Boyd Gaming has published its Q3 financial results, covering the three-month period ending Sept. 30. The American gaming and hospitality company reported revenues of $961.2 million, a 6.4% increase from the $903.2 million collected in the same quarter last year.
However, net income fell 3% from the previous year, from $135.2 million to $131.1 million, or $1.43 per share. Total adjusted EBITDAR rose 4.9% year-on-year, at $336.6 million, compared to $320.8 million in Q3 2023.
"Our Company continued to produce solid results in the third quarter, as underlying customer trends remained stable,” commented Keith Smith, president and CEO of Boyd Gaming, as reported in the press release.
At the same time, the Q3 results mark a slight 0.7% decline from the previous quarter, when revenue reached $967.5 million. However, online revenue is up from the $129.9 million reported in Q2 2024.
Most segments report year-on-year growth
The results show that all segments reported higher revenues compared year over year, except for the Las Vegas Locals segment. Still, Las Vegas Locals properties performed in line with the broader market.
| Segment | Q3 2023 | Q3 2024 | Difference |
|---|---|---|---|
| Downtown Las Vegas | $49.5 million | $53.3 million | +7.6% |
| Las Vegas Locals | $221.8 million | $211.8 million | -4.5% |
| Midwest & South | $513.0 million | $522.4 million | +1.8% |
| Online | $90.2 million | $141.3 million | +56.5% |
| Managed & Other | $28.4 million | $32.3 million | +13.7% |
| Total | $903.1 million | $961.2 million | +6.4% |
The Downtown Las Vegas segment enjoyed a 7.6% boost in revenue to $53.3 million, attributed to recent property investments and growing Hawaiian visitation. The Midwest and South segment saw a 1.8% rise in revenue thanks to a record-setting quarter for Treasure Chest Casino. This growth follows the June opening of its new land-based facility, which offers 48,000-square-foot of gaming space, double the size of the riverboat’s previous casino floor.
“During the quarter, we realized the benefits of our recent investments in our Downtown Las Vegas and Midwest and South segments. These investments produced strong returns, driving revenue and Adjusted EBITDAR gains in both segments. We also benefited from excellent performances in both our Online and Managed businesses, demonstrating the value of our diversified business model,” added Smith.
But the overall growth was primarily driven by the company’s online segment, which saw a significant year-over-year revenue increase of 56.5%. This comes after Boyd purchased the online gaming platform Pala Interactive in November 2022 for $170 million, now rebranded as Boyd Interactive. Boyd also recently purchased Resorts Digital, the online gaming arm of Atlantic City’s Resorts Casino, acquiring ResortsCasino.com, MoheganSunCasino.com, and a sports betting skin linked to Resorts Casino.
