Boyd Gaming FY2024 revenue reported to be $3.9bn while net income slightly falls

Boyd Gaming has reported the company’s financial results for both the full-year (FY) and fourth quarter of 2024, including a FY2024 revenue of $3.9bn, representing an increase of 5.4% from the prior year period.

Both net income and total adjusted EBITDAR decreased year-over-year for FY2024, however, as net income was reported to be $578m and total adjusted EBITDAR was $1.4bn, falling by 6.8% and 0.6%, respectively. 

“Our company continued to deliver solid results in the fourth quarter, consistent with our strong full-year performance. Our diversified business model, strong operating efficiencies and contributions from our recent property investments drove revenue and EBITDAR growth on a companywide basis during the fourth quarter, as we maintained property-level operating margins of over 40%,” Boyd Gaming President and CEO Keith Smith said. 

“We also continued our balanced approach to capital allocation throughout 2024, investing in our properties nationwide, returning nearly $750m to shareholders, and maintaining the strongest balance sheet in our company’s history. As we mark the conclusion of another successful year, we are proud of the strong foundation we have built and are confident in our strategy to deliver long-term value for our shareholders.” 

The company’s gaming sector generated the most FY2024 revenue at $2.6bn, but decreased by 1.1% from the prior year period. Boyd’s online segment accounted for $606.2m during FY2024, increasing by 43.6% year-over-year.

The company’s midwest & south segment generated nearly $2.1bn of revenue during FY2024, representing an increase of 1.1% from the prior year period, while Las Vegas locals generated $894.5m throughout the year but decreased by 3.6%.

Good to know: Boyd Gaming donated more than $200,000 to non-profit organizations nationwide as part of its 17th annual Wreaths and Trees of Hope competition on January 2

Throughout the fourth quarter of 2024, Boyd Gaming managed to generate $1.04bn of revenue, representing an increase of 4.8% year-over-year. Net income was reported to be $170.5m, having increased its total by nearly $80m from the prior year period while total adjusted EBITDAR was $379.3m during Q4 2024 for an increase of 6.7% year-over-year. 

Boyd Gaming stated that its Q4 2023 results were impacted by $103.3m in “non-cash, pretax goodwill and intangible asset impairment charges.”

Gaming generated the most revenue of any sector for Boyd Gaming during Q4 2024, having increased its total by over $11m from the prior year period to account for $658.4m. Boyd Gaming’s online sector grew its revenue by over 52.2% year-over-year to generate $188.8m during the fourth quarter of 2024. 

The midwest & south, online and Las Vegas locals segments accounted for the most revenue throughout Q4 2024, reporting totals of $518.5m, $232m and $188.8m, respectively. Midwest & south and online both increased its revenues by 4.1% and 52.2% year-over-year, while the Las Vegas locals segment decreased by 1.3% from the prior year period. 

Kirk Geller

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