Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Boyd Gaming Reports Third-Quarter 2023 Results By: Boyd Gaming Corporation via Business Wire October 24, 2023 at 16:05 PM EDT Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2023. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our third-quarter results reflect the value of our diversified business model. Continued strength in play from our core customers, strong results from Sky River and online gaming, and growth in our non-gaming business all contributed to a solid performance in the quarter. However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment.” Smith continued: “During the quarter we continued to leverage our strong free cash flow to pursue a balanced capital allocation strategy that is creating significant value for our shareholders. We demonstrated the growth potential of our property reinvestment initiative, delivering record quarterly results at the Fremont following its recent expansion project. And we remain committed to our capital return program, having returned over $1 billion to shareholders in the last two years through our ongoing share repurchases and dividends.” Boyd Gaming reported third-quarter 2023 revenues of $903.2 million, up from $877.3 million in the third quarter of 2022. The Company reported net income of $135.2 million, or $1.34 per share, for the third quarter of 2023, versus $157.0 million, or $1.46 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $320.8 million in the third quarter of 2023, compared to $337.7 million in the third quarter of 2022. Adjusted Earnings(1) for the third quarter of 2023 were $137.3 million, or $1.36 per share, versus $159.2 million, or $1.48 per share, for the same period in 2022. See footnotes at the end of the release for additional information relative to non-GAAP financial measures Operations Review In the Company’s property operating segments, core customer play increased on both a sequential and year-over-year basis, and hotel and food & beverage revenues rose year-over-year. These gains were offset by year-over-year softness in retail play, though business volumes from retail customers have remained consistent since late last year across all segments. Adjusted EBITDAR and margin performances reflected higher labor, utilities and property insurance costs, with Companywide property-level operating margins of 40%. The Company’s Online segment benefitted from strong results from FanDuel’s operations, as well as the addition of Boyd Interactive, acquired by the Company in November 2022. Strong revenue and Adjusted EBITDAR growth in our Managed & Other business was driven by management fees from Sky River Casino, which opened in August 2022. Dividend and Share Repurchase Program Update Boyd Gaming paid a quarterly cash dividend of $0.16 per share on October 15, 2023, as previously announced. As part of its ongoing share repurchase program, the Company repurchased $106 million in stock during the third quarter of 2023. As of September 30, 2023, the Company had approximately $426 million remaining under current repurchase authorizations. Balance Sheet Statistics As of September 30, 2023, Boyd Gaming had cash on hand of $269.2 million and total debt of $2.9 billion. Conference Call Information Boyd Gaming will host a conference call to discuss its third-quarter 2023 results today, October 24, at 5:00 p.m. Eastern. The conference call number is (888) 259-6580, passcode 60390005. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. The conference call will also be available live on the Internet at https://events.q4inc.com/attendee/946960080. Following the call’s completion, a replay will be available by dialing (877) 674-7070 on Tuesday, October 24, continuing through Tuesday, October 31. The conference number for the replay will be 390005. The replay will also be available at https://investors.boydgaming.com. BOYD GAMING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Revenues Gaming $ 641,168 $ 667,975 $ 1,966,205 $ 2,020,854 Food & beverage 70,986 67,792 212,936 201,834 Room 48,720 46,672 148,546 138,985 Online 90,288 52,353 298,153 164,203 Management fee 17,153 10,159 54,629 10,159 Other 34,849 32,312 103,611 96,421 Total revenues 903,164 877,263 2,784,080 2,632,456 Operating costs and expenses Gaming 251,536 251,814 751,330 756,356 Food & beverage 59,672 58,502 177,623 169,892 Room 19,180 17,783 54,880 51,058 Online 79,080 45,827 252,478 140,715 Other 11,549 11,370 34,119 33,984 Selling, general and administrative 99,944 92,950 299,333 280,659 Master lease rent expense (a) 27,236 26,828 81,163 79,788 Maintenance and utilities 41,720 40,789 115,337 108,196 Depreciation and amortization 64,797 64,956 188,577 194,191 Corporate expense 27,872 26,375 88,232 90,251 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total operating costs and expenses 685,292 639,804 2,037,300 1,898,869 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 Basic net income per common share $ 1.34 $ 1.46 $ 5.16 $ 4.24 Weighted average basic shares outstanding 100,804 107,743 102,139 110,002 Diluted net income per common