Boyd Gaming Corporation has posted Q4 and full year financial results for the period ended December 31, 2020, citing strong growth in mobile sports betting and encouraging results from online gaming, despite a fall in revenues arising from the pandemic.
Q4 revenues totaled $635.9m versus $833.1m year-on-year, while net income stood at $83.3m compared to $24.3m in 2019. Total adjusted EBITDAR in Q4 was $210.5m versus $227.6m year-on-year, although company wide margins were a fourth-quarter record 33.1%, up nearly 580 basis points from the prior year.
Updating investors, the company said that financial results for the full year were significantly impacted by state-mandated COVID-19 property closures that began in mid-March 2020 and continued through Q2, as well as increased operating restrictions and additional property closures in Q4.
For the full year 2020, revenues came in at $2.18bn, compared to $3.33bn year-on-year. The company reported a net loss of $134.7m versus a net income of $157.6m in 2019. Full-year 2020 results were also impacted by $174.7m in non-cash, pretax intangible asset impairment charges.
Also reflecting the impact of the COVID-19 pandemic, total adjusted EBITDAR for the full year was $609.9m versus $896.7m in 2019. Full-year 2020 adjusted loss was $17.5m compared to adjusted earnings of $203.6m year-on-year.
President and CEO Keith Smith said: “Thanks to the dedicated efforts of the entire Boyd Gaming team and their commitment to our more efficient operating model, our company continues to produce the highest margins in our history, even in the face of stricter COVID restrictions and several property closures. We achieved record company wide operating margins for the second consecutive quarter, as nine properties nationwide set fourth-quarter EBITDAR records.
“In the Midwest & South, we delivered another record EBITDAR performance during the quarter, despite the closures of Par-A-Dice and Valley Forge due to state mandates. And in our Las Vegas Locals segment, business from our core local customer remains strong, with solid EBITDAR and margin growth on a same-store basis excluding The Orleans.
“At the same time, we continue to see encouraging results from online gaming. Through our partnership with FanDuel, we are benefiting from strong growth in mobile sports betting, and expect further upside as we prepare to launch a Stardust-branded icasino in Pennsylvania in April, pending regulatory approval. We are excited about the long-term opportunities of online gaming and the improving prospects for our business in 2021 and beyond.”