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Boyd Gaming has released its third-quarter 2024 financial results, showing positive adjusted EBITDAR and revenue growth. But there was a minor drop in the Las Vegas Locals portion. All things considered, the business keeps proving that it can successfully negotiate a competitive environment.
Boyd Gaming President and CEO Keith Smith commented on the results, stating, “Our company continued to produce solid results in the third quarter, as underlying customer trends remained stable.” He emphasized the positive impact of recent investments in the Downtown Las Vegas and Midwest & South segments, which generated strong returns and contributed to revenue and adjusted EBITDAR gains. Smith also highlighted the robust performance of their Online and Managed businesses, showcasing the strength of Boyd’s diversified business model.
In Q3 2024, Boyd Gaming’s total revenue reached $961.2 million, reflecting a 6.4% increase from the same period last year. Total adjusted EBITDAR also rose, up nearly 5% year-over-year to $336.6 million. However, net income experienced a slight decline of 3.03%, totaling $131.1 million for the quarter. Gaming revenue, while still leading the company’s earnings, accounted for over $640.5 million but saw a minimal decrease of just 0.1% compared to the previous year.
Online gaming revenue proved to be a significant contributor, generating $141.3 million and showing a remarkable 56.5% increase from Q3 2023. The Midwest & South segment emerged as the top performer, bringing in $522.4 million, which represents a 1.8% year-over-year growth. However, the Las Vegas Locals segment recorded the only decline, with revenue at $211.9 million, falling just under 4.5% from the prior year.
Smith added that Boyd Gaming is committed to increasing shareholder value in addition to these outcomes. In order to show its dedication to giving investors their money back, the corporation repurchased more than $200 million worth of shares during the quarter. In addition, Boyd worked on property improvements across the country and landed a great opportunity to build a world-class casino resort in Norfolk, Virginia. Boyd Gaming is in a strong position to expand and succeed in the gaming sector going forward because to these strategic initiatives.