Growth continues as Boyd eyes US sports betting moves

Copyright: razyph / 123RF Stock Photo

Publishing its financial results for the three months to June 30, 2018, Boyd Gaming reported a 2.1 per cent climb in revenues, to $617m, and confirmed plans to expand its sports betting offer across the US.

Keith Smith, president and CEO of Boyd Gaming, said in a statement: “We delivered revenue and adjusted EBITDA growth across every segment of our business, as companywide operating margins reached record levels.

“We continued to make steady progress toward completing the acquisition of five new properties in the Midwest and Northeast. We further diversified our business by purchasing a distributed gaming operation in Illinois, and are actively preparing to participate in expanded sports betting across the US.”

In a call, Smith said Boyd expects to launch sports betting next month in Mississippi – once state officials give it the green light.

Boyd also hopes to launch sports betting at the Valley Forge Casino Resort in Pennsylvania once it completes the acquisition of the property in September, a deal worth $281m.

Boyd Gaming reported second-quarter revenues of $616.8m, up 2.1 per cent from $604.1m a year prior. Net income was $38.6m, up nearly 40 per cent year on year.

Total Adjusted EBITDA was $163.4m in the period, up eight per cent on the $151.4m in Q2, 2017. Adjusted Earnings for the period were $44m, or $0.38 per share, compared to $30.4m a year prior.