Operator News

Treasure Chest delivers record quarter for Boyd Gaming following land-based move

Boyd Gaming reported third-quarter 2024 revenues of $961.2m, up from $903.2m in the third quarter of 2023 with the Treasure Chest Casino in Louisiana delivering a strong quarter following its move from its river-boat location onto dry land in June.

Results in the Las Vegas Locals segment were impacted by continued competitive pressures at the Orleans and Gold Coast, while the balance of the company‘s Las Vegas Locals properties performed in-line with the broader same-store market. The company’s Downtown Las Vegas segment delivered another quarter of strong results, driven by recent property investments and growing Hawaiian visitation. Midwest & South segment results benefited from a record third-quarter performance at Treasure Chest following the opening of its new land-based facility in June, as well as stable same-store performance across the remaining properties in the segment.

Boyd Gaming’s online segment produced strong revenue and Adjusted EBITDAR growth during the third quarter, reflecting increased contributions and one-time benefits from the company’s market-access agreements nationwide. Managed & Other’s performance reflected continued strength at Sky River Casino in northern California.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our company continued to produce solid results in the third quarter, as underlying customer trends remained stable.  During the quarter, we realized the benefits of our recent investments in our Downtown Las Vegas and Midwest & South segments. These investments produced strong returns, driving revenue and Adjusted EBITDAR gains in both segments. We also benefited from excellent performances in both our Online and Managed businesses, demonstrating the value of our diversified business model. We strengthened our growth pipeline, securing an opportunity to develop a best-in-market casino resort in Norfolk, Virginia, while continuing work on property enhancements nationwide. And we continued our commitment to returning capital to shareholders, repurchasing more than $200 million in shares during the quarter. In all, we are pleased with the ongoing performance of our business and remain focused on enhancing shareholder value.”