Boyd Gaming reported third quarter 2021 revenue of $843m, a 29.3% increase year-on-year.
Net income was $138.2m compared to $38.1m for the same period a year ago, while total adjusted EBITDAR was $340.7m, a 42.6% improvement y-o-y.
Adjusted earnings for the third quarter were $149m, compared to $43.5m in Q3 2020.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Since reopening our properties last year, we have made fundamental changes to our operating philosophy ‒ sharpening our focus on building loyalty with core customers while executing our business at a much higher level of efficiency. These changes have resulted in five consecutive quarters of strong performance, including record third-quarter results this year.”
Boyd is heavily reliant on the Las Vegas Locals region, which accounted for $231m of Q3 revenue. In a sign that demand for casinos is strong among locals, the region’s revenue was up 35.2% y-o-y and up 8.4% compared to the same quarter in 2019.
Downtown Las Vegas, meanwhile, generated $42m, a 140% improvement y-o-y. The company’s regional casinos in the Midwest and South brought in revenue of $570m, a 22.9% increase y-o-y and a 4.4% improvement compared to the same period in 2019.
As of Sept. 30, 2021, Boyd had cash on hand of $571m, and total debt of $3.38bn.
Smith added, “Based on our robust free cash flow, strong balance sheet and opportunities for continued growth, our Board of Directors has authorized a $300 million share repurchase program. This program reflects the Board’s confidence in the long-term prospects for our business, as well as our balanced approach in allocating capital to growth investments, deleveraging and returning free cash flow to shareholders."
