The prominent gaming corporation, Boyd Gaming, recently unveiled impressive financial figures for the final quarter of 2022. The firm secured $922.9 million in earnings, reflecting a 5% surge in comparison to the corresponding timeframe last year.
As anticipated, the majority of these profits originated from their gaming endeavors, which yielded $653.9 million. Food and beverage transactions contributed a significant $74.2 million to the total, while lodging provided an additional $50 million. The remaining earnings, amounting to $144.8 million, were derived from a variety of other avenues.
Boyd Gaming’s net profits for the quarter reached a remarkable $172.7 million, a substantial increase from the $109.8 million acquired in the fourth quarter of the preceding year. Following modifications, their earnings before interest, taxes, depreciation, amortization, and restructuring or rent expenses (EBITDAR) experienced a robust 4% expansion, reaching $3.601 billion. This resulted in an even more noteworthy 18% rise in adjusted earnings, which settled at $1.818 billion.
The organization expressed particular satisfaction with its Las Vegas locals segment, which had an exceptional quarter with unprecedented revenue and EBITDAR. This accomplishment was driven by a surge in tourism, strong non-gaming revenue, and ongoing engagement from their primary customer demographic.
Keith Smith, President and CEO of Boyd Gaming, remarked on the outcomes, stating, “The final quarter was an outstanding conclusion to another record-breaking year for our organization. Both our quarterly and full-year revenue and EBITDAR achieved all-time highs, propelled by our operational team’s dedication to expanding revenue and fostering customer allegiance, all while upholding expense control.”
He proceeded to emphasize the elements behind this triumph, adding, “Our robust performance in the fourth quarter was fueled by sustained momentum in our Nevada operations, management fees from Sky River, and expansion in our digital business.”
During this period, we took significant steps to enhance our digital footprint – incorporating Pala Interactive and solidifying our sports wagering collaboration with FanDuel.
“Throughout 2022, we generated considerable returns for our investors, distributing almost $600 million via share repurchases and dividends,”
Boyd also declared robust twelve-month performance for 2022, posting $3.56 billion in earnings, a 6% rise year-on-year. Annual net earnings reached $639.4 million, contrasting with $463.8 million the preceding year. For the entirety of 2022, modified EBITDAR amounted to $1.39 billion, surpassing the $1.37 billion in 2021.
Smith summarized, “In essence, 2022 represented another prosperous year for our organization, and we are optimistic about our operational framework and our personnel’s capacity to effectively manage the upcoming year.”
