Boyd Gaming hails exceptional quarter of trading in Q1 update

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Boyd Gaming has reported year-on-year gains in its Q1 2020 financial update this week for the trading period January to March 31.

First quarter revenues came in at $753.3m (2020: $680.5m), with a reported net income of $102.2m, or $0.90 per share, (2020: net loss of $147.6m, or $1.30 per share). Total adjusted EBITDAR in Q1 was $292.6m (2020: $144.4m).

Results for the first quarter of 2020 were, said the firm, impacted by state-mandated closures of all of its properties nationwide during the last several weeks of March 2020. The company’s first-quarter 2020 results were also impacted by $171.1m in non-cash, pretax intangible asset impairment charges.

Keith Smith, President and CEO, said: “This was an exceptional quarter for our company, as we achieved the strongest EBITDAR and margin performances in our history. As economic conditions improve and COVID vaccinations continue to roll out, we are seeing increased visitation and growing spend-per-visit across every customer segment.  

“Our disciplined operating strategy is producing strong flowthrough on revenue gains, driving significant EBITDAR growth and enhanced margins. We are also making excellent progress on our strategic growth initiatives, including launching our first Stardust-branded online casinos in New Jersey and Pennsylvania, and commencing construction on the Wilton Rancheria Tribe’s resort near Sacramento, California.  

“Our strong performance in the first quarter reflects our more focused operating strategy, and the dedication and hard work of every Boyd Gaming team member.”

During the quarter, the Las Vegas Locals and Midwest & South segments each achieved all-time records for adjusted EBITDAR and operating margins. Both segments benefited from increased visitation and spend levels across all customer groups, as well as continued benefits from the company’s focused operating strategy. 

According to Boyd, Downtown Las Vegas segment results reflect continued softness in destination travel across the southern Nevada market, particularly among the company’s core Hawaiian customer segments.