Boyd Gaming has shared its financial results for the fourth quarter and the full year of 2022. For the last three months of last year, the casino operator delivered revenues of $922.9 million, increasing from $879 million in the fourth quarter of 2021. As for the full 12-month period, Boyd reported revenues of $3.56 billion, compared to $3.37 billion for the full year of 2021.
Keith Smith, President and CEO of Boyd Gaming, said: “The fourth quarter was a strong conclusion to another record year for our company. We achieved records for revenue and EBITDAR on both a fourth-quarter and full-year basis, as our operating teams remain focused on growing revenues and building loyalty among our core customers while successfully managing expenses.”
Companywide growth in Q4 was driven by strong performances in the company’s Nevada segments, management fees from Sky River and growth in its online business. During the quarter, Boyd also made progress in advancing its online strategy, completing the acquisition of Pala Interactive while further expanding its sports betting partnership with FanDuel.
Boyd’s Keith Smith The business also continued to return significant capital to its shareholders, with nearly $600 million in share repurchases and dividends in 2022. “In all, 2022 was another strong year for our Company, and we remain confident in our operating model and our team’s ability to successfully navigate the year ahead,” stated Smith.
In addition to posting record revenue for the quarter, the company also delivered net income of $172.7 million, or $1.63 per share, in Q4, up from $109.8 million, or $0.96 per share, in the same quarter of 2021. Total Adjusted EBITDAR was $360.1 million, up from $347.3 million in the fourth quarter of 2021.
The company’s Las Vegas Locals segment posted record fourth-quarter revenue and EBITDAR, with operating margins exceeding 52%. Growth in the segment was driven by destination business, non-gaming operations and continued strength in play from core customers, explained the company in a business update.
The Downtown Las Vegas segment also achieved a fourth-quarter EBITDAR record, as visitation grew throughout the market and business volumes from the Hawaiian customer segments exceeded pre-pandemic levels. In the Midwest & South, revenue and EBITDAR growth were driven by contributions from iGaming and management fees from Sky River Casino.
For the full year of 2022, in addition to posting revenues of $3.56 billion, the company also reported net income of $639.4 million – $5.87 per share –, compared to net income of $463.8 million, or $4.07 per share, for 2021. Total Adjusted EBITDAR for the last year was $1.39 billion versus $1.37 billion for the full year 2021.
Boyd Gaming’s results for Q4 beat Wall Street estimates: earnings came in at $1.63 per share, while analysts on average had expected the company to earn $1.45 per share, according to figures compiled by Thomson Reuters. Revenue of $922.9 million in the period also surpassed Street forecasts: eight analysts surveyed by Zacks expected $883 million.