Boyd Gaming’s Revenue Up 5.4%, Online Growth Strong
Key Takeaways
Boyd Gaming recorded a revenue increase to USD 3.9 billion in fiscal year 2024, reflecting a growth of 5.4% compared to the previous year. Despite this positive development, both adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent costs) declined by 0.6% to USD 1.4 billion, and net profit fell to USD 578 million. The online business experienced particularly strong growth, while the local casino segment in Las Vegas saw a decline.
Revenue Development and Segment Analysis
Boyd Gaming’s gaming division remained the primary revenue source at USD 2.6 billion, though it experienced a slight decline of 1.1% compared to the previous year. Notably, the online gaming segment grew by 43.6% to USD 606.2 million.
The Midwest & South region generated USD 2.1 billion, reflecting a growth of 1.1%. In contrast, the local casino category in Las Vegas recorded a decline of 3.6% to USD 894.5 million.
Fourth Quarter 2024 Performance
In the fourth quarter of 2024, Boyd Gaming achieved revenue of USD 1.04 billion, marking a 4.8% increase compared to the same period in the previous year. Net profit rose by USD 80 million to USD 170.5 million, while adjusted EBITDAR increased by 6.7% to USD 379.3 million.
The online segment grew by 52.2% in the fourth quarter to USD 188.8 million. The gaming division generated USD 658.4 million, while the Midwest & South region recorded a 4.1% increase to USD 518.5 million. Meanwhile, the Las Vegas segment saw a slight decline of 1.3% to USD 188.8 million.
Strategy and Future Outlook
Boyd Gaming continued to pursue a balanced capital strategy and returned nearly USD 750 million to shareholders while maintaining financial stability. According to CEO Keith Smith, the diversification of the business model, operational efficiency, and investments in properties contributed to the company’s positive development.
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Our Assessment
Despite a slight decline in net profit, Boyd Gaming demonstrates stable performance. The online business, in particular, is experiencing strong growth and partially offsets losses in other areas. The company’s strategy of efficiently utilizing capital and investing in new business fields could drive long-term growth. However, developments in Las Vegas remain a risk factor.
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