Boyd Gaming hails exceptional Q1 results

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Operator says it is seeing increasing customer visitation, spend-per-visit as pandemic eases.

Boyd Gaming Corporation on Wednesday reported financial results for the first quarter of this year, a three-month period ending March 31.

The company said its Q1 revenue was $753.3m, up from $680.5m in the first quarter of 2020.

Net income for Q1 2021 was $102.2m, or $0.90 per share, compared to a net loss of $147.6m, or $1.30 per share, for the year-ago period.

Boyd Gaming noted its results for Q1 2020 were impacted by state-mandated closures of all of the company’s properties nationwide during the last several weeks of March 2020.

The company’s Q1 2020 results also were impacted by $171.1m in non-cash, pretax intangible asset impairment charges, officials said.

Total adjusted EBITDAR (which the company defines as adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust)  was $292.6m in Q1 2021, rising from $144.4mfor Q1 2020.

Adjusted earnings for the first quarter of 2021 were $105.7m, or $0.93 per share, compared to an adjusted loss of $2.4m, or $0.02 per share, for the same period in 2020.

Boyd reported its companywide operating margins after corporate expense were 38.8% in Q1 2021, which it said was up significantly from 21.2% in the same quarter one year earlier.

Keith Smith, president and CEO of Boyd Gaming, said in a statement, “This was an exceptional quarter for our company, as we achieved the strongest EBITDAR and margin performances in our history.”

Smith added as economic conditions improve and Covid vaccinations continue to roll out, Boyd Gaming is seeing increased visitation and growing spend-per-visit across every customer segment.

“Our disciplined operating strategy is producing strong flowthrough on revenue gains, driving significant EBITDAR growth and enhanced margins,” Smith added. “We also are making excellent progress on our strategic growth initiatives, including launching our first Stardust-branded online casinos in New Jersey and Pennsylvania, and commencing construction on the Wilton Rancheria Tribe's resort near Sacramento, California. Our strong performance in the first quarter reflects our more focused operating strategy, and the dedication and hard work of every Boyd Gaming team member.”

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