The leading land-based and online gambling operator with a strong presence in the United States, Boyd Gaming, released its latest financial results, outlining details regarding the company’s performance for the third quarter of 2023. The latest unaudited figures, encompassing the three months ended September 30, 2023, reveal that the company posted total revenue of $903.2 million. This result, when compared to the corresponding period in 2022, when revenues halted at $877.3 million, marks an increase of nearly 3%.
The total adjusted EBITDAR for Q3 this year was $320.8 million when compared to the $337.7 million in total adjusted EBITDAR posted for Q3 in 2022. The latest financial update revealed that adjusted earnings for Q3 this year were $137.3 million or $1.36 per share when compared to the $159.2 million or $1.48 per share posted for the corresponding period last year.
A breakdown of the $903.2 million in total revenue revealed that the lion’s share came from the company’s gaming operations. This comes as no surprise, yet, gaming revenue in Q3 halted at $641.2 million, slightly below the $668 million result from Q3 in 2022.
In contrast to the slight dip in gaming revenue, Boyd’s other operations posted an increase in their revenues. Food and beverage revenue increased slightly to $71 million in Q3 this year, while room revenues increased to $48.7 million.
Boyd’s online revenue in Q3 soared to $90.3 million. This result marked a significant increase of 72.4% when compared to the $52.4 million in online revenue posted for the corresponding quarter in 2022. Last but not least, management fee revenue and revenues derived from other operations increased as well, hitting $17.2 million and $34.8 million respectively.
The Company’s Diversified Business Model Brings Benefits
Keith Smith, Boyd’s president and CEO, explained that the latest results reaffirm the company’s diversified business model. He outlined that Boyd continues to see strong results from core play customers, online gaming, as well as its non-gaming operations. According to Smith, all those factors impacted positively the results for Q3 this year. “However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment,” he added.
Smith explained that an ongoing focus for Boyd is the creation of value for its shareholders. He pointed out that the recent refurbishment at Fremont helped push the latest results. “And we remain committed to our capital return program, having returned over $1 billion to shareholders in the last two years through our ongoing share repurchases and dividends,” said Smith in conclusion.
Focusing on the bigger picture, Boyd confirmed that the revenue for the first nine months of 2023 hit $2.78 billion. This marked a significant increase when compared to the same period last year when the total revenue halted at $2.63 billion.