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 ...