Boyd Gaming Corporation has released its second-quarter financial results for the period ending June 30, 2021, which show a substantial year-over-year improvement.
Revenues for the second quarter were $893.6 million (2020: $209.9 million), with a net income of $113.7 million (2020: -$108.5 million). However, charges of $65.5 million linked to early debt extinguishment affected pretax income in the second quarter of 2021.
State-mandated shutdown of all of the firm’s locations nationally for much of the previous quarter harmed results in the second quarter of 2020, according to the company.
In the second quarter of 2020, total adjusted EBITDAR was $385.4 million (2020: $16.1 million), while adjusted Q2 earnings were $175.2 million (2020: -$110.5 million). In the second quarter of 2021, the company’s adjusted EBITDAR margins after corporate expenses were 43.1 percent.
Strength of operating stratergy
Keith Smith, the company’s president and CEO, informed investors: “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.
“We achieved record results for adjusted EBITDAR and operating margins, with company wide margins exceeding 43% and Las Vegas Locals margins approaching 57 percent.
“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.”