In its latest financial report, Boyd Gaming Corporation announced a number of rises as the firm celebrates the “strong start” FanDuel sportsbook has had in Pennsylvania, Iowa and Indiana.
Revenue rose 5.2 percent from $791.6 m to $833.1 m on a quarterly basis, with increases through Boyd’s Las Vegas Locals, Downtown Las Vegas, and parts of the Midwest and South.
The latter continues to take the share of the lion with a 7.5% increase in revenue during Q4 to $539.7 m (2018: $501.8 m) with adjusted EBITDAR seeing a 11.1% leap from $141.8 m to $157.4 m.
Results reflect strong sales from the same store and Adjusted EBITDAR growth across the market, and strong performance from newly acquired assets in Ameristar and Belterra.
The segment of Downtown Las Vegas achieved a quarterly Adjusted EBITDAR record for the fifth consecutive quarter, benefiting from the continued increase in tourism across the city. Revenue increased marginally to $69.6 million (2018: $67.3 million), with the adjusted EBITDAR increasing 6.5 percent from $18.4 million to $19.6 million.
Las Vegas Local revenues grew to $223.9 m (2018: $222.6 m) in line with expectations, with adjusted EBITDAR growth slowing largely due to a complicated comparison reaching $73.3 m (2018: $73 m).
Net income increased slightly to $24.3 m (2018: $22.9 m) on a quarterly basis, with adjusted EBITDAR increasing from $208.6 m to $227.6 m by 9.1 per cent.
Full-year revenue increased 26.3 percent to $3.33 million (2018: $2.63 million), net income increased 37 percent to $157.6 million (2018: $115 million) with adjusted EBITDAR increasing 31.6 percent to $896.7 million (2018: $681.3 million).
Boyd Gaming President and CEO Keith Smith explained: “Our diversified nationwide portfolio continued to generate strong results in the fourth quarter of 2019, as every segment of our business achieved growth in same-store revenues and adjusted EBITDAR.
“In our Midwest & South region, strong same-store gains were complemented by exceptional performances at the recently acquired Ameristar and Belterra properties, which grew combined adjusted EBITDAR at a double-digit pace while improving operating margins by more than 350 basis points.
“In our Las Vegas Locals segment, revenue growth remained consistent with trends we saw throughout the year, though EBITDAR growth slowed, primarily due to a difficult comparison to a strong fourth quarter of 2018.
“On the sports-betting front, our newly opened FanDuel Sportsbooks helped attract new customers to our properties in Pennsylvania, Indiana and Iowa. As we enter the new year, the underlying trends in our nationwide business remain strong, and we are confident in our prospects for 2020.”