Boyd Gaming Reports Strong Fourth-Quarter and Full-Year 2024 Financial Results
Boyd Gaming Corporation, a prominent player in the gaming industry, recently shared its financial outcomes for both the fourth quarter and the entire year ending December 31, 2024. Keith Smith, the President and CEO, expressed pride in the company's robust performance, illustrating consistent revenue growth and operational efficiency across its diversified business model.
In the fourth quarter, Boyd Gaming's revenues reached approximately $1 billion, up from about $954 million during the same period in 2023. This significant rise demonstrates the company's ability to leverage its strategic investments and efficient operations, as the overall revenue growth reflects positive contributions from new investments in various properties. In this period, Boyd Gaming reported a net income of $170.5 million, equating to an impressive $1.92 per share compared to $92.6 million or $0.94 per share a year before.
Particularly noteworthy is that the company's adjusted earnings for the fourth quarter increased to $174.7 million, surpassing the previous year’s $163.8 million. Total adjusted EBITDAR also showcased an upward trajectory, climbing to $379.3 million from $355.5 million in the fourth quarter of 2023. Boyd Gaming attributes this growth largely to steady operational margins that maintained above 40%.
For the entire fiscal year 2024, Boyd Gaming reported revenues totaling $3.9 billion, reflecting a year-over-year increase from $3.7 billion in 2023. However, net income for the year decreased slightly to $578 million, or $6.19 per share, from a higher $620 million, or $6.12 per share, in the preceding year, marking a dip attributable to non-cash, pretax goodwill and intangible asset impairment charges in previous year results.
Despite these challenges, the company maintained total adjusted EBITDAR for the full year at approximately $1.4 billion, nearly consistent with the prior year's figures. Smith reflected on the strategic choices made throughout 2024, including investing heavily in properties nationwide, returning nearly $750 million to shareholders, and preserving a strong balance sheet. As of the end of December 2024, Boy Gaming held $316.7 million in cash reserves against a total debt of $3.2 billion, illustrating a stable financial position.
Operating performance in the Las Vegas Locals segment showed a mixed picture, with the company facing competitive pressures at some properties like The Orleans and Gold Coast, yet achieving overall better performance than the broader market elsewhere. The downtown Las Vegas area benefitted noticeably from recent property investments and high visitor numbers from Hawaii. Likewise, the Midwest South region demonstrated growth, chiefly driven by the new land-based facility at Treasure Chest.
Meanwhile, Boyd's Online sector realized significant revenue and adjusted EBITDAR advancement in the fourth quarter, attributable to increased contributions from market-access agreements. In summary, as Boyd Gaming celebrates its 50th anniversary in 2025, the company remains steadfast in its long-term value-driven strategy for shareholders and stakeholders alike. Following this announcement, Boyd Gaming will host a conference call to discuss the results in further detail, reflecting their transparent approach to investor relations.
In the fourth quarter, Boyd Gaming's revenues reached approximately $1 billion, up from about $954 million during the same period in 2023. This significant rise demonstrates the company's ability to leverage its strategic investments and efficient operations, as the overall revenue growth reflects positive contributions from new investments in various properties. In this period, Boyd Gaming reported a net income of $170.5 million, equating to an impressive $1.92 per share compared to $92.6 million or $0.94 per share a year before.
Particularly noteworthy is that the company's adjusted earnings for the fourth quarter increased to $174.7 million, surpassing the previous year’s $163.8 million. Total adjusted EBITDAR also showcased an upward trajectory, climbing to $379.3 million from $355.5 million in the fourth quarter of 2023. Boyd Gaming attributes this growth largely to steady operational margins that maintained above 40%.
For the entire fiscal year 2024, Boyd Gaming reported revenues totaling $3.9 billion, reflecting a year-over-year increase from $3.7 billion in 2023. However, net income for the year decreased slightly to $578 million, or $6.19 per share, from a higher $620 million, or $6.12 per share, in the preceding year, marking a dip attributable to non-cash, pretax goodwill and intangible asset impairment charges in previous year results.
Despite these challenges, the company maintained total adjusted EBITDAR for the full year at approximately $1.4 billion, nearly consistent with the prior year's figures. Smith reflected on the strategic choices made throughout 2024, including investing heavily in properties nationwide, returning nearly $750 million to shareholders, and preserving a strong balance sheet. As of the end of December 2024, Boy Gaming held $316.7 million in cash reserves against a total debt of $3.2 billion, illustrating a stable financial position.
Operating performance in the Las Vegas Locals segment showed a mixed picture, with the company facing competitive pressures at some properties like The Orleans and Gold Coast, yet achieving overall better performance than the broader market elsewhere. The downtown Las Vegas area benefitted noticeably from recent property investments and high visitor numbers from Hawaii. Likewise, the Midwest South region demonstrated growth, chiefly driven by the new land-based facility at Treasure Chest.
Meanwhile, Boyd's Online sector realized significant revenue and adjusted EBITDAR advancement in the fourth quarter, attributable to increased contributions from market-access agreements. In summary, as Boyd Gaming celebrates its 50th anniversary in 2025, the company remains steadfast in its long-term value-driven strategy for shareholders and stakeholders alike. Following this announcement, Boyd Gaming will host a conference call to discuss the results in further detail, reflecting their transparent approach to investor relations.
Topics Entertainment & Media）
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