Boyd Gaming, a gambling operator, has approved a quarterly cash dividend of $0.16 per share. Shareholders holding Boyd shares at the close of business on December 22nd will be eligible for the payment, which is payable to shareholders on January 15, 2024.

The company is expecting a positive year with year-on-year growth in revenue, adjusted EBITDA, and net profit. Revenue for the nine months to September 30th amounted to $2.78 billion, which is 5.8% higher than the previous year. The majority of the revenue came from gaming, with online contributing the second highest amount, followed by rooms, food and beverage, management fees, and other activities.

The increase in spending did not detract from revenue growth, as net profit rose 13.0% to $527.4 million, and adjusted EBITDAR edged up 0.9% to $1.04 billion. Boyd’s successful third quarter was driven by significant growth in its online division, following its acquisition of Pala Interactive for $170.0 million in November 2022. Now operating as Boyd Interactive, the online division has relaunched the Stardust platform in Pennsylvania and New Jersey, leading to a 3.0% increase in group revenue.

Although gaming remains Boyd’s primary source of revenue, online revenue increased by 72.3% in Q3, offsetting the decline in its gaming segment. Additionally, food and beverage, rooms, management fees, and other revenue also saw increases. However, costs increased in Q3 due to expanded online operations, resulting in a 13.9% decrease in net profit and a 5.0% decrease in adjusted EBITDAR.

Despite this, Boyd Gaming is in a position to pay out the dividend to its shareholders, given the progress made over the year and the anticipated full-year growth. This decision reflects Boyd’s strong financial position and optimistic outlook for the future.

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