Boyd Gaming reports USD 652.2 M in third-quarter revenue

Boyd Gaming reported on Monday financial results for the third quarter ended September 30, 2020.  

"During the third quarter, we successfully navigated the challenges presented by the COVID pandemic thanks to our outstanding operating team," said Keith Smith, President, and Chief Executive Officer.

The company reported third-quarter 2020 revenues of $652.2 million, compared to $819.6 million in the third quarter of 2019, and a net income of $38.1 million, or $0.33 per share, for the third quarter of 2020, compared to net income of $39.4 million, or $0.35 per share, for the year-ago period.

Total Adjusted EBITDAR was $238.8 million in the third quarter of 2020, an increase of 12% from $213.5 million in the third quarter of 2019. Companywide operating margins were 36.6%, up significantly from 26.1% in the year-ago quarter. Adjusted Earnings for the third quarter of 2020 were $43.5 million, or $0.38 per share, compared to Adjusted Earnings of $44.8 million, or $0.39 per share, for the same period in 2019.

"On a Companywide basis, we delivered 12% EBITDAR growth and improved operating margins by more than 1,000 basis points, as both our Las Vegas Locals and Midwest & South segments set records for quarterly EBITDAR and margins," Smith added. "At the same time, we continued to build the foundation for future growth through the expansion of our partnership with FanDuel Group, successfully launching mobile sports betting platforms in Illinois and Iowa and expanding our digital reach to more than 30 million adults nationwide."

During the third quarter of 2020, the Company's Las Vegas Locals segment reported revenues of $171.1 million, a decline of 20% from prior year, while Adjusted EBITDAR grew more than 23% to $78.9 million and operating margins increased more than 1,600 basis points to 46.1%.  Midwest & South revenues fell 15% to $463.6 million while Adjusted EBITDAR increased nearly 17% to $182.5 million, and operating margins rose approximately 1,100 basis points to 39.4%, as strong operating performances across the segment more than offset the impact of property closures related to Hurricanes Laura and Sally.  The Company's Downtown Las Vegas segment reported revenues of $17.5 million, down 71% from prior year, and an Adjusted EBITDAR loss of $1.5 million, due to significant travel restrictions in Hawaii and overall declines in Las Vegas visitation.

As of September 30, 2020, three Boyd Gaming properties remain closed: Eastside Cannery and Eldorado in the Las Vegas Locals segment, and Main Street Station in the Downtown Las Vegas segment.

"We are proud of our team's ability to successfully execute our strategy and are committed to sustaining a more efficient and profitable operating model into the future," Smith concluded.

See the full Third-Quarter 2020 Results here.