Boyd Gaming Reports Solid Q2 2024 Earnings Amid Strong Online Growth

Strategic Insights -

Boyd Gaming Corporation (NYSE: BYD) recently reported financial results for the second quarter ended June 30, 2024, indicating a solid performance in line with expectations. The Company's Las Vegas Locals market showed improvement, and the Downtown Las Vegas operations experienced growth, while the Midwest & South segment reported stable performance. The Online segment achieved double-digit revenue and Adjusted EBITDAR growth year-over-year, driven by FanDuel's strong sports-betting operations.

Key Takeaways:

  • Boyd Gaming reported Q2 2024 revenues of $967.5 million, up from $917.0 million in Q2 2023, driven by Online segment growth.
  • Net income in Q2 2024 was $139.8 million, or $1.47 per share, compared to $192.5 million, or $1.89 per share, in Q2 2023.
  • Total Adjusted EBITDAR was $344.2 million in Q2 2024, down from $351.4 million in Q2 2023, due to increased taxes and operational expenses.
  • Adjusted Earnings for Q2 2024 were $150.0 million, or $1.58 per share, down from $161.3 million, or $1.58 per share, in Q2 2023.
  • Las Vegas Locals market conditions improved from Q1, but the Orleans and Gold Coast faced competitive pressures.
  • Downtown Las Vegas operations showed growth, driven by increasing Hawaiian visitation and recent property investments.
  • The Midwest & South segment reported stable performance, with growth in core customer play and stability in retail play.
  • The Online segment achieved double-digit revenue and Adjusted EBITDAR growth year-over-year, driven by FanDuel's sports-betting operations.
  • Boyd Gaming paid a quarterly cash dividend of $0.17 per share on July 15, 2024, and repurchased $176 million in shares of common stock during Q2 2024.
  • The Company had approximately $545 million remaining under the current share repurchase authorization as of June 30, 2024.

Statistics:

  • Q2 2024 revenues: $967.5 million
  • Q2 2023 revenues: $917.0 million
  • Net income: Q2 2024 - $139.8 million, Q2 2023 - $192.5 million
  • Adjusted EBITDAR: Q2 2024 - $344.2 million, Q2 2023 - $351.4 million
  • Adjusted Earnings: Q2 2024 - $150.0 million, Q2 2023 - $161.3 million
  • Las Vegas Locals market share growth: 1.2% year-over-year
  • Downtown Las Vegas visitation growth: 5.6% year-over-year

Sources:

  • Business Wire, "Boyd Gaming Corporation Reports Second-Quarter 2024 Results"
  • Boyd Gaming Corporation, "Second-Quarter 2024 Earnings Release"
  • Boyd Gaming Corporation, "Annual Report on Form 10-K for the year ended December 31, 2023"