Boyd Gaming Q1 revenue and net income slightly down
Operator sees falls in revenue from first quarter results of 2023.
Boyd Gaming has reported its financial results for the first quarter of 2024, having ended March 31. The operator shared that it garnered revenues of $960.5m and a net income of $136.5m, or $1.40 per share. These numbers, however, represent a fall for the company when shown against its 2023 counterparts.
Through the first quarter of 2023, Boyd Gaming reported revenues of $964m, while seeing a net income of $177.4m, $1.93 per share. In its operations review, the company stated that its Las Vegas locals segment faced record comparisons and competitive markets throughout the city.
The downtown segment dealt with reduced pedestrian traffic as well. Lowered results in the midwest and south were explained by the properties having to face severe weather through the early months. Revenue growth was shown to resume come February and March.
“After a record 2023, the first quarter of 2024 was a challenging start to the year. Severe winter weather had a significant impact on our Midwest & South segment early in the quarter while we also experienced increased competitive pressures in the Las Vegas Locals market. However, throughout our business, many of the positive trends from the fourth quarter continued into the new year,” President and CEO of Boyd Gaming Keith Smith said.
“By focusing on our disciplined operating and marketing strategies, we have been able to maintain strong operating margins. Additionally, our significant cash flows and strong balance sheet allow us to continue returning capital to our shareholders through our ongoing share repurchases and quarterly dividend programs. Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders.”
The newly reported numbers come after Boyd Gaming saw its revenue grow in both the last quarter of 2023 and the overall fiscal year itself. One of the company’s newest properties, Sky River Casino in northern California, continues to generate growth more than 18 months post-opening. On its balance sheet, as of March 31, Boyd Gaming had cash on hand of $283.5m and total debt of $2.9bn.
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