Boyd Gaming reports 4% revenue growth for Q3
The strong quarterly performance saw the company’s share prices rise almost 4%.
Boyd Gaming has reported third-quarter 2022 revenues of $877.3m, a 4% increase from the $843m reported in the same prior year period. The company said it also accumulated a $157m net income for Q3, compared to the $138.2m it made in the third quarter of 2021.
Total adjusted EBITDAR was $337.7m for this quarter, which represented a 0.8% decrease from its performance in Q3 of 2021, which garnered $340.7m. Adjusted earnings, however, showed an increase – from $1.30 per share to $1.48 per share this quarter.
Major company operational news during this quarter included Boyd’s opening of Sky River Casino near Sacramento, California on August 15. It also signed a seven-year management to operate the casino on behalf of the Wilton Rancheria Tribe.
Boyd Gaming President and CEO, Keith Smith, commented: “This quarter was another solid performance by our company, as we achieved third quarter EBITDAR that was second only to last year’s record quarterly performance.
“These results were driven by our continued focus on core customers and sustained efficiencies throughout our business, as our operating model is successfully meeting today’s challenges and delivering consistent results.
“Our strong operating performance is producing robust free cash flow, allowing us to return nearly $500m in capital to our shareholders so far this year. Overall, we are encouraged by the resiliency of our business and remain confident in our strategy and our ability to deliver consistent results in the current economic environment.”
Boyd’s share price has been slowly growing over the past five days, rising by a total of just under 4%, in anticipation of this strong Q3 fiscal report.
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