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Dec 31, 2021
Boyd Gaming Q4 2021 Earnings Report
Boyd Gaming reported record fourth-quarter performances across every segment, setting new records for companywide EBITDAR and operating margins. The company surpassed its previous EBITDAR record by more than 50% on a full-year basis and achieved companywide operating margins of more than 40%.
Key Takeaways
Boyd Gaming Corporation reported a strong fourth quarter and full year for 2021, marked by record revenues, adjusted EBITDAR, and net income. The company's board reinstated a quarterly dividend, increasing the payout to $0.15 per share, reflecting a commitment to returning capital to shareholders.
Boyd Gaming set fourth-quarter records for revenues, Adjusted EBITDAR, and net income.
The company's Adjusted EBITDAR margins after corporate expense were 39.5% in Q4 2021, increasing from 33.1% in the year-ago quarter.
Twenty-four of the Company’s 27 open properties delivered double-digit revenue growth during the quarter as compared to the prior-year period, while 26 properties grew Adjusted EBITDAR at a double-digit pace.
The Board of Directors approved the reinstatement of a regular quarterly dividend, starting in the second quarter of 2022, at $0.15 per share.
Forward Guidance
Boyd Gaming remains focused on executing its proven operating strategy and driving incremental growth through strategic reinvestments and online business expansion. The company is expanding its program to return capital to shareholders by reinstating the quarterly dividend.
Positive Outlook
- Continued growth in visitation and spending among the Company’s core customers
- Ability to drive continued revenue and EBITDAR growth throughout its business
- Confidence in its long-term growth trajectory
- Strategic reinvestments in portfolio
- Continued expansion of online business
Challenges Ahead
- Ongoing uncertainty about COVID-19, its duration and impact
- Potential negative effects on the Company’s workforce, suppliers, contractors and other partners
- Impact on the customer experience of necessary health and safety measures implemented at the direction of state and local governments and gaming regulators
Historical Earnings Impact
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Avg. Return Before/After Earnings
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