Las Vegas-based Boyd Gaming Corporation has released its fourth quarter and full-year 2023 financial results.
During the fourth quarter, the company posted $954.4m in overall revenue. Net income in Q4 reached $92.6m, the equivalent of $0.94 per share, reflecting a nearly $80m decrease year-over-year.
Boyd Gaming said that its fourth-quarter results “were impacted by $103.3m in non-cash, pretax goodwill and intangible asset impairment charges.”
Adjusted EBITDA during the quarter fell by close to $5m year-over-year and reached $355.5m. Adjusted earnings totaled $163.8m, or $1.66 per share.
Boyd Gaming reported a slight increase in revenue for the full year as well. Revenue for the year reached $3.7bn, up by $100m when compared to results from 2022.
However, the company’s net income followed a similar trend during the year as it did during the fourth quarter. Net income fell by almost $20m for the year, totaling $620m, or the equivalent of $6.12 per share.
Total adjusted EBITDAR during 2023 rose slightly when compared to the previous year. The company posted an adjusted EBITDAR of $1.4bn. Adjust earnings also rose in 2023 and reached $639.9m, or $6.31 per share.
Company President and CEO Keith Smith took a moment to discuss the results in more detail.
He said, “The fourth quarter’s strong performance was a fitting conclusion to another record year for our company. Our fourth-quarter and full-year results were driven by our diversified portfolio, consistent core customer trends and solid returns from our recent property investments.
"Our management teams continued to demonstrate their ability to efficiently manage the business, achieving property-level operating margins above 40% for both the fourth quarter and full year.
“And as part of our balanced approach to capital allocation, we returned more than $475m to our shareholders in 2023 while investing in our properties and maintaining the strongest balance sheet in our company’s history. Looking ahead, we remain confident in our ability to continue delivering profitable growth and creating long-term shareholder value.”
