fourth-quarter 2022 revenues of $922.9 million. The figure is a noticeable increase from $879.8 million in the fourth quarter of 2021.
Boyd Gaming also reported a net income of $172.7 million, translating into $1.63 per share, for the fourth quarter of 2022. That’s a significant rise from $109.8 million, or $0.96 per share, for the same period in 2021.
Total Adjusted EBITDAR was $360.1 million in Q4 2022, above the $347.3 million from the fourth quarter of 2021.
Meanwhile, adjusted earnings for the fourth quarter of 2022 were $181.8 million, or $1.72 per share. That is certainly higher than $154.3 million, or $1.35 per share, for the same period in 2021.
Full-year results equally impressive
For the entire calendar year of 2022, Boyd Gaming stated revenues of $3.56 billion, compared to $3.37 billion for the full year 2021.
Boyd also reported a net income of $639.4 million, or $5.87 per share. That compares to a net income of $463.8 million, or $4.07 per share, for 2021.
Total Adjusted EBITDAR for the full year 2022 was $1.39 billion, slightly rising from $1.37 billion for the full year 2021. At the same time, 2022 Adjusted Earnings were $662.0 million, or $6.07 per share. That’s a slight increase compared to $584.2 million, or $5.12 per share, for the full year 2021.
Boyd’s full-year 2022 and 2021 pretax income was impacted by charges of $19.8 million and $95.2 million, respectively, related to early extinguishments of debt. As of Dec. 31, 2022, Boyd had cash on hand of $283.5 million and total debt of $3.09 billion.
2022 has been “a strong year” for Boyd Gaming
Keith Smith, President and CEO of Boyd Gaming, emphasized that the fourth quarter was a “strong conclusion to another record year” for the company. Smith said:
“We achieved records for revenue and EBITDAR on both a fourth-quarter and full-year basis, as our operating teams remain focused on growing revenues and building loyalty among our core customers while successfully managing expenses.
Companywide growth in the fourth quarter was driven by strong performances in our Nevada segments, management fees from Sky River and growth in our online business. During the quarter we also made progress advancing our online strategy, completing our acquisition of Pala Interactive while further expanding our sports-betting partnership with FanDuel. And we continued to return significant capital to our shareholders with nearly $600 million in share repurchases and dividends in 2022.”
Smith concluded that 2022 was another strong year for Boyd Gaming, saying, “we remain confident in our operating model and our team’s ability to successfully navigate the year ahead.”