Meanwhile, net income was $138.2m, or $1.21 per share for Q3 2021, compared to $38.1 (or $0.33 per share) for the same period last year. Adjusted EBITDAR was $340.7m, showing an increase of almost 43% from $238.8m for the third quarter of 2020.
Keith Smith, President and CEO of Boyd Gaming, commented: “Since reopening our properties last year, we have made fundamental changes to our operating philosophy ‒ sharpening our focus on building loyalty with core customers, while executing our business at a much higher level of efficiency. These changes have resulted in five consecutive quarters of strong performance, including record third-quarter results this year.
"Continued growth in visitation and spending among our core customers, combined with our more efficient operating model, resulted in a third-quarter company-wide revenue record, EBITDAR growth of more than 42%, and a nearly 400-basis point improvement in operating margins.
"As the pandemic recedes, restrictions are lifted and additional guests return to our properties nationwide, we are confident in our ability to drive continued revenue and EBITDAR growth throughout our business.”
Smith further stated that thanks to cash flow and several growth opportunities, the Board of Directors has authorised a $300m share repurchase program.
The program is meant to prove the confidence of the board in the long-term prospects of the business, as well as the balanced approach in allocating capital to expansion investments.
Additionally, the company has $61m remaining under a previous repurchase program and it intends to make regular purchases of its common stock. The balance sheet report showed that Boyd Gaming had cash on hand of $570.0m and total debt of $3.38bn, as of 30 September 2021.
