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Boyd Gaming (BYD) Q3 Earnings call transcript Oct 24, 2024

Daily EarningsMonday, Oct 28, 2024 8:25 pm ET

1min read

BYD --

Boyd Gaming's Q3 2024 earnings call presented a positive outlook for the company, highlighting solid performance across multiple segments and strategic investments in diversified businesses. The call, led by CEO Keith Smith and CFO Josh Hirsberg, emphasized the company's focus on operational efficiencies, customer trends, and growth opportunities.

Operational Efficiencies and Customer Trends

The third quarter marked another solid performance for Boyd Gaming, with revenue growth in Downtown Las Vegas and the Midwest and South segments. The company's online and managed businesses also demonstrated strong performances, underscoring the value of its diversified business model. Operating efficiencies were maintained across the portfolio, with property level margins exceeding 39% during the quarter. Customer trends remained stable, with overall play volumes essentially flat on a year-over-year basis, except for the first quarter impacted by weather challenges.

Strategic Investments and Growth Opportunities

Boyd Gaming's strategic investments in property enhancements and new projects are yielding positive results. The company's recent property investments in Downtown Las Vegas, particularly at the Fremont, have led to record revenue and EBITDA performances. In the Southern Nevada market, the broader economy remains sound, with strong visitor numbers and job growth. The company's expansion plans in the Midwest and South, including the acquisition of the New Jersey operations of Resorts Digital Gaming, underscore its commitment to growth and diversification.

Looking Ahead

Looking ahead, Boyd Gaming is poised for continued growth, with a focus on operational efficiencies, strategic investments, and a diversified business model. The company's strong balance sheet and low leverage position it well for future opportunities, including the development of a commercial casino resort in Norfolk, Virginia. With a disciplined approach to capital allocation and a commitment to maintaining a strong balance sheet, Boyd Gaming is well positioned to capitalize on growth opportunities while returning value to shareholders.

In conclusion, Boyd Gaming's Q3 2024 earnings call highlighted a solid performance across multiple segments, strategic investments in growth opportunities, and a focus on operational efficiencies. With a diversified business model and a strong balance sheet, the company is well positioned for continued growth and value creation for its shareholders.

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