Boyd Gaming in ‘challenging start’ to 2024

Reporting the company’s Q1 results, president and CEO of Boyd Gaming Keith Smith described the quarter, ending March 31, as “challenging.”

Boyd reported first-quarter 2024 revenues of US$960.5m versus $964m in Q1 2023. The company reported net income of $136.5m, or $1.40 per share, for Q1 2024, compared to $199.7m, or $1.93 per share, for the year-ago period.

Total Adjusted EBITDAR was $330.5m in Q1 2024 versus $367.1m in Q1 2023. Adjusted Earnings for Q1 2024 were $147.3m, or $1.51 per share, compared to $177.4m, or $1.71 per share, for the same period in 2023.

“After a record 2023, the first quarter of 2024 was a challenging start to the year,” said Smith. “Severe winter weather had a significant impact on our Midwest & South segment early in the quarter while we also experienced increased competitive pressures in the Las Vegas Locals market.

“However, throughout our business, many of the positive trends from the fourth quarter continued into the new year. By focusing on our disciplined operating and marketing strategies, we have been able to maintain strong operating margins.

“Additionally, our significant cash flows and strong balance sheet allow us to continue returning capital to our shareholders through our ongoing share repurchases and quarterly dividend programs. Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders.”