Boyd Gaming (Boyd), operator of 28 casino resorts across 10 states, including 11 properties in Las Vegas, has released its first quarter financial results. Keith Smith, President and CEO of the company, said this quarter demonstrates an “excellent start.”
For the first quarter of 2023, total revenue increased 12% year-over-year to $964m, also rising 4.4% from 2022 Q4; this includes food and beverage, hotel and other offerings, as well as gaming revenue.
Boyd saw its biggest increase in 2022 (7.2%) from its Q1 total revenue to a Q4 total of $922.9m. In Q1 of 2022, Boyd brought in a net income of $162.9m, which dropped slightly in its second and third quarters, before rising 6% to $172.7m in Q4. The following graph demonstrates revenue performance:
Net income for Q1 of 2023 rose 15.6% from the previous quarter to $199.7m, which also represents a 22.6% increase year-over-year.
Gaming revenue in the first quarter of this year accounted for 69.3% of Boyd’s total revenue, though there was a slight drop year-over-year in gaming revenue from Q1 of 2022.
Last year, gaming revenue for both Q1 and Q3 reached $668m, with the second quarter only increasing 2.5% to $684.9m, and the fourth quarter decreasing 2.1%.
Smith said, “We continued to see increased play from our core customers across the country, as well as strong growth in our non-gaming operations. Our growth initiatives also contributed to our record performance, as EBITDAR from our online operations more than doubled year-over-year.”
Boyd’s largest year-on-year revenue increase was from its online sector, which rose from $55m in Q1 of 2022 to $122.9m this year. Online revenue includes: Boyd’s sports betting partnership with FanDuel (of which Boyd owns 5%); online market access agreements with further third-party organizations; and online casino business from Boyd Interactive.