Boyd Gaming is “confident” that it can keep delivering “profitable growth” after 2023 was another record year for the company.
CEO and President Keith Smith noted that Boyd has been able to deliver strong results in the fourth quarter of 2023 and across the full year thanks to a “diversified portfolio, consistent core customer trends and solid returns” from property investments.
Publishing its financial results, Boyd Gaming declared a Q4 revenue of $954.4m, an increase in comparison to the $922.9m reported in Q4 2022. For the full year, the operator reported revenues of $3.7bn, up from $3.6bn in the previous year.
Per segment in Q4, gaming generated revenues of $647.1m (Q4 2022: $653.9m), food & beverage revenues were $75.5m (Q4 2022: $74.1m) and room revenue stood at $50.6m (Q4 2022: $50.1m).
Online benefited from the introduction of sports betting in Ohio, coming in at $124.1m (Q4 2022: $89.7m). Management fee was $22.3m (Q4 2022: $16.7m) and other was $34.9m (Q4 2022: $38.4m).
Net income at the end of the quarter stood at $92.6m, down in comparison to Q4 2022’s $172.7m, while net income for 2023 came in at $620m compared to 2022’s $639.4m.
Total adjusted EBITDAR for Q4 was $355.5m in comparison to $360.1m in Q4 2022. For the full year, total adjusted EBITDAR was $1.4bn, up slightly from the prior year.
Smith commented: “The fourth quarter’s strong performance was a fitting conclusion to another record year for our company. Our fourth-quarter and full-year results were driven by our diversified portfolio, consistent core customer trends and solid returns from our recent property investments.”
Per property segments in Q4, Las Vegas Locals revenue came in at $235.1m (Q4 2022: $240.9m) with an adjusted EBITDAR of $120.4m (Q4 2022: $125.9m). Both of these figures were consistent with each of the last two quarters.
Downtown Las Vegas revenue stood at $63.3m (Q4 2022: $62.4m) with an adjusted EBITDAR of $27.6m (Q4 2022: $27.8m). Boyd highlighted “particularly strong results at the recently expanded Fremont”.
Midwest & South revenue was $497.9m (Q4 2022: $496.5m) with an adjusted EBITDAR of $190.6m (Q4 2022: $188.4m). Managed & Other was driven by strong results at Sky River Casino, with revenue of $34.1m (Q4 2022: $33.3m) and an adjusted EBITDAR of $24.4m (Q4 2022: $23.5m).
As of December 31, 2023, Boyd Gaming had cash on hand of $304.3m and total debt of $2.9bn.
Smith continued: “Our management teams continued to demonstrate their ability to efficiently manage the business, achieving property-level operating margins above 40 per cent for both the fourth quarter and full year.
“And as part of our balanced approach to capital allocation, we returned more than $475m to our shareholders in 2023 while investing in our properties and maintaining the strongest balance sheet in our company’s history. Looking ahead, we remain confident in our ability to continue delivering profitable growth and creating long-term shareholder value.”
