Boyd Gaming has praised a “exceptional quarter” marked by the highest EBITDAR in the company’s history and a “more focused operating strategy.”
The operator also lauds the launch of its first Stardust-branded online casinos in New Jersey and Pennsylvania, as well as the start of construction on the Wilton Rancheria Tribe’s resort near Sacramento, California, as retail visitation and spend-per-visit both increased.
The remarks come as the company announces its first-quarter results, which showed revenue of $753.3 million, up 10.7 percent from $680.5 million in the previous quarter.
Las Vegas, Midwest and South
Boyd’s ‘Las Vegas Locals’ and ‘Midwest and South’ divisions increased to $182.42 million (2020: $180.76 million) and $549.45 million (2020: $445.64 million), respectively, on a regional basis.
This, according to Boyd, is attributed to improved visitation and spend levels across all consumer segments, as well as the company’s based operating strategy’s continued benefits.
Downtown Las Vegas’ revenue fell 60.3 percent to $21.43 million from $54.11 million, indicating continued weakness in the southern Nevada market, especially among the firm’s core Hawaiian customer segments.
The company posted a net profit of $102.2 million, up from a loss of $147.6 million, with adjusted EBITDAR increasing from $144.4 million to $292.6 million.
State-mandated closures of all of the company’s assets nationally during the last few weeks of March 2020 affected the quarter’s results.
Boyd Gaming’s president and CEO, Keith Smith, said: “This was an exceptional quarter for our company, as we achieved the strongest EBITDAR and margin performances in our history.
“As economic conditions improve and COVID vaccinations continue to roll out, we are seeing increased visitation and growing spend-per-visit across every customer segment.
“Our disciplined operating strategy is producing strong flowthrough on revenue gains, driving significant EBITDAR growth and enhanced margins. We are also making excellent progress on our strategic growth initiatives, including launching our first Stardust-branded online casinos in New Jersey and Pennsylvania, and commencing construction on the Wilton Rancheria Tribe’s resort near Sacramento, California.
“Our strong performance in the first quarter reflects our more focused operating strategy, and the dedication and hard work of every Boyd Gaming team member.”