Boyd Gaming Reports Second-Quarter 2023 Results

Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2023.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “During the second quarter we once again proved our ability to deliver solid results in a challenging environment, thanks to our effective operating model, strong management teams and successful growth initiatives. We maintained our focus on building loyalty among our core customers while our operating teams continued to effectively manage expenses throughout the business, achieving strong companywide margins consistent with recent quarters. Property operating results were impacted by difficult year-over-year comparisons early in the quarter, while overall results were strengthened by our key growth initiatives, including online gaming and Sky River Casino. We remain confident in the overall direction of our business and our ability to create long-term value for our shareholders.”

Boyd Gaming reported second-quarter 2023 revenues of $917.0 million, up from $894.5 million in the second quarter of 2022. The Company reported net income of $192.5 million, or $1.89 per share, for the second quarter of 2023, increasing from $146.8 million, or $1.33 per share, for the year-ago period.

Total Adjusted EBITDAR⁽¹⁾ was $351.4 million in the second quarter of 2023, compared to $353.9 million in the second quarter of 2022. Adjusted Earnings⁽¹⁾ for the second quarter of 2023 were $161.3 million, or $1.58 per share, compared to $163.5 million, or $1.48 per share, for the same period in 2022.

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

Operations Review

In the Las Vegas Locals segment, core customer trends remained solid while operating margins once again exceeded 50%; however, revenues and Adjusted EBITDAR declined year-over-year due to difficult comparisons to prior year. The Downtown Las Vegas segment continued to benefit from growth in visitation throughout the downtown area, while second-quarter results were impacted by construction disruption at both the Fremont and Main Street Station. In the Midwest & South segment, while revenue and Adjusted EBITDAR were down year-over-year, both grew sequentially over the first quarter of 2023, as business trends continued to improve.

The Company’s Online segment benefitted from strong results at FanDuel’s operations in Ohio and Pennsylvania, as well as the addition of Boyd Interactive. Results in our Managed & Other business were driven by continued strength at Sky River Casino, which has performed ahead of expectations since opening in August 2022.

Dividend and Share Repurchase Program Update

Boyd Gaming paid a quarterly cash dividend of $0.16 per share on July 15, 2023, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $100 million in stock during the second quarter of 2023. As of June 30, 2023, the Company had approximately $533 million remaining under current repurchase authorizations.

Balance Sheet Statistics

As of June 30, 2023, Boyd Gaming had cash on hand of $260.8 million, and total debt of $3.0 billion.

Conference Call Information

Boyd Gaming will host a conference call to discuss its second-quarter 2023 results today, July 27, at 5:00 p.m. Eastern. The conference call number is (888) 886-7786, passcode 91078497. Please call 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://events.q4inc.com/attendee/634511924.

Following the call’s completion, a replay will be available by dialing (877) 674-7070 on Thursday, July 27, continuing through Thursday, August 3. The conference number for the replay will be078497. The replay will also be available at https://investors.boydgaming.com.