A prominent gaming corporation, Boyd Gaming, concluded 2023 with impressive results, achieving unprecedented earnings for both the final quarter and the entire year. This accomplishment was driven by robust outcomes in their primary casino operations and ongoing expansion of their digital gaming platform.
Chief Executive Keith Smith emphasized the company’s varied holdings and strategic property investments as significant contributors to their achievements. He also cited the dedication of their clientele as a crucial element in their strong showing.
Although revenue surged, the corporation did encounter a decline in earnings for the fourth quarter, posting $92.6 million versus $172.7 million during the corresponding period the previous year. This reduction was mainly ascribed to a singular expense associated with asset devaluations.
Throughout the year, Boyd Gaming generated $3.7 billion in revenue, a notable increase from $3.6 billion in 2022. Profits for the twelve-month period reached $6.2 billion.
Notwithstanding the decrease in profits due to planned financial modifications, Boyd Gaming seems well-situated entering the new year. Their focus on broadening their offerings, enhancing their properties, and fostering a devoted customer base appears to be yielding positive results.
Boyd Gaming experienced a robust final quarter, characterized by consistent income and adjusted EBITDA from its Las Vegas resident-focused operations. Although their downtown Vegas sector witnessed a minor increase in revenue (approximately 1.4%), it was the Midwest and South divisions that truly rebounded, with both reporting gains in revenue and adjusted EBITDA of roughly 0.28%. The corporation’s digital footprint also received a lift with the January introduction of sports wagering in Ohio.
Boyd Gaming remains dedicated to delivering shareholder value, distributing a $0.16 per share cash dividend in January and buying back $100 million of common stock during the fourth quarter. As of December 31st, 2023, they retained around $326 million available under their existing stock repurchase authorization. The company concluded the year with $304.3 million in cash reserves and $2.9 billion in overall debt.
Furthermore, Boyd Gaming announced impressive third-quarter revenue of $9.032 billion, representing a year-over-year surge of 2.7%. While net income for the third quarter reached $1.352 billion ($1.34 per share) in contrast to $1.57 billion ($1.46 per share) during the same period the previous year, the company showcased its dedication to social responsibility by contributing over $20 million to nearly 190 charitable organizations spanning 11 states in January.
