Boyd Gaming has asserted confidence in its COVID recovery strategies, commenting the “since reopening began, we are off to an excellent start,” with a streamlined digital approach said to be continuing in a bid to position the company for the “future of our industry”.

After having all 29 of its properties nationwide closed under state and local orders from March 18 – May 19, the company has subsequently resumed operations at all but three as of the start of the month. 

Due to the impacts of the pandemic, the gaming and hospitality firm recorded second quarter revenue of $209.9m (2019: $846.1m), with net loss finishing up at $108.5m, as opposed to income of $48.5m reported a year earlier. Adjusted EBITDAR came in at $16.1m (2019: $232.5m).

For the sixth month period ending June 30, 2020, total revenue for the Las Vegas headquartered company is reported as $890.3m (2019: $1.67bn), adjusted EBITDAR of $160.5m (2019: $455.6m) and a net loss of $256.1m contrasted to an income of $93.9m a year earlier.

Keith Smith, president and CEO of Boyd Gaming, said: “Across the country, our team members did a tremendous job getting our properties back open quickly and safely over the final six weeks of the quarter. And since reopening began, we are off to an excellent start. 

“On a comparable basis at our reopened properties, we achieved company wide EBITDAR growth and significant margin improvement while complying with state-regulated reductions in gaming capacity. During the reopening period, our midwest and south properties posted double-digit EBITDAR gains, while our Las Vegas locals properties also improved EBITDAR performance versus prior year. 

“While overall visitation and revenues are down, spend per visit is robust, and we have successfully streamlined operating and marketing expenses to drive margin gains of more than 1,000 basis points in both the midwest and south and Las Vegas locals segments. These positive operating trends are continuing into July, giving us confidence that we can sustain increased efficiencies in our operating model.”

With various properties reopening during Q2, Boyd reports that combined revenues for the 16 reopened ‘Midwest & South’ segment properties was down 18 per cent from the comparable prior-year period, with adjusted EBITDAR up 16 per cent. 

The seven ‘Las Vegas Locals’ properties that reopened on June 4, 2020, reported a combined revenue decrease of 28 per cent per cent from the prior year with adjusted EBITDAR growing one per cent.

The group’s two reopened ‘Downtown Las Vegas’ segment entities recorded a combined revenue decline of 60 per cent from the prior year while combined Adjusted EBITDAR for the reopening period broke even.

After relaunching its Stardust brand last week in the form of a free-to-play mobile gaming app, Smith continued: “We are also making great progress positioning our company for the digital future of our industry. With the recent launch of our Stardust Social Casino mobile app, we established our first interactive gaming presence under the Stardust brand. 

“We also continued to expand our strategic partnership with FanDuel Group as we introduced an online casino product in the state of Pennsylvania. With our industry-leading strategic partner and the iconic Stardust brand, Boyd Gaming is in an excellent position to capitalise on the compelling growth opportunity presented by interactive gaming and mobile sports betting.”