Boyd Gaming reports Q2 2024 revenue of $967.5m
The company stated its Las Vegas Local and Downtown Las Vegas operations saw improvement from the first quarter of 2024.
Boyd Gaming has reported its financial results for the second quarter of 2024, seeing an increase in revenue but decreases for net income as well as total adjusted EBITDAR.
“Our company delivered a solid performance in the second quarter, in-line with our expectations. On a segment basis, conditions in the Las Vegas Locals market improved from the first quarter and our Las Vegas Locals business achieved market share growth in the quarter. We also produced strong growth in our Downtown Las Vegas operations and stable performance in our Midwest and South operations,” Boyd Gaming President and CEO Keith Smith said.
“Additionally, we successfully maintained operating efficiencies throughout the business, with property margins of nearly 41% during the quarter. In Louisiana, we opened our new land-based casino at Treasure Chest in early June, with strong demand since its opening. And we continued our commitment to returning capital to our shareholders, with nearly $200m in share repurchases and dividend distributions in the second quarter.”
Second quarter revenue for 2024 was reported to be $967.5m, an increase from the $917m reported for Q2 2023. Net income decreased 27.4% year-over-year for a net income of $139.8m, while total adjusted EBITDAR also decreased from the $351.4m reported for Q2 2023 to $344.2m during the second quarter of 2024.
Gaming revenue for the company was $650.8m for Q2 2024, while online operations generated $129.9m of revenue during the quarter, an increase from the $85m in online revenue reported for Q2 2023.
Las Vegas Locals operations generated $225m in revenue, the second most of the Boyd Gaming segments behind the Midwest and South locations, which reported $521.8m for Q2 2024.
The company also stated its Q2 2023 results were favorably impacted by certain one-time tax benefits, with a tax rate of approximately 5% during the second quarter of 2023 compared to approximately 24% for Q2 2024.
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