Boyd Gaming: we remain confident in successfully navigating the year ahead

Fremont Boyd Gaming

Boyd Gaming has stressed confidence in navigating the challenges that lie ahead, after reflecting on a series of records through 2022 that culminated in “a strong conclusion” via the fourth quarter.

The final three month portion of the past year saw revenue rise 4.89 per cent to $922.92m (2021: $879.84m), with net income subsequently following suit after closing at $172.7m (2021: $109.8m). Total adjusted EBITDA reached $360.1m, up 3.68 per cent from $347.3m.

On a regional basis, Boyd’s Las Vegas locals increased 3.68 per cent £240.91m (2021: $236.27m), driven by destination business, non-gaming operations and continued strength in play from core customers.

Downtown Las Vegas increased 16.81 per cent from $53.45m to $62.44m driven by Hawaiian customer segments exceeding pre-pandemic levels, with the Midwest & South up 4.99 per cent to $619.56m (2021: $590.11m). This was primarily down to contributions from online gaming and management fees from Sky River Casino.

Furthermore, Boyd has also detailed progress in advancing its online strategy, with the acquisition of Pala Interactive and heightened FanDuel alliance largely praised.

For the full-year, revenue increased 5.63 per cent to $3.56bn (2021: $3.37bn), with net income reaching $639.4m (2021: $463.8m) and AEBITDA rising fractionally to $1.39bn (2021: $1.37bn).

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “The fourth quarter was a strong conclusion to another record year for our company. We achieved records for revenue and EBITDAR on both a fourth-quarter and full-year basis, as our operating teams remain focused on growing revenues and building loyalty among our core customers while successfully managing expenses. 

“Companywide growth in the fourth quarter was driven by strong performances in our Nevada segments, management fees from Sky River and growth in our online business.”

Adding: “And we continued to return significant capital to our shareholders with nearly $600m in share repurchases and dividends in 2022. In all, 2022 was another strong year for our company, and we remain confident in our operating model and our team’s ability to successfully navigate the year ahead.”