Boyd Gaming Caps Off Record Year with Strong Q4 Performance

Keith Smith, President and CEO, highlighted the quarter’s robust performance as a testament to a year of unprecedented success for Boyd Gaming. “The fourth quarter’s strong performance was a fitting conclusion to another record year for our Company. Our fourth-quarter and full-year results were driven by our diversified portfolio, consistent core customer trends and solid returns from our recent property investments.

“Our management teams continued to demonstrate their ability to efficiently manage the business, achieving property-level operating margins above 40% for both the fourth quarter and full year. And as part of our balanced approach to capital allocation, we returned more than $475 million to our shareholders in 2023 while investing in our properties and maintaining the strongest balance sheet in our Company’s history. Looking ahead, we remain confident in our ability to continue delivering profitable growth and creating long-term shareholder value.”

Record-Setting Year

The company’s fourth-quarter revenues reached $954.4 million, a notable increase from the $922.9 million reported in the same period of 2022. Despite facing $103.3 million in non-cash, pretax goodwill, and intangible asset impairment charges, Boyd Gaming managed a net income of $92.6 million, or $0.94 per share.

This performance, although impacted by impairment charges, demonstrates the company’s resilience and operational efficiency, with property-level operating margins surpassing 40% for both the quarter and the full year.

Shareholder Returns and Investments

In 2023, Boyd Gaming returned over $475 million to its shareholders, reflecting a balanced approach to capital allocation that also accommodates significant property investments. This strategy underscores the company’s commitment to enhancing shareholder value while fostering growth and innovation within its operations.

For the full year of 2023, Boyd Gaming reported a revenue increase to $3.7 billion from $3.6 billion in 2022. The company’s net income for the year stood at $620.0 million, or $6.12 per share, slightly down from the previous year’s $639.4 million, or $5.87 per share, partly due to increased impairment charges. However, the Adjusted EBITDAR for the year showed a slight improvement, reaching $1.4 billion, with Adjusted Earnings at $639.9 million, or $6.31 per share.

As Boyd Gaming looks ahead, the company remains confident in its ability to sustain profitable growth and continue delivering value to its shareholders. The leadership’s emphasis on efficient management and strategic investment positions Boyd Gaming well for future success in the dynamic gaming and hospitality industry.

Our Comment on the Article

Boyd Gaming’s strong performance in the fourth quarter and throughout 2023 highlights the company’s strategic acumen and its ability to navigate the complexities of the gaming industry successfully. The record results, combined with substantial returns to shareholders and robust investment in property enhancements, reflect a well-rounded approach to growth and financial health.

As Boyd Gaming continues to adapt and innovate, its focus on delivering exceptional experiences and value promises to sustain its upward trajectory, contributing positively to the broader gaming and entertainment landscape.