Despite a minor drop in net income and adjusted EBITDAR, Boyd Gaming’s financial figures for the fourth quarter and FY2024 show consistent revenue growth. The corporation reported $3.9 billion in revenue for the entire year, a 5.4% increase over FY2023. However, overall adjusted EBITDAR dropped by 0.6% to $1.4 billion, and net income dropped to $578 million.
Revenue Highlights and Segment Performance
At $2.6 billion, Boyd’s gaming division accounted for the majority of the company’s FY2024 revenue, although a 1.1% decrease from the year before. With $606.2 million, a 43.6% rise from the previous year, the online gaming market demonstrated notable development. Boyd’s Midwest & South division, meanwhile, generated close to $2.1 billion in revenue, a 1.1% increase over FY2023. The $894.5 million earned by the Las Vegas locals category was a 3.6% drop from the previous year.
President and CEO Keith Smith commented on the company’s performance, saying, “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%.”
The company’s online segment also continued to thrive, contributing $188.8 million to revenue in Q4 2024, a remarkable 52.2% increase year-over-year. Boyd’s strategy of balancing capital allocation allowed them to return nearly $750 million to shareholders while maintaining a robust balance sheet.
In the fourth quarter, Boyd Gaming generated $1.04 billion in revenue, marking a 4.8% increase compared to Q4 2023. Net income saw a substantial improvement, rising by $80 million to reach $170.5 million, while total adjusted EBITDAR increased by 6.7%, totaling $379.3 million. The company’s performance was impacted by $103.3 million in “non-cash, pretax goodwill and intangible asset impairment charges” during Q4 2023.
Despite these challenges, Boyd’s gaming sector continued to be a major contributor, generating $658.4 million in revenue in Q4. The Midwest & South segment reported $518.5 million, up 4.1%, while the Las Vegas locals segment saw a slight decline of 1.3%, generating $188.8 million.
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