Key points:
- Boyd Gaming reported Q4 2024 revenue of $1.04bn, up 4.8% from $954.4m in Q4 2023
- Net income for the quarter rose to $170.5m, marking an 84.1% increase year-on-year
- FY24 revenue reached $3.93bn, reflecting a 5.4% increase
Boyd Gaming Corporation has reported $1.04bn in revenue for the fourth quarter of 2024, reflecting a 4.8% increase year-on-year, while full-year revenue reached $3.93bn, up 5.4%.
The company's net income for Q4 surged to $170.5m, an 84.1% increase from the $92.6m reported in Q4 2023, though last year’s results were impacted by $103.3m in non-cash impairment charges.
Adjusted EBITDAR for Q4 grew to $379.3m, up 6.7% from $355.5m in Q4 2023, while full-year adjusted EBITDAR remained steady at $1.39bn.
Market performance and segment growth
Boyd Gaming’s Midwest & South segment played a key role in revenue expansion, continuing a trend from Q3 2024, where revenue in the region grew 6.4% to $961.2m. This growth was reportedly largely attributed to the strong performance of Treasure Chest Casino’s new land-based facility, which opened in June 2024.
The online segment also posted gains, benefiting from market-access agreements and one-time benefits, driving additional revenue in Q4.
However, the Las Vegas locals segment faced challenges, particularly at The Orleans and Gold Coast properties, which experienced competitive pressures. Despite this, Downtown Las Vegas reported strong results, benefiting from increased visitation, particularly from Hawaiian customers.
Financial strength and shareholder returns
Boyd Gaming continued its capital return strategy in Q4 2024, repurchasing $203m in shares. As of 31 December 2024, the company had $640m remaining under its current share repurchase authorisation.
Additionally, Boyd paid a quarterly dividend of $0.17 per share on 15 January 2025, reinforcing its commitment to shareholder returns.
Good to know: At the close of 2024, Boyd Gaming held $316.7m in cash and total debt of $3.2bn, maintaining what the company described as the strongest balance sheet in its history.
Industry trends and Boyd’s strategic position
Boyd Gaming’s Q4 performance aligns with its strategic growth initiatives, following a 6.4% revenue increase in Q3 2024, where the Midwest & South and online segments played a key role.
In Q2 2024, Boyd also saw a 5.5% revenue increase, reflecting its broader strategy of regional expansion and online gaming integration.
Despite growth in online gaming and regional markets, Las Vegas local properties have seen increased competition, which remains an area of focus for the company.
Looking ahead
With continued investment in property improvements and market expansion, Boyd Gaming remains positioned for long-term growth. The company’s balance sheet, increased revenue in key markets and strong EBITDAR performance suggest stability despite competitive pressures in some regions.
As Boyd celebrates its 50th anniversary in 2025, its strategic focus on online gaming and regional growth will be key drivers in shaping its financial trajectory in the coming year.
