Boyd Gaming Reports Record Revenues in 2023
Long-running casino operator Boyd Gaming made an all-time high of $3.74 billion in revenues for 2023, according to its Q3 2023 earnings report released this week.
Although its various casinos in Nevada and elsewhere in the U.S. remained the biggest source of income, online casino gaming was the main driver of growth throughout the year.
Online casino and sports betting revenues of Boyd Interactive Gaming in 2023 were up 66% year-on-year. In December, it signed a new collaboration with prominent global developer Playtech to provide its casino games to Boyd’s online brands in legal U.S. markets.
That included its Stardust online casino brand that operates among New Jersey and Pennsylvania online casinos.
“It was another great year for our company,” said Boyd Gaming President and CEO Keith Smith.
“We continue to build on the record performances we have delivered over each of the last several years. 2023 was the third consecutive year we set revenue and EBITDAR records on a full-year basis.”
Casinos Slightly Down, Resorts Up
Online growth may have been spectacular for Boyd throughout 2023. But its physical casino gaming floors actually showed a slight decline in revenues.
Across the operator’s 28 American venues, including casinos in Missouri, Indiana, Iowa, Louisiana, Mississippi, and Pennsylvania, casino gaming revenues were down 2.3%, standing at $2.61 billion.
On the flipside, food and beverage sales and hotel bookings saw decent increases on both fronts. Hospitality revenues hit a combined $487.5 million for the year, up 9.8% on 2022.
The most profitable regions for the operator were the Midwest and South markets. They made the lion’s share of revenues for the operator at $2.04 billion.
Despite the booming visitation to Las Vegas over the year, Boyd’s Sin City properties don’t really compete with the Las Vegas Strip’s biggest operators.
However, its Las Vegas Downtown revenues still saw a healthy 3.3% growth at $222.4 million.
Boyd’s locally oriented Las Vegas properties did not do so well, falling 1.3% year-on-year to $928 million.
That was potentially influenced by increased competition from the fast-growing Station Casinos, which opened the massive Durango Casino and Resort in December.
In many ways, our coverage of Boyd Gaming in 2023 played out similarly to the sentiments Smith expressed in the press release accompanying their 2023 financials.
We named Boyd Gaming in a headline a grand total of three times in 2023. Each time, we looked at their quarterly reports, which showed good growth.
That reflects an operator that stays out of the news with flashy acquisitions or controversial marketing, but consistently offers casinos that people enjoy visiting, and subsequently, growth and value to shareholders.
“Our fourth-quarter and full-year results were driven by our diversified portfolio, consistent core customer trends, and solid returns from our recent property investments,” Smith said in the press release.
“As part of our balanced approach to capital allocation, we returned more than $475 million to our shareholders in 2023, while investing in our properties and maintaining the strongest balance sheet in our Company’s history. Looking ahead, we remain confident in our ability to continue delivering profitable growth and creating long-term shareholder value.”