A prominent gaming enterprise, Boyd Gaming, commenced 2023 with impressive results. Their initial quarter financial statement revealed a 12% surge in total income, propelled by a remarkable 123% escalation in their digital operations.
The corporation generated $964 million in aggregate revenue for the first quarter, a notable rise from the corresponding period in the prior year. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) hit $367.1 million, an 8.4% ascent. Net income similarly experienced a robust 23% increase, reaching $199.7 million from $162.9 million. Adjusted earnings per share leaped an extraordinary 22.1%, settling at $1.71 compared to $1.40 the previous year.
Although these numbers depict a positive outlook, it’s important to acknowledge that EBITDA in the Midwest and South territories declined by 6%. This might be partially attributed to a substantial $50 million enhancement initiative at the Fremont casino that concluded earlier this year. Total operational expenses also witnessed an 11% rise.
Boyd Gaming’s President and CEO, Keith Smith, conveyed confidence, remarking, “The first quarter of 2023 represented a strong beginning to the year for our organization, as we once more showcased the advantages of our operational framework and the strength of our varied portfolio.”
The exceptional expansion in online revenue and adjusted EBITDAR, which more than doubled since the previous year, underscores the triumph of their recent sports wagering introductions in Ohio and Kansas, in addition to sustained growth in established markets. This online prosperity, combined with strategic allocations in their physical establishments, has undoubtedly positioned Boyd Gaming for a bright future.
A gaming and hospitality corporation, Boyd Gaming, significantly exceeded their initial quarter projections! The recently opened Sky River Casino is generating higher than anticipated revenue, positively impacting management compensation and overall profitability. It will be interesting to observe the market’s response – this development holds the potential for substantial growth.