Boyd Gaming Corporation Reports Impressive Q4 Earnings with Revenue Up 5%
Boyd Gaming recently announced its Q4 2022 financial performance, demonstrating robust results with revenue reaching $922.9 million, a 5% year-over-year increase.
The organization’s achievements were propelled by a solid performance in its gaming vertical, which generated $653.9 million in revenue. Additionally, their food and beverage and lodging segments performed admirably, producing $74.2 million and $50 million, respectively.
This quarter also witnessed Boyd Gaming attain a net income of $172.7 million, a substantial rise from the $109.8 million reported in the corresponding period last year. This upward trajectory was reflected in their adjusted EBITDAR, which experienced a 4% growth to hit $360.1 million, and an 18% surge in adjusted earnings, reaching $181.8 million.
Boyd Gaming’s Chief Executive Officer, Keith Smith, emphasized the exceptional results of their Las Vegas locals segment, which attained unprecedented revenue and EBITDAR in the fourth quarter. This accomplishment was driven by healthy tourism, strong non-gaming revenue streams, and ongoing engagement from their primary customer demographic.
“The fourth quarter served as a remarkable finish to another record-breaking year for our company,” remarked Smith. “Our team’s commitment to propelling revenue expansion, fostering customer allegiance, and managing costs efficiently has culminated in record revenue and EBITDAR for both the quarter and the fiscal year.”
The company’s overall expansion in the fourth quarter was further strengthened by the positive performance of their Nevada enterprises, management fees from Sky River Casino, and sustained growth in their digital operations.
This business period witnessed notable advancements in our online approach. We incorporated Pala Interactive and strengthened our collaboration with FanDuel in the sports wagering domain.”
“During the course of 2022, we focused on delivering substantial returns to our investors, amounting to almost $600 million through a combination of stock repurchases and dividend distributions.”
Boyd Gaming also announced their remarkable annual performance for 2022, highlighting a 6% rise in revenue compared to the previous year, reaching $3.56 billion. Their annual net earnings reached $639.4 million, a considerable increase from the $463.8 million reported in the preceding year. The corporation’s adjusted EBITDAR for 2022 totaled $1.39 billion, marginally exceeding the $1.37 billion from 2021.
Smith concluded, “Overall, 2022 proved to be another highly successful year for our organization. We possess a robust operational framework and an exceptional team, and we are optimistic about our capacity to manage any challenges the upcoming year may present.”
