Strong Third Quarter Performance with Revenue Growth
Boyd Gaming Corporation reported a 6.4% increase in revenue for Q3 2024, reaching $961.2 million. This growth was fueled by the robust performance of its Downtown Las Vegas, Midwest & South segments, and boosted by the company’s Online and Managed businesses.
Financial Highlights: Solid EBITDAR Amid Revenue Increase
Despite revenue gains, Boyd’s net income saw a minor decline, reaching $131.1 million or $1.43 per share. However, Adjusted EBITDAR rose by 4.9% to $336.6 million, underscoring the company’s resilient financial performance.
Midwest & South Segment Outshines
The Midwest & South segment reported record results, driven by the successful launch of the Treasure Chest Casino’s new land-based facility in June. This regional strength played a pivotal role in Boyd’s overall growth for the quarter.
Growing Momentum in Online Segment
Boyd’s Online segment witnessed substantial growth as well, fueled by increased market-access agreements and some one-time benefits. The company’s commitment to digital expansion remains a core part of its growth strategy.
Good to Know: Shareholder-Focused Capital Return
In Q3, Boyd Gaming continued its capital return initiatives, repurchasing $202 million in shares. As of September 30, 2024, Boyd had $343 million remaining under its current share repurchase authorization.
Challenges in Las Vegas Locals Segment
While Boyd’s Las Vegas Locals segment generally performed in line with the same-store market, some properties, particularly The Orleans and Gold Coast, faced competitive pressures that impacted their performance. Nevertheless, other properties in this segment held steady, contributing to Boyd’s diversified growth approach.
Midyear Snapshot and Online Expansion
In Q2 2024, Boyd had already noted a 5.5% revenue increase, primarily driven by growth in the Online segment. Boyd Gaming’s expansion strategy across multiple regions remains a key factor in its steady, multi-segment growth.