Boyd Gaming reports record results in Q4
Yearly revenue surpassed pre-pandemic levels, coming in at $3.4bn.
Boyd Gaming, an operator of 28 gaming properties across 10 states, has reported its financial results for Q4 and the rest of 2021.
Q4 saw revenue come in at $879.8m, a year-on-year increase of 38.4%. From this, net income was reported to be $109.9m, or $0.96 per share.
Keith Smith, President and CEO of Boyd Gaming, was positive in regard to these results: “Our company finished 2021 with record quarterly performances across every segment of our operations. For the fourth straight quarter, we set new records for company wide EBITDAR and operating margins. And on a full-year basis, we surpassed our previous EBITDAR record by more than 50%, as we achieved company wide operating margins of more than 40%.
“As we begin 2022, we remain focused on executing our proven operating strategy, as well as driving incremental growth through strategic reinvestments in our portfolio and the continued expansion of our online business.”
Total adjusted EBITDAR for the period was $347.3m, once again a marked year-on-year increase, improving by 65%.
Smith continued: “Given the ongoing strength of our business, we are expanding our program to return capital to our shareholders by reinstating our quarterly dividend. In conjunction with our current share repurchase program, this action reflects our commitment to a balanced approach to creating long-term shareholder value.”
Overall, 2021 was a distinctly positive year for the company. Revenue came in at $3.4bn, an increase of over $1bn from the prior year period and a record for the company. From this, total adjusted EBITDAR for the year was $1.4bn, a more than two-fold increase from 2020.
With all factors accounted for, adjusted earnings for 2021 were $594.2m compared to a loss of $17.5m in 2020.
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