Boyd Gaming Corporation has disclosed its financial performance for Q4 and full year ended 31 December 2023.
Keith Smith, Boyd Gaming President and CEO, stated: "The fourth quarter's strong performance was a fitting conclusion to another record year for our Company. Our fourth-quarter and full-year results were driven by our diversified portfolio, consistent core customer trends, and solid returns from our recent property investments."
In Q4 2023, Boyd Gaming reported revenues of $954.4m, marking an increase of approximately 3.4% from $922.9m in the same period in 2022.
However, the net income for Q4 2023 was $92.6m, or $0.94 per share, down approximately 46.4% from $172.7m, or $1.63 per share, for the year-ago period.
It's noteworthy that the Q4 results were impacted by approximately $103.3m in non-cash, pre-tax goodwill and intangible asset impairment charges.
For the full year 2023, Boyd Gaming reported revenues of $3.7bn, representing an increase of approximately 3.7% from $3.6bn in 2022. The net income for the full year 2023 was $620.0m, or $6.12 per share, compared to $639.4m, or $5.87 per share, for the full year 2022.
Similar to Q4, the full-year results were affected by non-cash, pre-tax goodwill and intangible asset impairment charges.
Operational Review:
During Q4, Boyd Gaming's Las Vegas Locals segment maintained consistent revenue and Adjusted EBITDAR performances. The Downtown Las Vegas segment witnessed revenue growth of approximately 1.4%, while the Midwest & South segment returned to growth with both revenue and Adjusted EBITDAR increasing by approximately 0.28%.
The Online segment also experienced growth following the introduction of sports betting in Ohio in January 2023.
Boyd Gaming paid a quarterly cash dividend of $0.16 per share on 15 January 2024. Additionally, the company repurchased $100m in shares of its common stock during Q4 2023, with approximately $326m remaining under current share repurchase authorisations as of 31 December 2023.
As of 31 December 2023, Boyd Gaming had cash on hand of $304.3m and total debt of $2.9bn.
Recent News and Initiatives:
In October 2023, Boyd Gaming reported Q3 revenue of $903.2m, up approximately 2.7% 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.
Boyd Gaming's philanthropic initiative in January 2024 saw the company donate over $200,000 to nearly 190 non-profit organisations across 11 states.