share $ 1.34 $ 1.46 $ 5.16 $ 4.24 Weighted average diluted shares outstanding 100,850 107,840 102,187 110,135 (a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust. BOYD GAMING CORPORATION SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDA to Net Income (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Total Revenues by Segment Las Vegas Locals $ 221,833 $ 225,791 $ 693,043 $ 689,814 Downtown Las Vegas 49,545 49,507 159,093 152,890 Midwest & South 513,028 527,536 1,544,047 1,579,534 Online 90,288 52,353 298,153 164,203 Managed & Other 28,470 22,076 89,744 46,015 Total revenues $ 903,164 $ 877,263 $ 2,784,080 $ 2,632,456 Adjusted EBITDAR by Segment Las Vegas Locals $ 105,985 $ 111,733 $ 350,540 $ 355,762 Downtown Las Vegas 15,857 17,704 57,876 58,216 Midwest & South 190,588 211,292 591,105 642,351 Online 11,005 6,350 45,028 22,916 Managed & Other 18,997 12,553 60,094 17,458 Corporate expense, net of share-based compensation expense (a) (21,611 ) (21,934 ) (65,314 ) (66,296 ) Adjusted EBITDAR 320,821 337,698 1,039,329 1,030,407 Master lease rent expense (b) (27,236 ) (26,828 ) (81,163 ) (79,788 ) Adjusted EBITDA 293,585 310,870 958,166 950,619 Other operating costs and expenses Deferred rent 177 192 531 576 Depreciation and amortization 64,797 64,956 188,577 194,191 Share-based compensation expense 8,033 5,653 28,050 28,486 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total other operating costs and expenses 75,713 73,411 211,386 217,032 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 (a) Reconciliation of corporate expense: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Corporate expense as reported on Condensed Consolidated Statements of Operations $ 27,872 $ 26,375 $ 88,232 $ 90,251 Corporate share-based compensation expense (6,261 ) (4,441 ) (22,918 ) (23,955 ) Corporate expense, net, as reported on the above table $ 21,611 $ 21,934 $ 65,314 $ 66,296 (b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust. BOYD GAMING CORPORATION SUPPLEMENTAL INFORMATION Reconciliation of Net Income to Adjusted Earnings and Net Income Per Share to Adjusted Earnings Per Share (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 Pretax adjustments: Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Loss on early extinguishments and modifications of debt — — — 19,809 Interest income (a) — — (14,315 ) — Other, net (30 ) 170 596 3,667 Total adjustments 2,676 2,780 (19,491 ) 17,255 Income tax effect for above adjustments (629 ) (616 ) 3,983 (3,712 ) Impact of tax valuation allowance — — (35,856 ) — Adjusted earnings $ 137,280 $ 159,166 $ 476,054 $ 480,236 Net income per share, diluted $ 1.34 $ 1.46 $ 5.16 $ 4.24 Pretax adjustments: Project development, preopening and writedowns 0.03 0.09 (0.11 ) — Impairment of assets — 0.05 0.04 0.05 Other operating items, net — (0.11 ) 0.01 (0.11 ) Loss on early extinguishments and modifications of debt — — — 0.18 Interest income (a) — — (0.14 ) — Other, net — — 0.01 0.03 Total adjustments 0.03 0.03 (0.19 ) 0.15 Income tax effect for above adjustments (0.01 ) (0.01 ) 0.04 (0.03 ) Impact of tax valuation allowance — — (0.35 ) — Adjusted earnings per share, diluted $ 1.36 $ 1.48 $ 4.66 $ 4.36 Weighted average diluted shares outstanding 100,850 107,840 102,187 110,135 (a) Adjustment to the expected losses for interest on note receivable. Non-GAAP Financial Measures Our financial presentations include the following non-GAAP financial measures: EBITDA: earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt and other items, net, EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, adjustments to the expected losses for interest on note receivable, the release of valuation allowances on deferred tax assets and other non-recurring adjustments, net, and, Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding. Collectively, we refer to these and other non-GAAP financial measures as the “Non-GAAP Measures”. The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses. The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. Forward-looking Statements and Company Information This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release, as well as in our earnings conference call remarks, include statements regarding continued growth in visitation and spending among the Company’s core customers, the Company’s views that it will be able to drive continued revenue and EBITDAR growth throughout its business, the impacts of COVID-19 on the Company, the Company’s operating strategy, the Company’s confidence in its long-term growth trajectory, and the Company’s plans with respect to share repurchases and returning capital to shareholders. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Risks also include fluctuations in the Company's operating results; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending; the impact and effects of the local economies in the markets where the Company operates; the receipt of legislative, and other state, federal and local approvals for the Company's development projects; developments in legalization of online gaming, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company; changes in laws and regulations, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. About Boyd Gaming Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Environmental, Social and Corporate Governance (ESG) initiatives that positively impact the Company's stakeholders and communities. For additional Company information and press releases, visit https://investors.boydgaming.