Gaming and hospitality organisation Boyd Gaming has hailed an ever growing US property portfolio as the firm posts a strong financial result in the latest quarter.
During the third quarter of the year the Las Vegas headquartered firm reaped the rewards from Ameristar Kansas City, Ameristar St Charles, Belterra Resort, Belterra Park and Valley Forge Casino Resort acquired last year, producing $212.9m in revenues and $62.1m in adjusted EBITDAR collectively.
Total revenue for the period jumped 33.8 per cent from $819.6m to $612.2m, which subsequently helped its full year figures to date reach $2.4bn, up 35.8 per cent from $1.8bn.
Net income for the group saw a significant increase to $39.4m (2018: $11.8m), while in the nine months to September 30 Boyd recorded a 44.6 per cent rise to $133.3m (2018: $92.1m).
Total Adjusted EBITDAR was $213.5m in the third quarter of 2019, increasing 43.4 per cent from $148.8m.
Keith Smith, president and chief executive officer of Boyd Gaming, explained: “In the third quarter, our diversified nationwide portfolio continued to deliver growth in same-store revenues, Adjusted EBITDAR and margins, led by another outstanding quarter by our Las Vegas locals business.
“Our newly acquired properties produced strong results under our ownership, with adjusted EBITDAR growth of nearly 6 per cent and margin improvement of more than 200 basis points on a combined basis.
“And we substantially expanded our sports-betting partnership with FanDuel Group, opening sportsbooks at four new locations in the Midwest while successfully launching a market-leading mobile betting app in Pennsylvania.
“Our company continues to deliver strong operating results, and we remain focused on executing a disciplined, balanced approach to creating long-term shareholder value.”
Delving into the figures a little further revenue from Boyd’s ‘Midwest and South’ segment saw a large increase of 58.5 per cent to $545.7m (2018:$ 344.3m), driven by contributions from newly acquired properties.
‘Downtown Las Vegas’ rose for the fourth consecutive quarter despite disruption from construction near the company’s establishments to reach $60.6m, up 2.5 per cent from $59.2m, with ‘Las Vegas Locals’ revenue up 2.2 per cent to $213.3m (2018: $208.8m).