oyd Gaming Corporation reported on Tuesday financial results for the fourth quarter and full-year ended December 31, 2020.
"Thanks to the dedicated efforts of the entire Boyd Gaming team and their commitment to our more efficient operating model, our Company continues to produce the highest margins in our history, even in the face of stricter COVID restrictions and several property closures," said Keith Smith, President and Chief Executive Officer.
The company reported fourth-quarter revenues of $635.9 million, compared to $833.1 million in the fourth quarter of 2019. It also reported net income of $83.3 million, or $0.73 per share, for the fourth quarter of 2020, compared to $24.3 million, or $0.21 per share, for the year-ago period.
Total Adjusted EBITDAR was $210.5 million in the fourth quarter of 2020, versus $227.6 million in the fourth quarter of 2019. Companywide margins were a fourth-quarter record 33.1%, up nearly 580 basis points from the prior year. Adjusted Earnings(1) for the fourth quarter of 2020 were $51.9 million, or $0.46 per share, compared to Adjusted Earnings of $57.4 million, or $0.50 per share, for the same period in 2019.
"We achieved record Companywide operating margins for the second consecutive quarter, as nine properties nationwide set fourth-quarter EBITDAR records. In the Midwest & South, we delivered another record EBITDAR performance during the quarter, despite the closures of Par-A-Dice and Valley Forge due to state mandates. And in our Las Vegas Locals segment, business from our core local customer remains strong, with solid EBITDAR and margin growth on a same-store basis excluding The Orleans. At the same time, we continue to see encouraging results from online gaming. Through our partnership with FanDuel, we are benefitting from strong growth in mobile sports betting, and expect further upside as we prepare to launch a Stardust-branded iCasino in Pennsylvania in April, pending regulatory approval," Smith added.
During the fourth quarter of 2020, Midwest & South revenues were down 15.5% to $456.2 million, while Adjusted EBITDAR rose 1.3% to $159.5 million, and margins increased nearly 580 basis points to 35.0%, as the segment set new fourth-quarter records for Adjusted EBITDAR and margins. Broad-based Adjusted EBITDAR gains were partially offset by increased operating restrictions throughout the segment, as well as the temporary closure of Par-A-Dice in mid-November and Valley Forge in early December. Both properties reopened during January 2021. The Company's Las Vegas Locals segment reported revenues of $161.5 million, down 27.9% from prior year, while Adjusted EBITDAR declined 4.2% to $70.2 million, as continued strength from local customers throughout the segment was offset by softness in destination business at The Orleans. Excluding The Orleans, same-store Adjusted EBITDAR grew nearly 13% in the Las Vegas Locals segment, as margins improved almost 1,300 basis points to 46.3%. The Company's Downtown Las Vegas segment reported revenues of $18.2 million, down 73.9% from prior year, while Adjusted EBITDAR was essentially breakeven, reflecting continued weakness in tourism to the southern Nevada market, particularly from the segment's core Hawaiian customer base.
Two Boyd Gaming properties remain closed: Eastside Cannery in the Las Vegas Locals segment, and Main Street Station in the Downtown Las Vegas segment. In the Las Vegas Locals segment, Eldorado Casino was closed until its sale on December 10, 2020.
Full-Year 2020 Results
The Company's financial results for the full year ended December 31, 2020, were significantly impacted by state-mandated COVID-19 property closures that began in mid-March 2020 and continued through the second quarter, as well as increased operating restrictions and additional property closures in the fourth quarter of 2020. For the full year 2020, Boyd Gaming reported revenues of $2.18 billion, compared to $3.33 billion for the full year 2019. The Company reported a net loss of $134.7 million, or $1.19 per share, compared to net income of $157.6 million, or $1.38 per share, for the full year 2019.
The Company's full-year 2020 results were impacted by $174.7 million in noncash, pretax intangible asset impairment charges.
Also reflecting the impact of the COVID-19 pandemic, total Adjusted EBITDAR for the full year 2020 was $609.9 million versus $896.7 million for the full year 2019. Full-year 2020 Adjusted Loss was $17.5 million, or $0.15 per share, compared to Adjusted Earnings of $203.6 million, or $1.79 per share, for the full year 2019.
"We are excited about the long-term opportunities of online gaming and the improving prospects for our business in 2021 and beyond," Smith concluded.