Boyd Gaming Corporation has published its Q4 and full-year financial results for the year ended December 31, 2018. For the full year the firm reported revenues of $2.63bn, compared to $2.40bn in 2017. Total Adjusted EBITDAR for the full year 2018 was $681.3m, up from $595.9m in 2017. The fourth quarter saw revenues of $791.6m, up 33 per cent from $595.1m year-on-year.
Keith Smith, President and Chief Executive Officer, told investors: “The strategic initiatives we have executed over the past several years continued to pay off in the fourth quarter of 2018. Our recent acquisitions, efficiency programs and marketing refinements all contributed to strong results. We delivered revenue, adjusted EBITDAR and margin growth in every segment of our business in the fourth quarter as well as the full year. Our consumer remains healthy, and we believe we are in a solid position to continue creating value for shareholders in 2019 and beyond.”
Smith continued: “During the full year 2018 we diversified our nationwide portfolio and significantly enhanced our free cash flow profile with the acquisition of six new assets across five states. We also entered into a strategic partnership with FanDuel Group, providing us a market-leading partner to pursue sports-betting and mobile wagering opportunities now emerging across the United States.
“And we continued to successfully execute a balanced approach to capital allocation, returning capital to shareholders while actively investing in strategic growth opportunities and prudently controlling leverage.”
Fourth-Quarter 2018 Highlights
- All segments achieve growth in same-store revenues, adjusted EBITDAR and margins
- Company-wide same-store operating margins improve nearly 200 basis points
- Las Vegas Locals posts 13% adjusted EBITDAR gain, margins up over 350 basis points
Full-Year 2018 Highlights
- Company completes acquisition of six new assets; expands to 29 properties nationwide
- FanDuel partnership sets stage for sports betting, online gaming expansion
- Same-store revenues, adjusted EBITDAR and margins increase in all segments