Boyd Gaming Corporation has published its financial report for the three-month period ended June 30, 2024 (Q2). Revenues continued to increase, underpinned by the online sector, but quarterly EBITDAR and net income experienced a decline.
Boyd Gaming Published a Favorable Report
Boyd Gaming reported Q2 results of $967.5 million, up from $917 million in Q2 2023. Additionally, the company reported net income of $139.8 million, reflecting income of $1.47 per share for the quarter. This marked a noticeable decline from $192.5 million, or $1.89 per share in Q2 2023.
Boyd Gaming attributed certain fluctuations to the one-time tax benefits in Q2 2023 when it had a tax rate of approximately 5%. For comparison, it now had to deal with a rate of approximately 24%.
Total adjusted EBITDAR for the period stood at $344.2 million for Q2 2024, marking a slight decline from $351.4 million in Q2 2023. Adjuster earnings, on the other hand, stood at $150 million, or $1.58 per share in Q2 2024.
As of June 30, 2024, the American gaming and hospitality company had $280.8 million in cash and an outstanding debt of $3 billion.
On July 15, 2024, Boyd Gaming paid a quarterly cash dividend of $0.17 to its stakeholders. Additionally, the company completed a $176 million share-buyback round.
The Business Grew Across Multiple Segments
Boyd Gaming analyzed the results saying that the Las Vegas Locals segment continued to face competitive pressures in Q1 and Q2. Despite that, the company’s properties in Las Vegas performed more or less in line with the market. Downtown LV results strengthened on both quarter-on-quarter and year-on-year basis.
In the meantime, Boyd reported growth in Hawaiian visitation and benefits from its recent property investments. Revenues in the Midwest & South segment, on the other hand, were up from Q2 2023. That same segment received contributions from the new land-based casino at Treasure Chest.
Boyd’s online segment, on the other hand, over-performed and recorded a double-digit increase in terms of both revenue and adjusted EBITDAR. This growth was driven by the strong growth in FanDuel’s sports-betting operations.
The Managed & Other segment, meanwhile, was driven by continued strong performance at Sky River Casino in northern California.
CEO Keith Smith commented on the solid performance, saying that the performance was in line with the company’s expectations. He praised the improvements across multiple segments, applauding his team’s efforts.
Smith concluded: “In all, we are pleased with our second-quarter performance, and remain confident in our ability to drive long-term growth across our business.”
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