Boyd Gaming reports 6.4% revenue growth for Q3 2024 amid online and Midwest expansion
Boyd Gaming's third-quarter revenue increased by 6.4% year-on-year, driven by growth in its Online and Midwest & South segments, while its Las Vegas Locals properties faced competitive pressures.
Key points:
– Revenue rose to $961.2m, a 6.4% increase compared to Q3 2023
– Adjusted EBITDAR increased by 4.9%, reaching $336.6m
– Boyd repurchased $202m in shares during the quarter
Boyd Gaming Corporation reported a 6.4% year-on-year revenue increase for the third quarter of 2024, reaching $961.2m.
This growth was reportedly driven by strong performances in its Downtown Las Vegas and Midwest & South segments, alongside contributions from its Online and Managed businesses.
Despite this revenue growth, the company’s net income decreased slightly, registering $131.1m, or $1.43 per share.
Adjusted EBITDAR for the third quarter increased to $336.6m, a 4.9% rise. The Midwest & South segment performed particularly well, with the Treasure Chest Casino, which opened its new land-based facility in June, driving record results.
Meanwhile, the Online segment also experienced notable growth due to increased contributions from market-access agreements and one-time benefits.
Good to know: Boyd Gaming continued its efforts to return capital to shareholders, repurchasing $202m in shares during the quarter. As of 30 September 2024, the company had $343m remaining under its current share repurchase authorisation
However, Boyd’s Las Vegas Locals segment faced challenges, particularly at The Orleans and Gold Coast properties, where competitive pressures impacted performance. The remainder of Boyd’s Las Vegas Locals properties performed in line with the broader same-store market.
Boyd Gaming’s second-quarter 2024 results saw a 5.5% revenue increase, largely driven by growth in the online segment, as the company continues its strategy of expanding market presence across multiple regions.
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