Boyd Gaming revenue rockets 326% in Q2 on post-Covid return of players
Casino operator also attributes all-time record results to new operational model and streamlined cost structure
Boyd Gaming has reported a 326% year on year (YOY) revenue rise for the second quarter of 2021 to $893.6m.
The land-based casino owner reported company net income of $113.7m in Q2, compared to a net loss of $108.5m a year prior.
The significant increase was due not only to the return of players to its retail estate following closures during the Covid-19 pandemic, but also as a result of changes to its operational model.
In addition, the company’s fortunes received another boost with the early repayment of debts amounting to $65.5m.
Company revenue from Boyd’s Las Vegas Locals division shot up by more than 385% annually during Q2 to $236m, while its Downtown Las Vegas division saw revenue rise by a whopping 732% to $38.7m.
Revenue from Boyd’s Midwest and Southern operations, which account for almost 70% of the firm’s total revenue, grew by a more modest 295% to $618.7m.
Boyd’s total adjusted EBITDAR amounted to $385.4m during Q2, a substantial increase on the $16.1m generated during the same period of 2020. This saw the firm operate on a margin of 43.1% during Q2.
Addressing the results, Boyd Gaming CEO and president Keith Smith said: “Our second-quarter results reflect the strength of our operating strategy as our streamlined cost structure, enhanced capabilities, and focus on our core customers all continue to drive strong results throughout our portfolio.
“During the quarter, our business continued to strengthen, as gaming revenues surpassed 2019 levels.
“We are encouraged that the strength from the first half of the year has carried into July and are confident in our ability to continue delivering robust levels of EBITDAR and margin performance.
“These outstanding results are a tribute to the hard work of the entire Boyd Gaming team and their shared dedication to our transformed operating model, which will continue to create long-term value for our stakeholders,” Smith added.
Boyd operates 28 casino properties across 10 US states and is also a strategic partner and 5% equity owner of FanDuel Group.