Growth was the leitmotif of Boyd Gaming Corporation’s Q3 results for the period ended September 30, 2019, published this week. The firm reported revenues of $819.6m, up from $612.2m year-on-year. Net income, meanwhile, was $39.4m, or $0.35 per share, for the third quarter, compared to $11.8m, or $0.10 per share, year-on-year.
Total adjusted EBITDAR came in at $213.5m, increasing from $148.8m, with adjusted earnings of $44.8m, or $0.39 per share, compared to adjusted earnings of $26.7m, or $0.23 per share, for the same period in 2018.
Q3 2019 results included $212.9m in revenues and $62.1m in adjusted EBITDAR from Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Belterra Park, acquired on October 15, 2018; and Valley Forge Casino Resort, acquired by the company on September 17, 2018. Q3 2018 results included $5.8m in revenues and $1.1m in adjusted EBITDAR from Valley Forge.
In a segmental breakdown, Boyd noted that revenues in its Las Vegas Locals business were up by 2.2% from $208.8m to $213.3m year-on-year. In the Downtown Las Vegas segment, revenues were $60.6m, up 2.5% from $59.2m. Midwest & South segment revenues were $545.7m, up from $344.3m.
On a combined basis, the company’s five newly acquired properties delivered adjusted EBITDAR growth of nearly 6%, as operating margins improved more than 200 basis points from their standalone results in the prior year.
Same-store results were negatively impacted by flooding and property closures caused by tropical storms along the Gulf Coast in July and September. Taking weather impacts out of the picture, same-store results in the segment slightly exceeded the prior-year performance.
Keith Smith, President and CEO, commented: “In the third quarter, our diversified nationwide portfolio continued to deliver growth in same-store revenues, adjusted EBITDAR and margins, led by another outstanding quarter by our Las Vegas Locals business.
“Our newly acquired properties produced strong results under our ownership, with Adjusted EBITDAR growth of nearly 6% and margin improvement of more than 200 basis points on a combined basis. And we substantially expanded our sports-betting partnership with FanDuel Group, opening sports books at four new locations in the Midwest while successfully launching a market-leading mobile betting app in Pennsylvania.”