Boyd Gaming, Gaming and Leisure Properties, along with PointsBet, have recently published their most recent financial performance reports.
Earlier today, all three corporations made their financial data public.
Boyd Gaming announced a 3% year-over-year rise in revenue for the second quarter of 2023, with gaming revenue accounting for the majority of its $917 million total at $660.7 million.
Although this gaming revenue number is somewhat lower than the $684.9 million earned in the same period last year, online gaming revenue increased by 50% to $85 million.
Net income increased by a considerable 31% to $192.5 million (£150 million), contributing to the overall revenue growth.
“Our second quarter results once again showcased our company’s steady earnings capability in a difficult operating climate, fueled by our streamlined operating structure, adept leadership team, and fruitful expansion strategies,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming.
“We are dedicated to promoting incremental efficiencies for our primary customer base, while our operational teams continue to successfully manage costs across the business, resulting in a robust company-wide margin consistent with recent quarters.”
“…our streamlined operating structure, adept leadership team, and fruitful expansion strategies, [enabled us to] once again showcase our company’s steady earnings capability in a difficult operating climate” – Keith Smith, President and Chief Executive Officer of Boyd Gaming
Gaming and Leisure Properties Inc (GLPI) reported a 3% rise in net income to $160.1 million for the second quarter.
The company’s total revenue for the quarter was $356.6 million, up 9% from the previous year.
Entertainment and Recreation Holdings, Inc. (GLPI) experienced a 5% increase in adjusted EBITDA, reaching $325.5 million. CEO Peter Carlino ascribed the robust results to the company’s stable lessee partnerships and the generally durable character of gambling income. In total, GLPI’s revenue for the second quarter surged by 9.2% year-on-year, hitting $356.6 million. Carlino emphasized GLPI’s extended strategy of growth and diversification, mentioning the company now possesses six lessees across 59 locations in 18 states. This encompasses eight new venues incorporated in 2022 and early 2023 via agreements with The Cordish Companies and Ballys Corporation, anticipated to favorably impact earnings in the latter part of 2023 and further.
Separately, PointsBet disclosed its financial outcomes for the second quarter of 2023. Previously this year, PointsBet consented to a $225 million proposal from Fanatics for its US operations after a competitive bidding process with DraftKings. For the year so far, PointsBet declared a net profit of $3.91 billion AUD (roughly $2.6 billion USD).
PointsBet began the year with a bang, achieving a substantial total net win of $217.8 million in the initial quarter. This represents a significant 26% rise compared to the corresponding period last year! The US market played a major role in this triumph, generating an impressive $161.1 million – a colossal 72% surge.
Conversely, their home turf in Australia witnessed a more subdued performance. Their overall net win for the final quarter of the 2023 fiscal year only experienced a marginal 1% uptick, reaching $55.6 million.
Curiously, despite the stagnation in their Australian market, their sports wagering division saw a robust 58% increase, and their internet casino division enjoyed an exceptional 122% leap. PointsBet also observed notable expansion in other global markets. Canada, for instance, witnessed a remarkable 10,415% jump relative to the prior year.
Although PointsBet has yet to disclose their official profit figures, their financial statement suggests positive developments. Due to the divestiture of their US operations, they anticipate approaching, or even reaching, profitability starting from April 2024.
