Boyd Gaming has lauded an “exceptional quarter” which is epitomised by a strongest EBITDAR in group history and reflective of a “more focused operating strategy”.
As retail visitation and spend-per-visit both demonstrated an upwards trajectory, the operator also praises the launch of its first Stardust-branded online casinos in New Jersey and Pennsylvania, and start of construction on the Wilton Rancheria Tribe’s resort near Sacramento, California.
The comments come as the group reports its Q1 performance, during which time revenue reached $753.3m, representing a 10.7 per cent increase from $680.5m
On a regional basis, both of Boyd’s ‘Las Vegas Locals’ and ‘Midwest and South’ segments increased to $182.42m (2020: $180.76m) and $549.45m (2020: $445.64m), respectively.
This, says Boyd, is due to increased visitation and spend levels across all customer groups, as well as continued benefits from the company’s focused operating strategy
Downtown Las Vegas dropped 60.3 per cent to $21.43m from $54.11m, which reflects continued softness in destination travel across the southern Nevada market, particularly among the firm’s core Hawaiian customer segments.
The company reported net income of $102.2m compared to a net loss of $147.6m, with adjusted EBITDAR rising from $144.4m to come in at $292.6m.
Results for the quarter were impacted by state-mandated closures of all of the company’s properties nationwide during the last several weeks of March 2020.
Keith Smith, president and CEO of Boyd Gaming, 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.”
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