Boyd Gaming Corporation has recently unveiled its financial results for the fourth quarter and full year ended December 31, 2023. Led by President and CEO Keith Smith, the company celebrated another record year driven by a diversified portfolio, consistent core customer trends, and solid returns from recent property investments.
In Q4 2023, Boyd Gaming reported revenues of $954.4 million, reflecting a 3.4% increase from the same period in 2022. However, net income for the quarter stood at $92.6 million, or $0.94 per share, representing a 46.4% decline from the year-ago period. Notably, non-cash, pre-tax goodwill, and intangible asset impairment charges had a significant impact on Q4 results. For the full year 2023, Boyd Gaming achieved revenues of $3.7 billion, marking a 3.7% increase from 2022. Despite the revenue growth, net income for the full year was $620.0 million, or $6.12 per share, compared to $639.4 million in 2022. Similar to Q4, non-cash impairment charges affected the full-year results.
During Q4, Boyd Gaming’s Las Vegas Locals segment demonstrated consistent revenue and adjusted EBITDAR performances. The Downtown Las Vegas segment witnessed revenue growth, while the Midwest and South segments returned to growth, with both revenue and adjusted EBITDAR increasing. Additionally, the online segment experienced growth following the introduction of sports betting in Ohio.
Boyd Gaming remains committed to financial prudence and shareholder value. The company paid a quarterly cash dividend of $0.16 per share in January 2024 and repurchased $100 million in shares during Q4 2023. As of December 31, 2023, Boyd Gaming had cash on hand of $304.3 million and total debt of $2.9 billion.
In October 2023, Boyd Gaming reported Q3 revenue of $903.2 million and continued its tradition of community engagement through a philanthropic initiative in January 2024. The company donated over $200,000 to nearly 190 non-profit organizations across 11 states, underscoring its commitment to social responsibility and community development.
Boyd Gaming Corporation’s financial performance for Q4 and the full year 2023 reflects its resilience and strategic focus amid evolving market dynamics. Despite the challenges posed by impairment charges, the company remains optimistic about its long-term prospects and commitment to delivering value to shareholders and benefits to the communities it serves.
