Boyd Gaming Corp. reported a significant financial milestone in the fourth quarter of 2024, surpassing $1 billion in quarterly revenue for the first time. The record-breaking achievement contributed to a full-year revenue total of $3.93 billion, a 5.1 percent increase over 2023.
Net income for the fourth quarter reached $170.5 million, or $1.92 per share, compared to $92.6 million, or 94 cents per share, during the same period in 2023.
President and CEO Keith Smith attributed the company’s strong performance to strategic property upgrades and renovations, which have continued to attract customers and drive growth.
“An example of this is the Suncoast, where we opened a new sportsbook, high-limit room, and premium steakhouse in 2024,” he told investors. “All of these new amenities have been well received by our customers, helping drive solid results of Suncoast over the last several quarters.”
Boyd unveiled the first section of the Suncoast renovation Thursday and expects all enhancements to be completed by early 2026. “Next to come to Suncoast is a complete renovation of the casino floor, a new food hall, and an expansion of the property’s meeting space,” Smith shared.
Additionally, Smith also highlighted the company’s success in downtown Las Vegas, citing strong support from Hawaiian visitors as a steady source of revenue.
Chief Financial Officer Josh Hirsberg announced further upgrades, including hotel room enhancements at the Orleans property and the transformation of Jokers Wild in Henderson into the new Cadence Crossing. The latter development is expected to be completed by mid-2026.
“The nearby master-planned community of Cadence is one of the fastest-growing neighborhoods in the Las Vegas Valley and this development will position us to capitalize on the growth,” he said.
Initially, Cadence Crossing will feature 450 slot machines and several dining options, with plans for a hotel, expanded casino space, and additional amenities as the community builds out to 12,000 homes.
Boyd plans to invest approximately $100 million annually in recurring property growth projects.
Moreover, Smith also attributed the company’s sustained earnings trajectory to Las Vegas’ economic expansion. Factors include employment growth across multiple sectors for more than 45 consecutive months, a 6% rise in average weekly wages, and Southern Nevada’s population surpassing 2.3 million residents.
Visitation to Las Vegas rose by 2% in 2024, with Harry Reid International Airport reporting record traffic of more than 58 million passengers.
Boyd shares, traded on the New York Stock Exchange, climbed 2.7% on Thursday, closing at $78.57 per share, with trading volume more than twice the daily average.
Original article: https://www.yogonet.com/international/news/2025/02/07/94399-boyd-surpasses-1-billion-in-quarterly-revenue-for-q4-driven-by-property-updates
