The leading American gaming and hospitality company, Boyd Gaming Corporation, released its latest trading update, outlining details regarding its performance for the second quarter of 2023. The unaudited report released Thursday shows that the company’s total revenue for Q2 2023 hit $917 million. A comparison to the corresponding period last year, when revenue halted at $894.5 million, shows that revenue this year increased slightly.

For the second quarter ended June 30, 2023, Boyd Gaming reported net income of $192.5 million, representing $1.89 per share. That result marked strong growth, considering that the net income reported for Q2 2022 was $146.8 million, representing $1.33 per share.

The recent trading update revealed that the total adjusted EBITDAR reported by the company for the second quarter this year was $351.4 million. This figure represented a slight decrease when compared to the $353.9 million result for the same period in 2022. Finally, adjusted earnings for Q2 2023 hit $161.3 million, down slightly when compared to the $163.5 million result from Q2 last year.

The Company Posts Strong Results despite the Challenging Environment

A breakdown provided by Boyd Gaming revealed strong growth in the company’s online gaming revenue. Overall, online gaming revenue hit $85 million in Q2 this year, representing an increase of nearly 50% when compared to the $56,8 million result from the same period in 2022.

In contrast to the positive results from the online sector, Boyd’s new report revealed that the company’s gaming revenue decreased slightly in Q2 this year. In Q2 2022, the gaming revenue hit $685 million, while for the same period this year, it dipped by 3.5% to $660.7 million.

Additional revenue segments in Q2 showed similar values to the figures from last year with food and beverage revenue hitting $70.4 million and room revenue contributing just short of $50 million.

“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.“

Keith Smith, CEO and president of Boyd Gaming

Keith Smith, Boyd Gaming’s CEO and president, praised the company’s operating model, growth initiatives and management efforts that helped deliver strong results despite headwinds. “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,” he explained.

Focusing on the results, Smith pointed out that growth initiatives within online gaming and the Sky River Casino had a positive impact on the performance of the company throughout the second quarter. Finally, he predicted further growth for Boyd Gaming and an increase in the long-term value for its shareholders.

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The Pennsylvania Gaming Control Board (PGCB), the gambling regulator in the state, released its latest report, outlining the performance of licensed gambling operators for April. Judging by the latest figures, the total revenue generated from all forms of gambling, including fantasy contests last month hit $476,723,131. This result, marked a slight 3.27% increase when compared to the figures from April last year, the PGCB said.

A breakdown of the $476.7 million in total gambling revenue reveals that iGaming slots and table games revenue marked the biggest increase year-over-year. Overall, the iGaming slot revenue this April hit $95.6 million, representing an increase of 24.66% when compared to the $76.7 million result from the same period the last year. Similarly, iGaming tables revenue soared this April, hitting $38.9 million, representing an increase of 16.09%.

Another increase was observed in the sports betting revenue, which hit $37 million last month. This result, when compared to the figures from last year, represents an increase of 10.01%. In contrast, all other revenue segments last month saw a year-over-year decrease, judging by PGCB’s recent report.

Fantasy Contests revenue last month plummeted by 9.35% to $1.6 million, while iGaming poker revenue saw a decrease of nearly 7%. Video gaming terminals revenue decreased by 5.77% this April, while retail table games revenue dipped by 7.78%. Retail slots revenue decreased by 2.24% to $213 million this April.

The Gambling Sector Continues to Bring Tax Revenue

The overall $476.7 million in revenue reported by the gambling sector last month marked a decrease of more than $38 million when compared to the results posted a month earlier, in March. Back in March, the gambling sector in the state hit a record $515.3 million in revenue. Based on the $476.7 million in revenue reported this April, the state collected a total of $195.7 million in taxes.

Focusing on the revenue per venue, Hollywood Casino Morgantown saw the biggest increase in revenue last month, hitting $6.7 million, up by 32.41% year-over-year. Hollywood Casino at the Meadows saw an uptick of more than 24% in revenue to $26.1 million, while Hollywood Casino at Penn National Race Course reported a 13.51% increase in revenue to $74.4 million.

Mount Airy Casino Resort’s revenue hit $22.8 million, up by 13.34% year-over-year, while Valley Forge Casino Resort’s revenue this April was $63.9 million, representing an increase of 11.36%. Hollywood Casino York also reported an increase in revenue which hit $8.7 million last month.

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