Boyd Gaming Corporation has published an upbeat set of financial results for the fourth quarter and full year ended December 31, 2019, with Q4 revenues of $833.1m, up 5.2% from $791.6m in the fourth quarter of 2018.
Net income for Q4 was also ahead at $24.3m, or $0.21 per share, compared to $22.9m, or $0.20 per share, year-on-year. However, the firm’s Q4 2019 pretax income was impacted by charges of $34.2m related to early extinguishments of debt.
The firm also noted that project development, pre-opening and writedown expenses decreased by $10.4m in the quarter of 2019 versus 2018, due primarily to the inclusion of acquisition-related expenses in the fourth quarter of that year.
Total Q$ Adjusted EBITDAR was $227.6m, up 9.1% from $208.6m year-on-year. Adjusted earnings for the fourth quarter of 2019 were $57.4m, or $0.50 per share, compared to adjusted earnings of $37m, or $0.32 per share, for the same period in 2018.
Turning to the full year results, Boyd reported revenues of $3.33bn, compared to $2.63bn year-on-year. Total adjusted EBITDAR for the full year 2019 was $896.7m, up from $681.3m. Full-year 2019 net income, meanwhile, was $157.6m, or $1.38 per share, compared to $115m for the full year 2018.
President and CEO Keith Smith told investors: “Our diversified nationwide portfolio continued to generate strong results in the fourth quarter of 2019, as every segment of our business achieved growth in same-store revenues and adjusted EBITDAR.
“In our Midwest and South region, strong same-store gains were complemented by exceptional performances at the recently acquired Ameristar and Belterra properties, which grew combined Adjusted EBITDAR at a double-digit pace while improving operating margins by more than 350 basis points.
“In our Las Vegas Locals segment, revenue growth remained consistent with trends we saw throughout the year, though EBITDAR growth slowed, primarily due to a difficult comparison to a strong fourth quarter of 2018.
“On the sports-betting front, our newly opened FanDuel Sportsbooks helped attract new customers to our properties in Pennsylvania, Indiana and Iowa. As we enter the new year, the underlying trends in our nationwide business remain strong, and we are confident in our prospects for 2020.”