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20231024123348/en/Contacts Financial Contact: Josh Hirsberg (702) 792-7234 joshhirsberg@boydgaming.com Media Contact: David Strow (702) 792-7386 davidstrow@boydgaming.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Boyd Gaming Reports Third-Quarter 2023 Results By: Boyd Gaming Corporation via Business Wire October 24, 2023 at 16:05 PM EDT Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2023. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our third-quarter results reflect the value of our diversified business model. Continued strength in play from our core customers, strong results from Sky River and online gaming, and growth in our non-gaming business all contributed to a solid performance in the quarter. However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment.” Smith continued: “During the quarter we continued to leverage our strong free cash flow to pursue a balanced capital allocation strategy that is creating significant value for our shareholders. We demonstrated the growth potential of our property reinvestment initiative, delivering record quarterly results at the Fremont following its recent expansion project. And we remain committed to our capital return program, having returned over $1 billion to shareholders in the last two years through our ongoing share repurchases and dividends.” Boyd Gaming reported third-quarter 2023 revenues of $903.2 million, up from $877.3 million in the third quarter of 2022. The Company reported net income of $135.2 million, or $1.34 per share, for the third quarter of 2023, versus $157.0 million, or $1.46 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $320.8 million in the third quarter of 2023, compared to $337.7 million in the third quarter of 2022. Adjusted Earnings(1) for the third quarter of 2023 were $137.3 million, or $1.36 per share, versus $159.2 million, or $1.48 per share, for the same period in 2022. See footnotes at the end of the release for additional information relative to non-GAAP financial measures Operations Review In the Company’s property operating segments, core customer play increased on both a sequential and year-over-year basis, and hotel and food & beverage revenues rose year-over-year. These gains were offset by year-over-year softness in retail play, though business volumes from retail customers have remained consistent since late last year across all segments. Adjusted EBITDAR and margin performances reflected higher labor, utilities and property insurance costs, with Companywide property-level operating margins of 40%. The Company’s Online segment benefitted from strong results from FanDuel’s operations, as well as the addition of Boyd Interactive, acquired by the Company in November 2022. Strong revenue and Adjusted EBITDAR growth in our Managed & Other business was driven by management fees from Sky River Casino, which opened in August 2022. Dividend and Share Repurchase Program Update Boyd Gaming paid a quarterly cash dividend of $0.16 per share on October 15, 2023, as previously announced. As part of its ongoing share repurchase program, the Company repurchased $106 million in stock during the third quarter of 2023. As of September 30, 2023, the Company had approximately $426 million remaining under current repurchase authorizations. Balance Sheet Statistics As of September 30, 2023, Boyd Gaming had cash on hand of $269.2 million and total debt of $2.9 billion. Conference Call Information Boyd Gaming will host a conference call to discuss its third-quarter 2023 results today, October 24, at 5:00 p.m. Eastern. The conference call number is (888) 259-6580, passcode 60390005. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. The conference call will also be available live on the Internet at https://events.q4inc.com/attendee/946960080. Following the call’s completion, a replay will be available by dialing (877) 674-7070 on Tuesday, October 24, continuing through Tuesday, October 31. The conference number for the replay will be 390005. The replay will also be available at https://investors.boydgaming.com. BOYD GAMING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Revenues Gaming $ 641,168 $ 667,975 $ 1,966,205 $ 2,020,854 Food & beverage 70,986 67,792 212,936 201,834 Room 48,720 46,672 148,546 138,985 Online 90,288 52,353 298,153 164,203 Management fee 17,153 10,159 54,629 10,159 Other 34,849 32,312 103,611 96,421 Total revenues 903,164 877,263 2,784,080 2,632,456 Operating costs and expenses Gaming 251,536 251,814 751,330 756,356 Food & beverage 59,672 58,502 177,623 169,892 Room 19,180 17,783 54,880 51,058 Online 79,080 45,827 252,478 140,715 Other 11,549 11,370 34,119 33,984 