A prominent entity in the gambling sector, Boyd Gaming, has commenced 2023 on a high note, disclosing remarkable expansion in its initial quarter financial results. The corporation witnessed a 12% surge in overall earnings, propelled by an astounding 123% leap in digital revenue.
This exceptional showing saw Boyd Gaming amass $964 million in gross revenue for the first quarter, a substantial increase from the corresponding period the previous year. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) also observed robust growth, ascending by 8.4% to reach $367.1 million. Net income encountered an even more dramatic upswing, soaring by 23% to hit $199.7 million, in contrast to $162.9 million in the preceding year. This favorable trajectory extended to adjusted earnings, which saw a noteworthy 12.6% rise, reaching $1.774 billion.
Boyd Gaming’s online division was a standout performer, with revenue skyrocketing by 123% year-on-year. This digital success narrative translated into a significant boost in earnings per share, which jumped an impressive 22.1% to $1.71 from $1.40.
However, it wasn’t all plain sailing for Boyd Gaming. Despite the stellar overall performance, the company’s Midwest and South segments experienced a 6% decline in EBITDA. This, coupled with an 11% increase in total operating costs and expenses, could be attributed in part to the company’s recent $50 million investment to expand its Fremont Hotel, a project initiated earlier this year.
Keith Smith, President and CEO of Boyd Gaming, conveyed his contentment with the company’s performance, stating, “The first quarter of 2023 was a prosperous commencement to the year for our company, as we once again demonstrated the merits of our operating model and the strength and resilience of our diversified portfolio.”
This robust start to the year builds upon Boyd Gaming’s success since last year, with online revenue and adjusted EBITDAR more than doubling. This impressive growth is attributed to a number of strategic initiatives, including the recent introduction of sports betting in Ohio and Kansas, consistent growth in existing markets, and strategic investments in their properties. These factors, combined with the robust performance of their online segment, have positioned Boyd Gaming for continued success in the ever-evolving gaming landscape.
The gaming behemoth, Boyd Gaming, just crushed their first-quarter earnings report. Their performance significantly exceeded projections, fueled partly by their adept oversight of the Sky River Casino. We’re looking at substantial income expansion and a massive surge in adjusted EBITDA relative to the same period last year. This news is sure to resonate positively with Wall Street!