Boyd Gaming Corporation has reported its financial results for the second quarter ended June 30, 2019, claiming growth across every segment of its business in spite of what it described as a “…few isolated challenges”.
Second-quarter revenues of $846.1m were ahead 37.2% from $616.8m year-on-year, while net income came in at $48.5m, or $0.43 per share, compared to $38.9m, or $0.34 per share year-on-year. Total adjusted EBITDAR was $232.6m, rising 42.3% from $163.4m in Q2 2018. Adjusted earnings were $52.5m, or $0.46 per share, compared to adjusted earnings of $44m or $0.38 per share year-on-year.
Q2 financials also include $228.5m in revenues and $66.8m in adjusted EBITDAR from Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Belterra Park, acquired on October 15, 2018; Valley Forge Casino Resort, acquired by the company on September 17, 2018; and Lattner Entertainment, acquired on June 1, 2018.
Keith Smith, President and CEO, updated investors: “During the second quarter, our company made continued progress executing against our strategic growth initiatives. Despite a few isolated challenges, we delivered revenue, adjusted EBITDAR and operating margin growth in every segment of our business, as our operating teams identified and drove profitable revenue growth and enhanced efficiencies.
“We achieved strong growth at our newly acquired properties, significantly improving upon their solid standalone performances last year. And through ongoing marketing and operational initiatives, we are successfully growing visitation and expanding our customer base across the country. In all we are pleased with our progress, and remain confident we are well-positioned to capitalize on future growth opportunities.”