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Boyd Gaming reports modest growth for Q2 despite 6% gaming revenue decline

Boyd Gaming has reported a modest year-on-year revenue rise for Q2, despite a 6% decline recorded by its gaming business.

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Boyd Gaming has reported a modest year-on-year revenue rise for Q2, despite a 6% decline recorded by its gaming business.

All-in-all, the company generated $894.5m in revenue for the second quarter, a 0.1% increase from Q2 of last year when Boyd produced $893.6m.

Broken down, the company’s “Food & Beverage” segment was responsible for $70.3m, approximately 8% of Boyd’s total Q2 revenue, while “Room” generated almost $50m and “Other” $89.3m.

However, “Gaming” accounted for the lion’s share of second quarter revenue, coming in at almost $685m, more than 75% of Boyd’s total for the period.

But while this segment was responsible for the majority of Q2 revenue, it experienced an over $40m decline when compared to the second quarter of 2021.

And unlike Boyd’s total revenue, adjusted EBITDAR experienced an 8% drop. Nevertheless, Boyd’s President and CEO Keith Smith said this latter figure was second only to last year’s record result.

In fact, Q2 of last year represents a challenging comparison overall, at least according to Smith, who added: “The second quarter of 2021 was a challenging comparison due to benefits from government stimulus and the lifting of Covid restrictions.”

Given this, he called the company’s most recent Q2 performance “strong,” commenting: “Our operating trends remain strong, as play from core customer segments grew both year-over-year and sequentially from the first quarter of 2022.

“We also improved company-wide operating margins from the first quarter despite inflationary pressures.

“Overall, we are encouraged by the continued strength of our business, and remain confident in our strategy and our ability to navigate today’s uncertain economic environment.”

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