BOYD GAMING REPORTS THIRD-QUARTER 2024 RESULTS

LAS VEGAS, Oct. 24, 2024 /PRNewswire/ -- Boyd Gaming Corporation (NYSE:BYD) today reported financial results for the third quarter ended September 30, 2024.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our Company continued to produce solid results in the third quarter, as underlying customer trends remained stable.  During the quarter, we realized the benefits of our recent investments in our Downtown Las Vegas and Midwest & South segments. These investments produced strong returns, driving revenue and Adjusted EBITDAR gains in both segments. We also benefited from excellent performances in both our Online and Managed businesses, demonstrating the value of our diversified business model. We strengthened our growth pipeline, securing an opportunity to develop a best-in-market casino resort in Norfolk, Virginia, while continuing work on property enhancements nationwide. And we continued our commitment to returning capital to shareholders, repurchasing more than $200 million in shares during the quarter. In all, we are pleased with the ongoing performance of our business and remain focused on enhancing shareholder value."

Boyd Gaming reported third-quarter 2024 revenues of $961.2 million, up from $903.2 million in the third quarter of 2023. The Company reported net income of $131.1 million, or $1.43 per share, for the third quarter of 2024, compared to $135.2 million, or $1.34 per share, for the year-ago period.

Total Adjusted EBITDAR(1) was $336.6 million in the third quarter of 2024, increasing from $320.8 million in the third quarter of 2023. Adjusted Earnings(1) for the third quarter of 2024 were $139.3 million, or $1.52 per share, compared to $137.3 million, or $1.36 per share, for the same period in 2023. 

(1)  See footnotes at the end of the release for additional information relative to non-GAAP financial measures.

Operations Review

Results in the Las Vegas Locals segment were impacted by continued competitive pressures at the Orleans and Gold Coast, while the balance of the Company's Las Vegas Locals properties performed in-line with the broader same-store market. The Company's Downtown Las Vegas segment delivered another quarter of strong results, driven by recent property investments and growing Hawaiian visitation. Midwest & South segment results benefited from a record third-quarter performance at Treasure Chest following the opening of its new land-based facility in June, as well as stable same-store performance across the remaining properties in the segment.

The Company's Online segment produced strong revenue and Adjusted EBITDAR growth during the third quarter, reflecting increased contributions and one-time benefits from the Company's market-access agreements nationwide. Managed & Other's performance reflected continued strength at Sky River Casino in northern California.

Dividend and Share Repurchase Update

Boyd Gaming paid a quarterly cash dividend of $0.17 per share on October 15, 2024, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $202 million in shares of its common stock during the third quarter of 2024. As of September 30, 2024, the Company had approximately $343 million remaining under the current share repurchase authorization.

Balance Sheet Statistics

As of September 30, 2024, Boyd Gaming had cash on hand of $286.3 million, and total debt of $3.1 billion. 

Conference Call Information

Boyd Gaming will host a conference call to discuss its third-quarter 2024 results today, October 24, at 5:00 p.m. Eastern.  The conference call number is (800) 836-8184; no passcode is required to join the call. Please join up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

The conference call will also be available live on the Internet at https://investors.boydgaming.com, or https://app.webinar.net/XzoWeDM1KwJ.

A replay will be available by dialing (888) 660-6345 today, October 24, after the conclusion of the call, and continuing through October 31.  The passcode for the replay will be 87460#.  The replay will also be available at https://investors.boydgaming.com.

 

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

(In thousands, except per share data)

2024

2023

2024

2023

Revenues

Gaming

$          640,528

$          641,168

$       1,925,486

$       1,966,205

Food & beverage

72,728

70,986

222,361

212,936

Room

50,226

48,720

151,768

148,546

Online

141,312

90,288

417,412

298,153

Management fee

21,030

17,153

64,527

54,629

Other

35,422

34,849

107,725

103,611

Total revenues

961,246

903,164

2,889,279

2,784,080

Operating costs and expenses

Gaming

252,213

251,536

749,966

751,330

Food & beverage

62,713

59,672

187,852

177,623

Room

19,674

19,180

57,728

54,880

Online

115,119

79,080

353,269

252,478

Other

12,171

11,549

38,332

34,119

Selling, general and administrative

102,391

99,944

315,709

299,333

Master lease rent expense (a)

28,160

27,236

83,247

81,163

Maintenance and utilities

40,421

41,720

112,111

115,337

Depreciation and amortization

70,344

64,797

198,934

188,577

Corporate expense

27,614

27,872

88,254

88,232

Project development, preopening and writedowns

11,347

2,405

21,954

(11,268)

Impairment of assets





10,500

4,537

Other operating items, net

(906)

301

4,947

959

Total operating costs and expenses

741,261

685,292

2,222,803

2,037,300

Operating income

219,985

217,872

666,476

746,780

Other expense (income)

Interest income

(392)

(1,585)

(1,241)

(22,445)

Interest expense, net of amounts capitalized

46,208

42,352

131,466

128,933

Other, net

189

(30)

289

596

Total other expense, net

46,005

40,737

130,514

107,084

Income before income taxes

173,980

177,135

535,962

639,696

Income tax provision

(42,852)

(41,902)

(128,516)

(112,278)

Net ...