oyd Gaming Corporation on Tuesday reported financial results for the first quarter ended March 31, 2021.
Boyd Gaming reported first-quarter 2021 revenues of $753.3 million, up from $680.5 million in the first quarter of 2020. The Company reported net income of $102.2 million, or $0.90 per share, for the first quarter of 2021, compared to a net loss of $147.6 million, or $1.30 per share, for the year-ago period.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "This was an exceptional quarter for our Company, as we achieved the strongest EBITDAR and margin performances in our history. As economic conditions improve and COVID vaccinations continue to roll out, we are seeing increased visitation and growing spend-per-visit across every customer segment.
"We are also making excellent progress on our strategic growth initiatives, including launching our first Stardust-branded online casinos in New Jersey and Pennsylvania, and commencing construction on the Wilton Rancheria Tribe's resort near Sacramento, California."
Results for the first quarter of 2020 were impacted by state-mandated closures of all of the Company's properties nationwide during the last several weeks of March 2020. The Company's first-quarter 2020 results were also impacted by $171.1 million in non-cash, pretax intangible asset impairment charges.
Total Adjusted EBITDAR was $292.6 million in the first quarter of 2021, rising from $144.4 million in the first quarter of 2020. Adjusted Earnings(1) for the first quarter of 2021 were $105.7 million, or $0.93 per share, compared to an Adjusted Loss of $2.4 million, or $0.02 per share, for the same period in 2020. Companywide operating margins after corporate expense were 38.8% in the first quarter of 2021, up significantly from 21.2% in the year-ago quarter.