Boyd Gaming earns $210m in 2Q
Boyd Gaming posted second quarter revenue of $210m, down 75% year-on-year.
The company reported a net loss of $108.5m, or $0.96 per share. That’s down from a net income of $48.5m, or $0.43 per share, for Q2 of 2019.
Boyd Gaming recorded total adjusted EBITDAR of $16.1m for the quarter, a 93% decrease from a year ago.
“On a comparable basis at our reopened properties, we achieved Companywide EBITDAR growth and significant margin improvement while complying with state-regulated reductions in gaming capacity,” said Keith Smith, President and CEO of Boyd Gaming. “During the reopening period, our Midwest & South properties posted double-digit EBITDAR gains, while our Las Vegas Locals properties also improved EBITDAR performance versus prior year.”
The company earned quarterly gaming revenue of $185m, a drop of 71%.
Boyd Gaming recorded Q2 EBITDA of $53m from its Las Vegas properties compared to $285m a year ago.
Midwest and South properties combined for EBITDA of $157m, down from $561m for the same quarter last year.
“While overall visitation and revenues are down, spend per visit is robust, and we have successfully streamlined operating and marketing expenses to drive margin gains of more than 1,000 basis points in both the Midwest & South and Las Vegas Locals segments,” Smith said. “These positive operating trends are continuing into July, giving us confidence that we can sustain increased efficiencies in our operating model.”
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