A major player in the casino and lodging sector, Boyd Gaming, recently published its fiscal report for the quarter concluding on September 30, 2023. The corporation announced earnings of $903.2 million, indicating a marginal rise from the $877.3 million generated during the corresponding period in 2022.
Despite the revenue surge, the company’s profits for the third quarter landed at $135.2 million, equating to earnings of $1.34 per share. This number signifies a decrease compared to the third quarter of 2022, where profits reached $157 million, and earnings per share were $1.46.
Boyd Gaming’s President and CEO, Keith Smith, ascribed the quarter’s results to the company’s varied portfolio. He emphasized the sustained strength of their primary clientele, the outstanding performance of Sky River and their digital gaming division, and the expansion observed in non-gaming activities as primary catalysts for the robust outcomes.
The third quarter also witnessed favorable advancements in Boyd Gaming’s growth strategies. The recent enlargement project at the Fremont Hotel contributed to unprecedented quarterly outcomes. Furthermore, the company’s online enterprise benefited substantially from the strong showing of FanDuel, combined with the incorporation of Boyd Interactive, which Boyd Gaming purchased in November 2022.
Regarding adjusted EBITDAR, Boyd Gaming posted $320.8 million for the third quarter of 2023, contrasted with $337.7 million in the parallel timeframe last year. The adjusted earnings for the third quarter of 2023 were $137.3 million, a reduction from $159.2 million in the analogous period of 2022.
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Boyd Gaming is experiencing impressive revenue increases, showing a 12% surge from the same period the previous year! Their digital presence is flourishing, exhibiting a remarkable 123% leap. However, their focus extends beyond profits, as they actively shape the future of Las Vegas. Collaborating with UNLV, they established the Boyd Innovation Lab within the UNLV Black Fire Innovation facility. This initiative aims to propel advancements within Southern Nevada’s hospitality sector.
