Boyd Gaming Reports Strong Q4 and Full Year 2023 Results Despite Impairment Charges
A major gaming and entertainment corporation, Boyd Gaming, recently released its fiscal report for the final quarter and complete year concluding on December 31, 2023. While experiencing an impact from non-cash impairment expenses, the organization witnessed revenue expansion driven by growth in both its primary casino enterprises and its digital gaming division. “Our robust fourth quarter concluded a banner year for Boyd Gaming,” remarked Keith Smith, President and CEO of Boyd Gaming. “Our varied holdings, steady core patron patterns, and the advantages of recent property expenditures all factored into our expansion in both the fourth quarter and the entirety of 2023.”
During the fourth quarter, Boyd Gaming achieved $954.4 million in revenue, a 3.4% rise compared to the corresponding period in the previous year. However, net earnings for the quarter reached $92.6 million, or $0.94 per share, a decline of approximately 46.4% year-over-year. It’s crucial to recognize that a non-cash pre-tax goodwill and intangible asset impairment expense of roughly $103.3 million influenced the fourth-quarter outcomes.
Examining the full year, Boyd Gaming produced $3.7 billion in revenue, a 3.7% surge compared to 2022. Net earnings for the year settled at $620 million, or $6.12 per share. Comparable to the fourth quarter, full-year outcomes were similarly affected by non-cash pre-tax goodwill and intangible asset impairment expenses.
Boyd Gaming experienced a robust final quarter, marked by consistent income and adjusted EBITDAR within their Las Vegas market. The downtown area of Vegas witnessed revenue expand by nearly 1.4%, while their Midwest and Southern divisions resumed positive trajectory with minor gains in both revenue and adjusted EBITDAR.
Their digital platform is also gaining momentum, particularly following the initiation of sports wagering in Ohio this past January.
The corporation persists in delivering shareholder value, distributing a $0.16 per share dividend in January. Additionally, they repurchased a substantial $100 million of their own shares during the fourth quarter, leaving $326 million remaining in their buyback initiative.
From a financial standpoint, Boyd Gaming is on solid footing. As of December 31st, 2023, their cash reserves stood at $3.04 billion against a debt of $2.9 billion.
In separate developments, Boyd Gaming recently declared positive Q3 2023 outcomes, with revenue reaching $9.03 billion, representing a 2.7% year-over-year increase. Although earnings dipped slightly compared to the preceding year, they still recorded a respectable $135.2 million, or $1.34 per share.
Showcasing their dedication to social responsibility, Boyd Gaming commenced 2024 by contributing over $2 million to almost 190 charitable entities spanning 11 states.