Boyd Gaming, a US gambling operator, has reported its second quarter financial results for 2022, showing a revenue of $894.5m, a slight year-on-year increase. The same quarter of the prior year saw Boyd turn over $893.6m in revenue.
More encouragingly, Boyd reported a net income of $146.8m, or $1.33 per share, for Q2 compared to $113.7m, or $1.00 per share, for the same period in 2021.
The company reported its second-best quarterly adjusted EBITDAR performance in its history. Company-wide operating margins after corporate expense were 39.6%, exceeding 39% for the fifth straight quarter.
All three operating segments continued to produce strong results, with revenue, adjusted EBITDAR and margins in line with the last three quarters. This performance well exceeded even pre-pandemic results.
President Boyd Gaming CEO Keith Smith was keen to outline that 2022’s results were impressive, even when compared to Boyd’s best performing quarter last year.
Smith commented: “We delivered another strong quarter, with quarterly adjusted EBITDAR that was second only to last year's record results. The second quarter of 2021 was a challenging comparison due to benefits from government stimulus and the lifting of Covid-19 restrictions.
“Our operating trends remain strong, as play from core customer segments grew both year-over-year and sequentially from the first quarter of 2022. We also improved company-wide operating margins from the first quarter despite inflationary pressures.”
Adjusted earnings for the second quarter of 2022 were $163.5m compared to $175.2 million for the same period in 2021.
Smith summarized these results, saying, “Overall, we are encouraged by the continued strength of our business, and remain confident in our strategy and our ability to navigate today’s uncertain economic environment.”
