Boyd Gaming reported a strong fourth quarter, reflecting year-over-year increases in revenue, net income, and adjusted earnings.
The Las Vegas-based operator reported fourth-quarter 2024 revenues of $1 billion, increasing from $954.4 million in the fourth quarter of 2023. Net income of $170.5 million for the quarter compared to $92.6 million for the year-ago period. Its fourth-quarter 2023 results, meanwhile, were impacted by $103.3 million in non-cash, pretax goodwill, and intangible asset-impairment charges.
Total adjusted EBITDAR was $379.3 million in the fourth quarter of 2024, up from $355.5 million in the fourth quarter of 2023. Adjusted earnings for the fourth quarter of 2024 were $174.7 million compared to $163.8 million for the same period in 2023.
“Our company continued to deliver solid results in the fourth quarter, consistent with our strong full-year performance,” said Keith Smith, president and chief executive officer of Boyd Gaming. “Our diversified business model, strong operating efficiencies, and contributions from our recent property investments drove revenue and EBITDAR growth on a companywide basis during the fourth quarter, as we maintained property-level operating margins of over 40%.”
Smith said Boyd Gaming continued its balanced approach to capital allocation throughout 2024 by investing in its properties nationwide and returning nearly $750 million to shareholders. It also maintained the strongest balance sheet in the company’s history.
“On January 1, Boyd Gaming reached a historic milestone as we celebrated our 50th year in business. Since our founding in 1975, our company has grown from a single property in downtown Las Vegas into one of the largest and most respected gaming companies in the United States. And while we’re a much different company today than we were 50 years ago, the vision and integrity of our founders, Sam and Bill Boyd, continue to guide us to this day.”
For full-year 2024, Boyd reported revenues of $3.9 billion, up from $3.7 billion for 2023. Net income of $578 million compared to net income of $620 million in 2023. The company’s full-year 2023 results were impacted by $107.8 million in non-cash, pretax goodwill, and intangible asset impairment charges.
Total Adjusted EBITDAR for 2024 was $1.4 billion, essentially even with the prior year. Full-year 2024 adjusted earnings were $611.3 million compared to adjusted earnings of $639.9 million for 2023.
During the fourth quarter, results in the company’s Las Vegas locals segment reflected ongoing competitive pressures at the Orleans and Gold Coast, while the remainder of the properties in the segment continued to perform better than the broader same-store market, Smith said.
In downtown Las Vegas, results benefitted from recent property investments, as well as strong visitation from Hawaiian customers. The Midwest & South segment delivered both revenue and adjusted EBITDAR growth, primarily driven by contributions from Treasure Chest’s new land-based facility.
The online segment achieved strong revenue and adjusted EBITDAR growth during the fourth quarter, with increased contributions and one-time benefits from the company’s market-access agreements. Growth in managed and other was driven by continued strong performance at Sky River Casino in northern California.
Boyd Gaming paid a quarterly cash dividend of $0.17 per share on January 15. As part of its ongoing share-repurchase program, the company repurchased $203 million in shares of its common stock during the fourth quarter. As of December 31, Boyd had approximately $640 million remaining under current share-repurchase authorizations.
As of December 31, cash on hand was $316.7 million and total debt $3.2 billion.
