Operator News
US – Boyd to invest $300m following record year
By Phil - 4 February 2022
Having enjoyed a record $3.4bn in GGR in 2021, Boyd Gaming is spending $300m on property renovations starting with a $50m revamp of its Fremont Hotel & Casino in Las Vegas’ downtown.
During the fourth quarter of 2021, the company continued to deliver broad-based growth across its operations, setting fourth-quarter records for Adjusted EBITDAR and operating margins in all three operating segments. Twenty-four of the company’s 27 open properties delivered double-digit revenue growth during the quarter as compared to the prior-year period, while 26 properties grew Adjusted EBITDAR at a double-digit pace. For the full year 2021, Boyd Gaming reported revenues of $3.4bn, compared to $2.2bn for the full year 2020. The company reported net income of $463.8m, or $4.07 per share, compared to a net loss of $134.7m, or $1.19 per share, for the full year 2020.
During the fourth quarter of 2021, the company continued to deliver broad-based growth across its operations, setting fourth-quarter records for Adjusted EBITDAR and operating margins in all three operating segments. Twenty-four of the company’s 27 open properties delivered double-digit revenue growth during the quarter as compared to the prior-year period, while 26 properties grew Adjusted EBITDAR at a double-digit pace.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Company finished 2021 with record quarterly performances across every segment of our operations. For the fourth straight quarter, we set new records for Companywide EBITDAR and operating margins. And on a full-year basis, we surpassed our previous EBITDAR record by more than 50 per cent, as we achieved Companywide operating margins of more than 40 per cent. As we begin 2022, we remain focused on executing our proven operating strategy, as well as driving incremental growth through strategic reinvestments in our portfolio and the continued expansion of our online business.”
Smith continued: “Given the ongoing strength of our business, we are expanding our program to return capital to our shareholders by reinstating our quarterly dividend. In conjunction with our current share repurchase program, this action reflects our commitment to a balanced approach to creating long-term shareholder value.”
Boyd Gaming reported fourth-quarter 2021 revenues of $879.8m, up 38.4 per cent from $635.9m in the fourth quarter of 2020. The company reported net income of $109.8m, or $0.96 per share, for the fourth quarter of 2021, compared to $83.3m, or $0.73 per share, for the year-ago period.
Total Adjusted EBITDAR was $347.3m in the fourth quarter of 2021, increasing 65 per cent from $210.5m in the fourth quarter of 2020. Adjusted Earnings for the fourth quarter of 2021 were $154.3m, or $1.35 per share, compared to $51.9m, or $0.46 per share, for the same period in 2020. Companywide Adjusted EBITDAR margins after corporate expense were 39.5 per cent in the fourth quarter of 2021, increasing from 33.1 per cent in the year-ago quarter.
