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US – Boyd delivers ‘solid’ quarter with revenues up to $877.3m

By - 26 October 2022

Boyd Gaming reported third-quarter 2022 revenues of $877.3m, increasing from $843.1m in the third quarter of 2021.

The company reported net income of $157m for the third quarter of 2022, compared to $138.2m for the year-ago period.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “This quarter was another solid performance by our Company, as we achieved third-quarter EBITDAR that was second only to last year’s record quarterly performance. These results were driven by our continued focus on core customers and sustained efficiencies throughout our business, as our operating model is successfully meeting today’s challenges and delivering consistent results. Our strong operating performance is producing robust free cash flow, allowing us to return nearly $500m in capital to our shareholders so far this year. Overall, we are encouraged by the resiliency of our business, and remain confident in our strategy and our ability to deliver consistent results in the current economic environment.”

In the Las Vegas Locals segment, revenue trends remained consistent with recent quarters as play from core customers continued to grow. EBITDAR for the segment remained well above pre-pandemic levels, rising nearly 75 per cent over the third quarter of 2019 and trailing only last year’s record third quarter. Midwest & South segment results include management fees from Sky River Casino, which opened in August 2022, and contributions from the company’s online sports-betting partnerships. Excluding these items, on a property-level basis the Midwest & South segment grew revenues slightly year-over-year while EBITDAR nearly matched last year’s record third-quarter results. When compared to the third quarter of 2019, property-level EBITDAR grew 37 per cent in the Midwest & South segment. The Downtown Las Vegas segment delivered record third-quarter EBITDAR and margins, with EBITDAR increasing 49 per cent over the third quarter of 2019. Segment results benefited from strong performance from the Company’s Hawaiian customers, as well as the reopening of Main Street Station in September 2021.

Boyd Gaming opened Sky River Casino near Sacramento, California on August 15, 2022. The Company has a seven-year management agreement to operate Sky River on behalf of the Wilton Rancheria Tribe. Management fees from Sky River are reported within the Company’s Midwest & South segment.

The company continues to make progress toward completing its previously announced acquisition of Pala Interactive for cash consideration of $170m, and anticipates it will close the acquisition in the next several weeks.

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