Boyd Gaming has reported a Q1 revenue of $964m – a 12% year-on-year increase.
EBITDA increased to $367.1m – an 8.4% rise. Net income has also increased, rising by 23%, from $162.9m up to $199.7m.
Adjusted earnings also saw a 12.6% increase up to $177.4m.
Online revenue increased by a whopping 123% since Q1 2022, and earnings per share increased by 22.1% rising from $1.40 to $1.71.
However, despite all of these increases, the Midwest & South EBITDA decreased by 6% and total operating costs and expenses increased this year rising by 11%, but this increase in costs could be due to the recent $50m expansion at the Fremont earlier this year.
Keith Smith, President and CEO of Boyd Gaming, said: “The first quarter was an excellent start to 2023 for our company, as we again demonstrated the strength of our business model and the resilience of our diversified portfolio.”
Online revenues and adjusted EBITDAR more than doubled since last year, reflecting gains from recently launched sports betting operations in Ohio and Kansas, continued growth in existing markets, and the huge increase in online operations and recent property investments helped drive revenue and EBITDAR growth.
Managed & other revenues and adjusted EBITDAR were substantially higher than the prior year due to management fees from Sky River Casino. So, overall, this looks like a relatively strong first quarter for Boyd Gaming. Let's see how the market reacts.
