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Boyd Gaming: A Detailed Look at Q1 2024 Online Sales Performance

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Boyd Gaming, a major player in the gaming and hospitality sector, recently released its unaudited financial figures for the first quarter of 2024. The disclosure happened last Thursday, showing resilient results despite several hurdles faced during the period.

In the first quarter, the company achieved revenues of $960.5 million, showing a minor decrease from the previous year’s $964.0 million. Despite the slight decline, this performance highlights the firm’s stability. Notably, the earnings from gaming decreased from $664.3 million in the first quarter of 2023 to $634.1 million this year. However, revenues from food and beverage and hotel rooms stayed consistent year-over-year, recording $72.6 million and $48.9 million, respectively.

Boyd Gaming‘s net income saw a reduction this quarter, settling at $136.5 million or $1.40 per share, compared to last year’s $199.7 million or $1.93 per share. Similarly, the total adjusted EBITDAR fell from $367.1 million in Q1 of 2023 to $330.5 million this year. Additionally, the adjusted earnings also dropped from $177.4 million in the previous year to $147.3 million.

Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders.

One of the bright spots in this report was the significant rise in online revenue, which climbed from $122.9 million in the first quarter of 2023 to $146.2 million in the same period this year. Management fees and other sources of revenue remained steady, mirroring the figures from last year.

About Boyd Gaming

Boyd Gaming Corporation, established in 1975, has grown to become one of the largest casino entertainment companies in the United States. The company operates 28 gaming properties across ten states including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Boyd Gaming is recognized for its commitment to providing an excellent entertainment experience, which they deliver with a special focus on customer service, known as “Boyd Style”​.

Over the years, Boyd Gaming has expanded its operations through strategic acquisitions and developments. Notably, the company’s acquisition strategy includes the purchase of Coast Casinos in 2004, which significantly increased its presence in the Las Vegas market. Boyd Gaming also engages in partnerships, such as with MGM Resorts International, to enhance market access and customer base, particularly in the burgeoning online gambling and sports betting sectors. These efforts reflect Boyd Gaming’s broader strategy to adapt and grow in the evolving gaming industry landscape​.

Optimism Ahead

Keith Smith, the CEO and president of Boyd Gaming, remains optimistic despite the downturns. He pointed out that the first quarter’s performance followed record-breaking results in 2023. Smith noted the increased competitive pressures in the Las Vegas Locals market and adverse weather conditions in the Midwest and South but affirmed the company’s commitment to its strategic goals. “Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders,” said Smith. He further emphasized the company’s continued focus on executing its marketing and operational strategies to maintain robust operating margins.

In conclusion, Boyd Gaming’s latest financial snapshot reveals a slight year-over-year decrease in some areas but also significant gains, particularly in online revenues. The company’s leadership expresses confidence in navigating through ongoing challenges and continuing to provide shareholder value.

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