Those holding Boyd shares at the close of business on 22 December will be eligible for the payment. The dividend is payable to shareholders on 15 January 2024.
Boyd will make the payment on the back of what is set to be a positive year for the gambling operator. In October, Boyd said it is on track to report year-on-year growth across revenue, adjusted EBITDA and net profit.
For the nine months to 30 September, revenue amounted to $2.78bn. This was 5.8% higher than at the same point last year.
Revenue from gaming was $1.97bn, with online the second highest contributor on $298.2m. A further $212.9m came from rooms, $148.5m food and beverage, $54.6m management fees and $103.6m other activities.
Spending was higher in the period, but revenue growth meant net profit increased 13.0% to $527.4m. In addition, adjusted EBITDAR (earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs) edged up 0.9% to $1.04bn.
Online a key driver in Q3 revenue growth at Boyd
The year-to-date performance was boosted by a successful Q3, during which Boyd said its online division reported significant growth. This is the result of its acquisition of Pala Interactive.
Boyd purchased the supplier, which was majority owned by the Pala Band of Mission Indians, for $170.0m in November 2022. Now operating as Boyd Interactive, the online division has relaunched the Stardust platform in Pennsylvania and New Jersey.
The impact of this has been clear to see, most recently in Q3, with group revenue rising by 3.0% to $903.2m.
Gaming is still Boyd’s primary source of revenue at $641.2m but this was 4.0% lower than last year. In contrast, online hiked 72.3% to $90.3m, more than offsetting the decline in its gaming segment.
Elsewhere, food and beverage revenue edged up 4.7% to $71.0m and rooms revenue climbed 4.3% to $48.7m. Revenue from management fees climbed 71.6% to $17.5m and other revenue was 7.7% higher at $34.8m.
Costs increased in Q3, mainly due to expanded online operations. This meant net profit fell 13.9% to $135.2m, while adjusted EBITDAR also slipped 5.0% to $320.8m.
However, progress over the year, and anticipated full-year growth, means that Boyd is in a position to pay out the dividend.
Original article: https://igamingbusiness.com/finance/boyd-confirms-0-16-quarterly-dividend/
