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Mar 31, 2022
Boyd Gaming Q1 2022 Earnings Report
Boyd Gaming reported record first-quarter revenues, adjusted EBITDAR, operating margins, and net income due to its disciplined approach and strategic focus on its core customer.
Key Takeaways
Boyd Gaming's first quarter of 2022 saw record revenue, EBITDAR, and margin performances driven by strong performance from core customers and sustained efficiencies. The company advanced its online gaming strategy by agreeing to acquire Pala Interactive and continued its capital return program, repurchasing $132 million in stock and reinstating its quarterly cash dividend.
Boyd Gaming reported first-quarter revenues of $860.7 million, up 14.3% from $753.3 million in the first quarter of 2021.
Net income for the first quarter of 2022 was $162.9 million, or $1.45 per share, compared to $102.2 million, or $0.90 per share, for the year-ago period.
Total Adjusted EBITDAR was $338.8 million in the first quarter of 2022, increasing 15.8% from $292.6 million in the first quarter of 2021.
Adjusted Earnings for the first quarter of 2022 were $157.5 million, or $1.40 per share, compared to $105.7 million, or $0.93 per share, for the same period in 2021.
Boyd Gaming
Boyd Gaming
Boyd Gaming Revenue by Segment
Revenue by Segment
Las Vegas Locals Revenue
CapyFin.comDowntown Las Vegas Revenue
CapyFin.comMidwest & South Revenue
CapyFin.com Forward Guidance
The press release contains forward-looking statements regarding the Company's expectations, goals or intentions regarding future performance.
Positive Outlook
- Continued growth in visitation and spending among the Company’s core customers
- The Company’s views that it will be able to drive continued revenue and EBITDAR growth throughout its business
- The Company’s operating strategy
- The Company’s confidence in its long-term growth trajectory
- The Company's plans with respect to share repurchases and returning capital to shareholders
Challenges Ahead
- Ongoing uncertainty about COVID-19, its duration and impact
- The extent of consumer demand
- Potential negative effects on the Company’s workforce, suppliers, contractors and other partners
- The impact on the customer experience of necessary health and safety measures implemented at the direction of state and local governments and gaming regulators
- Fluctuations in the Company's operating results
Revenue & Expenses
Visualization of income flow from segment revenue to net income