Boyd Gaming, the Las Vegas-based gambling brand with 28 properties across 10 states, has released its financial results for the first quarter of 2022.
Revenue came in at $860.7m in Q1, a 14.3% boost from the $753.3m earned during the same period last year. From this, net income landed at $1.45 per share, or $162.9m. This income marks a considerable boost from 2021’s $102.2m.
Keith Smith, President and CEO of Boyd Gaming, noted: “In the first quarter of 2022, our disciplined approach to managing the business and strategic focus on our core customer once again produced exceptional results.
“During the quarter, strong performance from our core customers and sustained efficiencies in our marketing and operations contributed to record revenue, EBITDAR and margin performances on a companywide basis.”
Adjusted EBITDAR for Boyd in Q1 was $338.8m, growing by 15.8% when compared to the prior year.
“We took an important step in advancing our online gaming strategy with our agreement in March to acquire Pala Interactive, which will provide us the technology and expertise to build a leading regional online casino gaming operation,” added Smith.
“We also continued to execute our robust capital return program, repurchasing $132m in stock during the first quarter and reinstating our quarterly cash dividend. In all, the first quarter was an excellent start to 2022, as our proven operating strategy and experienced team continue to create long-term value for our shareholders.”
This period also saw the company grow on a regional level, with its properties in Las Vegas, the Midwest and the South all posting improved year-on-year numbers.
As of the end of Q1, the company had a total debt of $3.1bn and cash in hand of $403m.
