Boyd Gaming sees impact of property closures as Q1 revenue down 18%
Operator Boyd Gaming saw an 18% decrease in Q1 revenue year-on-year for 2020, with a total of $680.5m.
Adjusted EBTIDAR was $144.4m, a drop of 35%, while adjusted earnings for Q1 reflected a loss of $2.4m.
Operating income totalled $33.3m, a drop of 72%, and total operating costs also fell to $647.2m, down 9%.
The operator attributed its negative results to the impact of COVID-19, with its operations “severely impacted by closure of all properties in March.”
Despite this, Boyd Gaming reports that it began the quarter with a strong performance prior to the closure of all of its properties, posting two months of year-on-year growth across its operations.
On a preliminary basis, the operator reported a total net loss of $18.3m for Q1 2020.
Keith Smith, president and CEO of Boyd Gaming, said: “During these unprecedented times, our highest priority is the health and safety of our team members, customers and communities.
“We are fully supportive of the actions taken by state and local officials to help slow the spread of COVID-19, including the closure of our properties nationwide.
“We look forward to re-opening our properties ‒ following strict safety protocols that will meet or exceed the requirements set forth by health officials ‒ when state authorities determine it is appropriate to do so.”
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