Boyd Gaming Report Q2 Results

Boyd Gaming Corporation has reported their financial results for the second quarter ended June 30, 2022.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “We delivered another strong quarter, with quarterly Adjusted EBITDAR that was second only to last year’s record results. The second quarter of 2021 was a challenging comparison due to benefits from government stimulus and the lifting of COVID restrictions. This quarter’s excellent results were driven by a continued focus on our core customer and sustained efficiencies throughout our business. Our operating trends remain strong, as play from core customer segments grew both year-over-year and sequentially from the first quarter of 2022. We also improved Companywide operating margins from the first quarter despite inflationary pressures. Overall, we are encouraged by the continued strength of our business, and remain confident in our strategy and our ability to navigate today’s uncertain economic environment.”

Boyd Gaming reported second-quarter 2022 revenues of $894.5 million, up slightly from $893.6 million in the second quarter of 2021. The Company reported net income of $146.8 million, or $1.33 per share, for the second quarter of 2022, compared to $113.7 million, or $1.00 per share, for the year-ago period.

Total Adjusted EBITDAR was $353.9 million in the second quarter of 2022, compared to $385.4 million in the second quarter of 2021. Adjusted Earnings for the second quarter of 2022 were $163.5 million, or $1.48 per share, compared to $175.2 million, or $1.54 per share, for the same period in 2021. Second-quarter 2021 results benefited from government stimulus and the lifting of COVID restrictions.

During the second quarter of 2022, the Company reported its second-best quarterly Adjusted EBITDAR performance in its history. Companywide operating margins after corporate expense were 39.6%, exceeding 39% for the fifth straight quarter.

All three operating segments continued to produce strong results, with revenue, Adjusted EBITDAR and margins in line with the last three quarters and well above pre-pandemic levels. The Las Vegas Locals segment achieved margins above 50% for the fifth straight quarter. On a sequential basis compared to the first quarter of 2022, revenue increased 4% in the Las Vegas Locals segment while Adjusted EBITDAR rose nearly 6%. Revenues grew 9% sequentially in Downtown Las Vegas as the segment set a quarterly Adjusted EBITDAR record and operating margins exceeded 40% for the first time. The Company’s Midwest & South segment continued its steady performance, posting its strongest revenue and Adjusted EBITDAR performance since the second quarter of 2021 as operating margins remained steady at 38%.