Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Boyd Gaming beats Q3 expectations, shares edge higher

EditorRachael Rajan
Published 24/10/2024, 21:16
© Reuters.
BYD
-

LAS VEGAS - Boyd Gaming Corporation (NYSE:BYD (SZ:002594)) reported third-quarter results that surpassed analyst estimates, driven by strong performances in its online and managed businesses. The casino operator's shares rose 0.48% following the earnings release.

Boyd Gaming posted adjusted earnings per share of $1.52 for Q3, beating the analyst consensus of $1.40. Revenue came in at $961.25 million, topping expectations of $916.51 million and representing a 6.4% increase YoY from $903.2 million.

The company's Online segment delivered strong revenue and Adjusted EBITDAR growth, benefiting from increased contributions and one-time benefits from market-access agreements. The Managed & Other segment also performed well, reflecting continued strength at Sky River Casino in northern California.

"Our Company continued to produce solid results in the third quarter, as underlying customer trends remained stable," said Keith Smith, President and CEO of Boyd Gaming. "We realized the benefits of our recent investments in our Downtown Las Vegas and Midwest & South segments, driving revenue and Adjusted EBITDAR gains in both segments."

Total Adjusted EBITDAR rose to $336.6 million in Q3 2024, up from $320.8 million in the same period last year.

Boyd Gaming repurchased $202 million in shares during the quarter as part of its ongoing buyback program. The company had approximately $343 million remaining under its current share repurchase authorization as of September 30.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.