A prominent gaming enterprise, Boyd Gaming, concluded 2023 with positive momentum, announcing elevated earnings for both the final quarter and the entire year. This surge was propelled by robust results in their primary casino endeavors and ongoing growth in the internet gaming market. Nevertheless, the corporation’s net income experienced a decline due to a substantial write-off connected to certain holdings.
Chief Executive Keith Smith emphasized the company’s tactical diversification and loyal customer pool as significant factors in their achievements. He also drew attention to the favorable returns on recent capital expenditures in their establishments.
In particular, Boyd Gaming generated approximately $9.54 billion in income during the fourth quarter, a notable increase compared to the corresponding period in 2022. However, their earnings for the quarter dropped sharply, primarily due to a non-cash impairment expense related to goodwill and intangible assets.
Despite this setback, the full year presented a more optimistic outlook. Boyd Gaming attained an unprecedented $37 billion in income, showcasing the durability of their business framework. While earnings for the year were marginally lower compared to 2022, this can be partially attributed to the same impairment expense that affected the fourth quarter.
Boyd Gaming experienced a robust final quarter, with their Las Vegas locally-focused casinos witnessing expansion in both income and adjusted EBITDA (a profitability metric). Although the downtown region observed a marginal revenue increase, their Midwest and Southern properties rebounded, recording gains in both revenue and adjusted EBITDA.
Their digital gaming segment also performed admirably, partially attributed to the initiation of sports wagering in Ohio at the start of 2023.
The corporation compensated its investors with a cash dividend disbursement and sustained the repurchase of its own shares, an action frequently interpreted as an indicator of belief in their future outlook. At the close of December 2023, Boyd Gaming possessed a substantial cash position and a manageable level of debt.
Furthermore, Boyd Gaming surpassed their earnings from the preceding year, showcasing their ongoing expansion. While their net income was marginally reduced in comparison to the corresponding period last year, they persist as a profitable enterprise.
Lastly, Boyd Gaming exhibited their dedication to community support by contributing to almost 200 charitable entities spanning 11 states.