US gaming operator and FanDuel strategic partner Boyd Gaming Corporation has announced solid financial results for the third quarter of 2022, which ended on September 30, 2022, despite worldwide economic challenges.
Boyd Gaming Reported 4% Increase in Revenue Year-On-Year
The cost-of-living crisis does not seem to be affecting people’s drive to gamble as Boyd Gaming, which operates 28 gaming venues across 10 US states, has reported an increase of 4% in its revenue for the third quarter of 2022 compared to the same period last year. Revenue grew from $843.1 million in Q32021 to $877.3 million in Q32022.
Net income was also on the rise with $157.0 million for the third quarter of 2022, which was considerably higher than the net income of $138.2 million posted for the same period last year.
EBITDAR was slightly lower than the $340.7 million reported in the third quarter of 2021 coming at $337.7 million for the period from July to September this year.
However, adjusted earnings during the third quarter amounted to $159.2 million, almost 7% higher than the $149.0 million reported for the same period last year.
The stellar results were driven by a 5% year-on-year increase in core customers’ play. The company also noted increases in its revenue coming from non-gaming product offerings.
The earnings from its hotel business grew by 5% year on year with room occupancy increasing by 6%. The revenue from hotel guests also marked a significant year-on-year boost of 10%, which goes to show that the company succeeds in attracting high-paying customers to its hotel and gaming venues.
The revenue coming from food and beverage sales also experienced a boost of 11% in comparison to the same period in 2021.
Boyd Shareholders Got a Dividend of $0.15 per share
Boyd Gaming CEO Keith Smith elaborated on the results and highlighted the value the company brings to its shareholders: “These results were driven by our continued focus on core customers and sustained efficiencies throughout our business, as our operating model is successfully meeting today’s challenges and delivering consistent results. Our strong operating performance is producing robust free cash flow, allowing us to return nearly $500 million in capital to our shareholders so far this year.”
The dividend that the company’s shareholders received for the third quarter of 2022 was $0.15 per share and has been already paid out on October 15.
The company also has a share repurchase program under which it spent $135 million during the period from July to September.
Overall, Boyd Gaming has returned more than $480 million in dividend payouts and shares repurchases to its shareholders.
Source: Read Full Article