Boyd Gaming sees strong start to the year with revenue up 12% in Q1

Boyd Gaming is seeing a strong start to the year, having posted on Tuesday first-quarter revenue of $964 million – a 12% year-on-year increase. The gaming operator’s Q1 report shows the solid performance was driven by strong Nevada results, growth in the online segment, and California’s Sky River Casino operating stronger-than-expected.

For the period, the business reported a net income of $199.7 million, or $1.93 per share, favorably compared to $162.9 million, or $1.45 per share, in Q1 2022. Total Adjusted EBITDAR was $367.1 million, increasing 8.4% from last year; while Adjusted Earnings came in at $177.4 million, up from $157.5 million in the same quarter a year ago.

Keith Smith, President and CEO of Boyd Gaming, said: “The first quarter was an excellent start to 2023 for our company, as we again demonstrated the strength of our business model and the resilience of our diversified portfolio. We continued to see increased play from our core customers across the country, as well as strong growth in our non-gaming operations.”

The Nevada segments delivered “outstanding performances,” noted Smith, as increased tourism in southern Nevada and growing play from core customers helped drive record first-quarter EBITDAR and operating margins in both the Las Vegas Locals and Downtown Las Vegas segments. But the company’s other operations also had a strong start to 2023.

“Our growth initiatives also contributed to our record performance, as EBITDAR from our online operations more than doubled year-over-year, Sky River Casino continued to perform ahead of expectations, and recent property investments helped drive incremental revenue and EBITDAR growth,” said the CEO. 

The growth in online revenues and adjusted EBITDAR reflected gains from recently launched sports betting operations in Ohio and Kansas, plus continued expansion in existing markets. “Managed & Other” revenues, which were substantially higher than the prior year, were mostly up due to management fees from the aforementioned Sky River Casino property.

“Our proven business model and experienced team are delivering strong results for our shareholders, giving us confidence in our continued ability to successfully navigate the current economic environment,” concluded Smith.