Boyd Gaming Corporation has published its Q2 financial results for the trading period ended June 30, 2021, showing strong recovery year-on-year.
The firm reported Q2 revenues of $893.6m (2020: $209.9m), with net income of $113.7m (2020: -$108.5m). Second-quarter 2021 pretax income was, however, impacted by charges of $65.5m related to early extinguishments of debt.
The company also noted that results for the second quarter of 2020 were impacted by state-mandated closures of all of its properties nationwide for much of the year-ago quarter.
Total adjusted EBITDAR came in at $385.4m (2020: $16.1m) in the second quarter of 2020, while adjusted Q2 earnings were $175.2m (2020: -$110.5m). Company wide adjusted EBITDAR margins after corporate expenses were 43.1% in the second quarter of 2021.
President and CEO Keith Smith told investors: “Our second-quarter results reflect the strength of our operating strategy as our streamlined cost structure, enhanced capabilities and focus on our core customers all continue to drive strong results throughout our portfolio.
“We achieved record results for adjusted EBITDAR and operating margins, with company wide margins exceeding 43% and Las Vegas Locals margins approaching 57%.
“During the quarter our business continued to strengthen, as gaming revenues surpassed 2019 levels. We are encouraged that the strength from the first half of the year has carried into July, and are confident in our ability to continue delivering robust levels of EBITDAR and margin performance.
“These outstanding results are a tribute to the hard work of the entire Boyd Gaming team and their shared dedication to our transformed operating model, which will continue to create long-term value for our stakeholders.”