Operator News
US – Boyd confirms strong start to the year with records broken in key Nevada markets
By Phil - 27 April 2023
Boyd Gaming reported first-quarter 2023 revenues of $964m, up 12 per cent from $860.7m in the first quarter of 2022 with the Las Vegas Locals segment reporting record first-quarter revenue.
The locals market benefitted from increased destination business, double-digit growth in non-gaming revenues, and continued strength in play from core customers. The Downtown Las Vegas segment also set first-quarter records for Adjusted EBITDAR and margins, driven by strong visitation throughout the downtown area, continued growth in play from core Hawaiian customers, and increased traffic at the Fremont following its recent expansion. In the Midwest & South segment, core customer play grew year-over-year; however, segment results were impacted by continued softness at the Company’s properties in Louisiana and Mississippi.
Online revenues and Adjusted EBITDAR more than doubled over prior year, reflecting gains from recently launched sports-betting operations in Ohio and Kansas, continued growth in existing markets, and contributions from Boyd Interactive. Managed & Other revenues and Adjusted EBITDAR were substantially higher than prior year due to management fees from Sky River Casino, which has performed ahead of expectations since opening in August 2022.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “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.
“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. Our growth initiatives also contributed to our record performance, as EBITDAR from our online operations more than doubled year-over-year, 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.”
