Boyd Gaming Corporation. (PRNewsfoto/Boyd Gaming Corporation)

LAS VEGAS, Feb. 6, 2025 /PRNewswire/ — Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2024.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Company continued to deliver solid results in the fourth quarter, consistent with our strong full-year performance. 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%. We also continued our balanced approach to capital allocation throughout 2024, investing in our properties nationwide, returning nearly $750 million to shareholders, and maintaining the strongest balance sheet in our Company’s history. As we mark the conclusion of another successful year, we are proud of the strong foundation we have built and are confident in our strategy to deliver long-term value for our shareholders.”  

Smith added: “On January 1^st, 2025, Boyd Gaming reached a historic milestone as we celebrated our 50^th 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 are 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.”

Fourth-Quarter and Full-Year 2024 Results

Boyd Gaming reported fourth-quarter 2024 revenues of $1.0 billion, increasing from $954.4 million in the fourth quarter of 2023. The Company reported net income of $170.5 million, or $1.92 per share, for the fourth quarter of 2024, compared to $92.6 million, or $0.94 per share, for the year-ago period. The Company’s fourth-quarter 2023 results were impacted by $103.3 million in non-cash, pretax goodwill and intangible asset impairment charges.

Total Adjusted EBITDAR⁽¹⁾ was $379.3 million in the fourth quarter of 2024, up from $355.5 million in the fourth quarter of 2023. Adjusted Earnings⁽¹⁾ for the fourth quarter of 2024 were $174.7 million, or $1.96 per share, compared to $163.8 million, or $1.66 per share, for the same period in 2023. 

For the full year 2024, Boyd Gaming reported revenues of $3.9 billion, up from $3.7 billion for the full year 2023. The Company reported net income of $578.0 million, or $6.19 per share, compared to net income of $620.0 million, or $6.12 per share, for the full year 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 the full year 2024 was $1.4 billion, essentially even with the prior year. Full-year 2024 Adjusted Earnings were $611.3 million, or $6.55 per share, compared to Adjusted Earnings of $639.9 million, or $6.31 per share, for the full year 2023. 

_{(1)  See footnotes at the end of the release for additional information relative to non-GAAP financial measures.}

Operations Review

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.  In Downtown Las Vegas, results benefitted from the Company’s 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 Company’s 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 & Other was driven by continued strong performance at Sky River Casino in northern California.

Dividend and Share Repurchase Update

Boyd Gaming paid a quarterly cash dividend of $0.17 per share on January 15, 2025, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $203 million in shares of its common stock during the fourth quarter of 2024. As of December 31, 2024, the Company had approximately $640 million remaining under current share repurchase authorizations.

Balance Sheet Statistics

As of December 31, 2024, Boyd Gaming had cash on hand of $316.7 million, and total debt of $3.2 billion. 

Conference Call Information

Boyd Gaming will host a conference call to discuss its fourth-quarter and full-year 2024 results today, February 6, at 5:00 p.m. Eastern.  The conference call number is (800) 836-8184. No passcode is required to join the call.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/zLPQEW9A5Rk.  

Following the call’s completion, a replay will be available by dialing (888) 660-6345 today, February 6, and continuing through Thursday, February 13.  The passcode for the replay will be 55103#.  The replay will also be available at https://investors.boydgaming.com.