Boyd Gaming has announced its financial results for the third quarter ending September 30 2023.
The operator reported Q3 revenue of $903.2m, up from $877.3m in the same period in 2022.
The company's net income for the third quarter of 2023 was $135.2m, or $1.34 per share, compared to $157.0m, or $1.46 per share, for the third quarter of 2022.
Keith Smith, President and CEO of Boyd Gaming, commented on the results. He noted: "Our third-quarter results reflect the value of our diversified business model. Continued strength in play from our core customers, strong results from Sky River and online gaming and growth in our non-gaming business all contributed to a solid performance in the quarter."
The third quarter also saw Boyd Gaming's expansion initiatives yielding positive outcomes. The recent expansion project at the Fremont property resulted in record quarterly results. Boyd Gaming's online segment benefited from strong results from FanDuel’s operations and the addition of Boyd Interactive, which the company acquired in November 2022.
Boyd Gaming reported adjusted EBITDAR of $320.8m in the third quarter of 2023, compared to $337.7m in the third quarter of 2022. Adjusted earnings for the third quarter of 2023 were $137.3m, versus $159.2m, for the same period in 2022.
In Q1 2023, Boyd Gaming reported a 12% increase in total revenue and a 123% rise in online revenue compared to the previous year.
In September 2023, Boyd Gaming partnered with the University of Nevada, Las Vegas (UNLV) to establish the Boyd Innovation Lab within UNLV's Black Fire Innovation Building. This collaboration aimed to advance innovation in the hospitality sector in Southern Nevada.
