Operator News
US – Record Las Vegas locals drives record year for Boyd Gaming
By Phil - 3 February 2023
Boyd Gaming reported fourth-quarter 2022 revenues of $922.9m, increasing from $879.8m in the fourth quarter of 2021, driven by record fourth quarter revenues from the Las Vegas locals market.
The company reported net income of $172.7m for the fourth quarter of 2022, compared to $109.8m for the year-ago period.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “The fourth quarter was a strong conclusion to another record year for our company. We achieved records for revenue and EBITDAR on both a fourth-quarter and full-year basis, as our operating teams remain focused on growing revenues and building loyalty among our core customers while successfully managing expenses. Companywide growth in the fourth quarter was driven by strong performances in our Nevada segments, management fees from Sky River and growth in our online business. During the quarter we also made progress advancing our online strategy, completing our acquisition of Pala Interactive while further expanding our sports-betting partnership with FanDuel. And we continued to return significant capital to our shareholders with nearly $600 million in share repurchases and dividends in 2022. In all, 2022 was another strong year for our Company, and we remain confident in our operating model and our team’s ability to successfully navigate the year ahead.”
The company’s Las Vegas Locals segment posted record fourth-quarter revenue and EBITDAR, with operating margins exceeding 52 per cent. Growth in the segment was driven by destination business, non-gaming operations and continued strength in play from core customers. The Downtown Las Vegas segment also achieved a fourth-quarter EBITDAR record, as visitation grew throughout the downtown Las Vegas market and business volumes from our Hawaiian customer segments exceeded pre-pandemic levels. In the Midwest & South segment, revenue and EBITDAR growth was driven by contributions from online gaming and management fees from Sky River Casino. Excluding these items, revenue and EBITDAR were below prior year in the Midwest & South segment.
For the full year 2022, Boyd Gaming reported revenues of $3.56bn, compared to $3.37bn for the full year 2021.
