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FinancialIndustry

Boyd Gaming reports Q2 revenue of $893.6m

Boyd Gaming has announced revenue during the second quarter of 2021 totalled $893.6m.  

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The total is a sharp increase from last year’s figure of $209.9m, at a time when businesses were heavily affected by the Covid-19 outbreak.  

The operator's reported net income reached $113.7m, compared to last year's net loss of $108.5m.  

Boyd says its 2021 pre-tax income was impacted by charges of $65.5m, which were handed out due to early extinguishments of debt.  

Total adjusted EBITDAR was $385.4m for Q2 2021, up from the paltry $16.1m registered during the second quarter of 2020.  

Adjusted earnings in Q2 2021 were $175.2m, a yearly increase from an adjusted loss of $110.5m. While adjusted EBITDAR margins after corporate expense were 43.1% in Q2 2021.  

Boyd adds that all three of its operating segments set all-time records for operating margins, while the Las Vegas Locals and Midwest & South segments also registered all-time records for adjusted EBITDAR.  

As of 30 June 2021, Boyd Gaming had cash on hand worth $334.5m and total debt worth $3.39bn.  

Keith Smith, President and CEO of Boyd Gaming, said: "Our second-quarter results reflect the strength of our operating strategy as our streamlined cost structure, enhanced capabilities and focus on our core customers all continue to drive strong results throughout our portfolio.  

“We are encouraged the strength from the first half of the year has carried into July, and are confident in our ability to continue delivering robust levels of EBITDAR and margin performance.

"These outstanding results are a tribute to the hard work of the entire Boyd Gaming team and their shared dedication to our transformed operating model, which will continue to create long-term value for our stakeholders." 

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