2023 Turned Out to Be a Record Financial Year for Boyd Gaming

Boyd Gaming, a renowned name in the casino and gaming industry, reported exemplary growth and record revenue for its financial year in 2023. The company’s revenue reached an all-time high of $3.74 billion, marking a substantial 5.2% year-on-year increase. The adjusted EBITDAR also surged to a new height, reaching $1.29 billion, reflecting the strength and resilience of the company’s financial performance.

While the core casino gaming business remains a significant revenue source for Boyd, the company observed a slight decline in this segment. However, room, food, and beverage revenues experienced modest increases year-on-year. The standout performer was Boyd’s online segment, which witnessed a remarkable 66.2% surge in revenue, totaling $422.2 million. This remarkable growth propelled Boyd to achieve unprecedented financial success throughout the year.

Reflecting on the outstanding year, Boyd CEO Keith Smith commended the performance of the company’s online business, which undoubtedly played a pivotal role in the fruitful outcomes. Smith also acknowledged the substantial impact of management fees revenue, which skyrocketed by a whopping 186.9%.

Boyd’s diversified portfolio and robust growth from both its online and managed businesses were attributed to the company’s sustained success. The gaming giant not only achieved record-breaking performances in 2023 but also marked the third consecutive year of setting revenue and EBITDAR records on a full-year basis.

Breaking down the financial results, Boyd reported a 2.3% decline in gaming revenue, offset by increases in food and beverage revenue (4.5%) and rooms revenue (5.3%). Moreover, the company experienced increased management fee revenue, totaling $76.9 million, and other revenue, climbing to $138.5 million.

Despite the outstanding financial achievements, Boyd faced higher operating costs in 2023, up by 10.2% compared to the previous year. As a result, the pre-tax profit dropped by 9.2% year-on-year, amounting to $752.9 million. Additionally, the company reported a net profit of $620.0 million, representing a 2.0% decline from 2022.

In the fourth quarter of 2023, Boyd witnessed revenue growth of 3.4%, primarily attributed to a 38.4% increase in online segment revenue. However, operational expenses surged by 19.4%, leading to a 46.4% decline in Q4 net profit compared to 2022. Despite the challenges, Smith remained optimistic, describing the fourth quarter as “strong” and a “fitting conclusion” to another record year for Boyd Gaming.

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