Boyd Gaming has unveiled its Q3 2023 earnings report, reaching $903.2 million in revenue during the period. The company has also surpassed the $877.3 million earned during the same quarter in 2022.
However, net income for the third quarter of 2023 amounted to $135.2 million, or $1.34 per share, which marks a decline from the $157 million, or $1.46 per share, recorded for the same quarter in 2022.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, spoke favorably of the company’s performance for the period while highlighting a series of setbacks. “Our third-quarter results reflect the value of our diversified business model,” he stated.
Keith Smith, President and Chief Executive Officer of Boyd Gaming
“Continued strength in play from our core customers, strong results from Sky River and online gaming, and growth in our non-gaming business all contributed to a solid performance in the quarter. However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment,” Smith added.
Boyd Gaming underscored the success of its property reinvestment initiatives, which yielded record quarterly results at its Fremont Casino in Las Vegas, following its recently completed expansion project.
The company also remained steadfast in its capital return program, returning over $1 billion to shareholders in the past two years through ongoing share repurchases and dividends.
Financial details showed a Total Adjusted EBITDAR of $320.8 million, down from $337.7 million in Q3 2022. Adjusted Earnings for Q3 2023 stood at $137.3 million, or $1.36 per share, in contrast to the $159.2 million, or $1.48 per share, earned for the same period in 2022. As of September 30, 2023, the company maintained cash reserves of $269.2 million while carrying a total debt of $2.9 billion.
In its property operating segments, Boyd Gaming witnessed an increase in core customer play, both sequentially and year-over-year. Hotel and food & beverage revenues also experienced year-over-year growth.
However, these gains were offset by year-over-year softness in retail play. The company’s online segment thrived, buoyed by results from FanDuel‘s operations and the addition of Boyd Interactive, an acquisition made by the company in November 2022.
Boyd Gaming reaffirmed its commitment to its dividend and share repurchase program by paying a quarterly cash dividend of $0.16 per share on October 15, 2023. The company continued its share repurchase initiative by buying back $106 million in stock during the third quarter. As of September 30, 2023, Boyd Gaming retained approximately $426 million under current repurchase authorizations.
Additionally, during Q3, Boyd Gaming entered into a partnership with the University of Nevada, Las Vegas (UNLV) in September 2023 to establish the Boyd Innovation Lab within UNLV’s Black Fire Innovation Building.
Original article: https://www.yogonet.com/international/noticias/2023/10/25/69356-boyd-reports-903m-in-revenue-during-q3-but-income-drops-amid-34challenging-34-economic-environment
