Boyd Gaming Q4 earnings: record revenues amid charges
AInvestThursday, Feb 8, 2024 10:05 pm ET
1min read
BYD --

$BYD(BYD)In a recent financial recap, Boyd Gaming, a prominent gaming entity spanning multiple jurisdictions, disclosed its performance metrics for the fourth quarter and the entirety of 2023, presenting a juxtaposition of achievements and challenges. While the company celebrated reaching unprecedented revenue heights, it concurrently navigated substantial impairment charges.

The revenue for the company in the final quarter ascended to $954.4 million, marking an increase from the previous year's $922.9 million. Nevertheless, the quarter's net income dipped to $92.6 million, or $0.94 per share, a decrease from the preceding year's $172.7 million, or $1.63 per share, predominantly attributed to $103.3 million in impairment charges related to goodwill and intangible assets.

Throughout 2023, Boyd Gaming's revenue trajectory improved, culminating in $3.7 billion, an escalation from 2022's $3.6 billion. However, the annual net income slightly regressed to $620.0 million, or $6.12 per share, from $639.4 million, or $5.87 per share, the previous year, influenced by a rise in impairment charges to $107.8 million from $40.8 million.

The Adjusted EBITDAR for Q4 stood at $355.5 million, marginally lower than the $360.1 million recorded in the same quarter of the prior year. The annual Adjusted EBITDAR remained steady at $1.4 billion. Adjusted earnings for the year were reported at $639.9 million, or $6.31 per share, compared to 2022's $662.0 million, or $6.07 per share.

Keith Smith, Boyd Gaming's President and CEO, remarked on the fiscal outcomes, expressing satisfaction with the quarter's performance and the year's overall achievements, attributing success to the company's diversified portfolio and recent property investments.

The company's Las Vegas Locals and Downtown Las Vegas segments demonstrated steadfast performance, with the Midwest & South segment showing signs of resurgence in Q4. The company's foray into sports betting in Ohio also spurred growth in the Online segment.

Boyd Gaming concluded the year on solid financial ground, maintaining a strong cash position and adhering to disciplined debt management strategies.

Moving forward, Boyd Gaming is optimistic about its growth trajectory and its potential to enhance shareholder value over time. The company anticipates that its strategic investments and operational efficiencies will continue to propel its performance forward, despite the headwinds of impairment charges and a competitive industry landscape.


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