Operator News

US – Boyd Gaming up 14.7 per cent with ‘disciplined approach’

Boyd Gaming reported first-quarter 2022 revenues of $860.7m, up 14.3 per cent from $753.3m in the first quarter of 2021.

The company reported net income of $162.9m, or $1.45 per share, for the first quarter of 2022, compared to $102.2m, or $0.90 per share, for the year-ago period. for the first quarter ended March 31, 2022.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “In the first quarter of 2022, our disciplined approach to managing the business and strategic focus on our core customer once again produced exceptional results. During the quarter, strong performance from our core customers and sustained efficiencies in our marketing and operations contributed to record revenue, EBITDAR and margin performances on a Companywide basis. Additionally, we took an important step in advancing our online gaming strategy with our agreement in March to acquire Pala Interactive, which will provide us the technology and expertise to build a leading regional online casino gaming operation. We also continued to execute our robust capital return program, repurchasing $132 million in stock during the first quarter and reinstating our quarterly cash dividend. In all, the first quarter was an excellent start to 2022, as our proven operating strategy and experienced team continue to create long-term value for our shareholders.”

Total Adjusted EBITDAR was $338.8m in the first quarter of 2022, increasing 15.8 per cent from $292.6m in the first quarter of 2021. Adjusted Earnings for the first quarter of 2022 were $157.5m, or $1.40 per share, compared to $105.7m, or $0.93 per share, for the same period in 2021. Companywide Adjusted EBITDAR margins after corporate expense were 39.4 per cent in the first quarter of 2022, increasing from 38.8 per cent in the year-ago quarter.