Boyd Gaming Bounces Back In Q2 Results
Boyd Gaming announced their second quarter and half yearly results showing a healthy return to profits for a company that was badly hurt by the COVID-19 pandemic, see below statement from CEO Keith Smith on the report:
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our second-quarter results reflect the strength of our operating strategy as our streamlined cost structure, enhanced capabilities and focus on our core customers all continue to drive strong results throughout our portfolio. We achieved record results for Adjusted EBITDAR and operating margins, with Companywide margins exceeding 43% and Las Vegas Locals margins approaching 57%. During the quarter our business continued to strengthen, as gaming revenues surpassed 2019 levels. We are encouraged that the strength from the first half of the year has carried into July, and are confident in our ability to continue delivering robust levels of EBITDAR and margin performance. These outstanding results are a tribute to the hard work of the entire Boyd Gaming team and their shared dedication to our transformed operating model, which will continue to create long-term value for our stakeholders.”
Boyd Gaming reported second-quarter 2021 revenues of $893.6 million, up from $209.9 million in the second quarter of 2020. The Company reported net income of $113.7 million, or $1.00 per share, for the second quarter of 2021, compared to a net loss of $108.5 million, or $0.96 per share, for the year-ago period.
The Company’s second-quarter 2021 pretax income was impacted by charges of $65.5 million related to early extinguishments of debt. Results for the second quarter of 2020 were impacted by state-mandated closures of all of the Company’s properties nationwide for much of the year-ago quarter.
Total Adjusted EBITDAR(1) was $385.4 million in the second quarter of 2021, up from $16.1 million in the second quarter of 2020. Adjusted Earnings(1) for the second quarter of 2021 were $175.2 million, or $1.54 per share, compared to an Adjusted Loss of $110.5 million, or $0.98 per share, for the same period in 2020. Companywide Adjusted EBITDAR margins after corporate expense were 43.1% in the second quarter of 2021.
