Boyd Gaming reports mixed Q3 performance

Boyd Gaming reported mixed fortunes as it shared its financial results for Q3 2023.

It reported revenues of $903.2m, an increase on the Q3 2022 total of $877.3m. However, net income was $135.2m or $1.34 per share against a net income of $157m or $1.46 per share in 2022.

Total Adjusted EBITDAT was $320.8m against $337.7m in 2022. Adjusted earnings was $137.3m or $1.39 per share against $159.2m or $1.48 per share in 2022.

Keith Smith, president and chief executive officer of Boyd Gaming, said: “Our third-quarter results reflect the value of our diversified business model. Continued strength in play from our core customers, strong results from Sky River and online gaming, and growth in our non-gaming business all contributed to a solid performance in the quarter.

“However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment.”

“During the quarter we continued to leverage our strong free cash flow to pursue a balanced capital allocation strategy that is creating significant value for our shareholders. We demonstrated the growth potential of our property reinvestment initiative, delivering record quarterly results at the Fremont following its recent expansion project. And we remain committed to our capital return program, having returned over $1 billion to shareholders in the last two years through our ongoing share repurchases and dividends.”