February 17, 2021 Casino, Land-Based

Boyd Gaming reports Q4 2020 revenue of $636m, down 24% y-o-y

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Boyd Gaming announced fourth quarter 2020 revenue of $636m, a drop of 24% year-on-year.

The company saw net income grow to $83.3m for the quarter, compared to $24.3m over the same period a year ago.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Thanks to the dedicated efforts of the entire Boyd Gaming team and their commitment to our more efficient operating model, our Company continues to produce the highest margins in our history, even in the face of stricter COVID restrictions and several property closures.”

Adjusted EBITDAR was $211m, down from $228m for the fourth quarter of 2019. Midwest and South properties saw Adjusted EBITDAR rise to $160m, a 1.3% improvement y-o-y. Boyd’s regional earnings grew despite temporary closures of Par-A-Dice (Illinois) in November and Valley Forge (Pennsylvania) in December. Both of those properties reopened in January

Boyd’s strong performance in the Midwest and South led to record companywide margins of 33.1%.

The Las Vegas-based casino operator saw weaker results locally. Las Vegas Locals reported revenue of $162m, down 28% y-o-y, while Adjusted EBITDAR fell to $70m, a decline of 4%.

The company cited softness in destination business at The Orleans as the main culprit in bringing down revenue and earnings. Boyd’s Downtown properties tumbled 74% y-o-y to revenue of $18m.

Boyd’s California Hotel Casino and Main Street Station in downtown Las Vegas attract a large Hawaiian consumer base, who have been largely grounded from traveling to the mainland.

Boyd reported it had cash on hand of $519m as of December 31, 2020, while total debt was $3.95bn.

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