Releasing its first quarter results, the company reported year-over-year decrease in its total revenue, a result which was partially offset by an increase in its online revenue for the period
The leading gaming and hospitality company, Boyd Gaming, announced its latest unaudited financial report uncovering details regarding its performance for the first quarter of 2024. The report first emerged on Thursday, uncovering strong results despite some challenges encountered in the first quarter.
For the first quarter of this year, Boyd Gaming reported $960.5 million in revenue, a result that marked a slight decrease year-over-year when compared to the $964.0 million figure posted in Q1 last year. The company’s net income for Q1 this year halted at $136.5 million or $1.40 per share, marking yet another decrease in comparison to the Q1 net income of $199.7 million or $1.93 per share.
Not unexpectedly, the total adjusted EBITDAR for the first quarter this year also dipped slightly. In Q1 2023, Boyd Gaming reported $367.1 million in total adjusted EBITDAR, a result that decreased to $330.5 million in Q1 this year. While adjusted earnings for Q1 in 2023 soared to $177.4 million, for the same period this year, the result decreased to $147.3 million.
A breakdown of the $960.5 million in revenue reveals a decrease in the company’s gaming revenues year-over-year. While for Q1 in 2023, Boyd Gaming’s revenues from gaming jumped to $664.3 million, this year, the result halted at $634.1 million.
On the bright side, the revenue posted from the company’s food and beverage and room segments remained on par year-over-year at $72.6 million and $48.9 million respectively.
A notable increase was observed in Boyd Gaming’s online revenue which soared to $146.2 million from $122.9 million for the same period in 2023. Management fees and other revenue were also on par for the first quarter of 2024 when compared to the same period last year.
Keith Smith, Boyd Gaming’s CEO and president, commented on the topic, revealing that the first quarter results come after record figures posted by the company in 2023. He said that despite some challenges, related to “increased competitive pressures in the Las Vegas Locals market,” as well as severe weather in the Midwest and South, the company remained focused on its objectives.
Smith added that Boyd Gaming continued to execute its marketing and operating strategies, allowing it to “maintain strong operating margins.” Finally, he said that the company remains confident in its ability to successfully continue growing while also delivering value to its shareholders.
