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Boyd Gaming has announced financial results for the second quarter ending 30 June 2024, reporting a 5.5% year-on-year increase in revenue to $967.5m. The increase was mostly driven by growth in the online segment.
Net income for the quarter was $139.8m, or $1.47 per share, representing a 22% decrease in earnings per share. The prior year’s results included a one-time tax benefit, resulting in a lower tax rate of approximately 5%, compared to 24% in the current quarter.
Total adjusted EBITDAR for Q2 2024 decreased by 2%, reaching $344.2m. Adjusted Earnings were $150m, or $1.58 per share.
In the Las Vegas Locals segment, conditions improved from the first quarter. The Orleans and Gold Coast faced competitive pressures but performed in line with the market.
Downtown Las Vegas operations showed growth both sequentially and year-over-year, benefiting from increased Hawaiian visitation and recent property investments.
In the Midwest & South segment, revenues increased slightly by 0.6%, driven by growth in core customer play and stable retail play. The new land-based casino at Treasure Chest, opened in early June, reportedly contributed positively.
The online segment reported double-digit growth in both revenue and adjusted EBITDAR, with revenue increasing by 52.9%, mainly due to strong performance in FanDuel’s sports-betting operations. The Managed & Other segment also saw growth, with continued strong performance at Sky River Casino in northern California.
Boyd Gaming paid a quarterly cash dividend of $0.17 per share on 15 July 2024 and repurchased $176m in shares during Q2 2024. The company had approximately $545m remaining under its share repurchase authorisation as of 30 June 2024. Boyd Gaming reported cash on hand of $280.8m and total debt of $3.0bn as of 30 June 2024.
In the first quarter of 2024, Boyd Gaming reported a slight decline in revenue by 0.4% and a decrease in net income by 23.1%, impacted by competition in the Las Vegas market and adverse weather conditions in the Midwest and South.
Boyd shares currently sit at $58.53, peaking at a higher price than this following the reporting of the results. However, across the course of a one-week period, its stock has actually changed little.
