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Dec 31, 2020
Boyd Gaming Q4 2020 Earnings Report
Reported fourth-quarter and full-year 2020 results, demonstrating record companywide margins and continued online gaming growth.
Key Takeaways
Boyd Gaming reported Q4 revenues of $635.9 million and net income of $83.3 million, or $0.73 per share. The company achieved record companywide operating margins for the second consecutive quarter, driven by a more efficient operating model and strong performance in the Midwest & South segment.
Midwest & South achieved record fourth-quarter Adjusted EBITDAR and margins.
Record companywide margins demonstrate sustainability of operating efficiencies.
Online gaming growth continues, with plans to launch iCasino.
Las Vegas Locals segment shows strength from core local customers, excluding The Orleans.
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
Boyd Gaming is excited about the long-term opportunities of online gaming and the improving prospects for its business in 2021 and beyond.
Positive Outlook
- Strong growth in mobile sports betting through partnership with FanDuel.
- Expected further upside with launch of a Stardust-branded iCasino in Pennsylvania in April, pending regulatory approval.
- Company continues to produce the highest margins in its history.
- Nine properties nationwide set fourth-quarter EBITDAR records.
- Las Vegas Locals segment shows strength from core local customers
Challenges Ahead
- Stricter COVID restrictions.
- Several property closures.
- Closures of Par-A-Dice and Valley Forge due to state mandates.
- Softness in destination business at The Orleans.
- Continued weakness in tourism to the southern Nevada market, particularly from the segment’s core Hawaiian customer base.