Las Vegas headquartered Boyd Gaming Corporation is toasting a successful start to 2019, as the company hopes to continue to feel further positive impacts from a series of strategic 2018 acquisitions.
Finishing the year’s first quarter with a 36.5 per cent revenue increase year-on-year to $827.3m from $606.1m, the company also reported adjusted EBITDAR of $223m, a 39 per cent boost from $160.5m and net income of $45.5m, slightly boosted from 2018’s $41.1m.
Included amongst those figures are $213m in revenues and $59.5m in Adjusted EBITDAR from Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Belterra Park, acquired in October, as well as Valley Forge Casino Resort which was purchased during September and Lattner Entertainment which Boyd secured during June.
Keith Smith, president and CEO of Boyd Gaming, said of the company’s performance: “This was another great quarter for our company, as the successful execution of our strategy continues to deliver growth and margin improvement across every segment of our business.
“Both of our Nevada segments continued to achieve solid growth in profitable revenues, adjusted EBITDAR and operating margins, driven by a robust regional economy and operational and marketing refinements.
“Our Midwest and South business produced its fourth consecutive quarter of same-store Adjusted EBITDAR gains, overcoming severe winter weather early in the quarter with an exceptionally strong March performance.
“We also made substantial progress integrating our recent acquisitions and realiaing synergies, positioning us to take advantage of the long-term potential of our new properties. In all, we remain confident in the direction of our company, and committed to creating long-term value for our shareholders.”
Breaking down the figures further, Boyd Gaming surged to its best Las Vegas locals segment since the same quarter 12 years ago, with revenues reaching £222.9m (2018: $222.2m) and adjusted EBITDAR of $74.2m (2018: $71m).
In a media statement, the company stressed that: “A strong regional economy, as well as continued operational efficiencies and marketing refinements, contributed to revenue and Adjusted EBITDAR growth across the Las Vegas Locals segment.
“Operating margins improved more than 130 basis points year-over-year, as the segment recorded its highest first-quarter adjusted EBITDAR since 2007.”
In downtown Las Vegas revenues rose to $63m from $60.5m, a 4.1 per cent jump, with its Midwest and South segment soaring 67.3 per cent compared to 2018, as figures reached $541.4m from $323.5m a year earlier.