Selling, general and administrative 99,944 92,950 299,333 280,659 Master lease rent expense (a) 27,236 26,828 81,163 79,788 Maintenance and utilities 41,720 40,789 115,337 108,196 Depreciation and amortization 64,797 64,956 188,577 194,191 Corporate expense 27,872 26,375 88,232 90,251 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total operating costs and expenses 685,292 639,804 2,037,300 1,898,869 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 Basic net income per common share $ 1.34 $ 1.46 $ 5.16 $ 4.24 Weighted average basic shares outstanding 100,804 107,743 102,139 110,002 Diluted net income per common share $ 1.34 $ 1.46 $ 5.16 $ 4.24 Weighted average diluted shares outstanding 100,850 107,840 102,187 110,135 (a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust. BOYD GAMING CORPORATION SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDA to Net Income (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Total Revenues by Segment Las Vegas Locals $ 221,833 $ 225,791 $ 693,043 $ 689,814 Downtown Las Vegas 49,545 49,507 159,093 152,890 Midwest & South 513,028 527,536 1,544,047 1,579,534 Online 90,288 52,353 298,153 164,203 Managed & Other 28,470 22,076 89,744 46,015 Total revenues $ 903,164 $ 877,263 $ 2,784,080 $ 2,632,456 Adjusted EBITDAR by Segment Las Vegas Locals $ 105,985 $ 111,733 $ 350,540 $ 355,762 Downtown Las Vegas 15,857 17,704 57,876 58,216 Midwest & South 190,588 211,292 591,105 642,351 Online 11,005 6,350 45,028 22,916 Managed & Other 18,997 12,553 60,094 17,458 Corporate expense, net of share-based compensation expense (a) (21,611 ) (21,934 ) (65,314 ) (66,296 ) Adjusted EBITDAR 320,821 337,698 1,039,329 1,030,407 Master lease rent expense (b) (27,236 ) (26,828 ) (81,163 ) (79,788 ) Adjusted EBITDA 293,585 310,870 958,166 950,619 Other operating costs and expenses Deferred rent 177 192 531 576 Depreciation and amortization 64,797 64,956 188,577 194,191 Share-based compensation expense 8,033 5,653 28,050 28,486 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total other operating costs and expenses 75,713 73,411 211,386 217,032 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 (a) Reconciliation of corporate expense: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Corporate expense as reported on Condensed Consolidated Statements of Operations $ 27,872 $ 26,375 $ 88,232 $ 90,251 Corporate share-based compensation expense (6,261 ) (4,441 ) (22,918 ) (23,955 ) Corporate expense, net, as reported on the above table $ 21,611 $ 21,934 $ 65,314 $ 66,296 (b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust. BOYD GAMING CORPORATION SUPPLEMENTAL INFORMATION Reconciliation of Net Income to Adjusted Earnings and Net Income Per Share to Adjusted Earnings Per Share (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 Pretax adjustments: Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Loss on early extinguishments and modifications of debt — — — 19,809 Interest income (a) — — (14,315 ) — Other, net (30 ) 170 596 3,667 Total adjustments 2,676 2,780 (19,491 ) 17,255 Income tax effect for above adjustments (629 ) (616 ) 3,983 (3,712 ) Impact of tax valuation allowance — — (35,856 ) — Adjusted earnings $ 137,280 $ 159,166 $ 476,054 $ 480,236 Net income per share, diluted $ 1.34 $ 1.46 $ 5.16 $ 4.24 Pretax adjustments: Project development, preopening and writedowns 0.03 0.09 (0.11 ) — Impairment of assets — 0.05 0.04 0.05 Other operating items, net — (0.11 ) 0.01 (0.11 ) Loss on early extinguishments and modifications of debt — — — 0.18 Interest income (a) — — (0.14 ) — Other, net — — 0.01 0.03 Total adjustments 0.03 0.03 (0.19 ) 0.15 Income tax effect for above adjustments (0.01 ) (0.01 ) 0.04 (0.03 ) Impact of tax valuation allowance — — (0.35 ) — Adjusted earnings per share, diluted $ 1.36 $ 1.48 $ 4.66 $ 4.36 Weighted average diluted shares outstanding 100,850 107,840 102,187 110,135 (a) Adjustment to the expected losses for interest on note receivable. Non-GAAP Financial Measures Our financial presentations include the following non-GAAP financial measures: EBITDA: earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt and other items, net, EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, adjustments to the expected losses for interest on note receivable, the release of valuation allowances on deferred tax assets and other non-recurring adjustments, net, and, Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding. Collectively, we refer to these and other non-GAAP financial measures as the “Non-GAAP Measures”. The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses. The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. Forward-looking Statements and Company Information This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release, as well as in our earnings conference call remarks, include statements regarding continued growth in visitation and spending among the Company’s core customers, the Company’s views that it will be able to drive continued revenue and EBITDAR growth throughout its business, the impacts of COVID-19 on the Company, the Company’s operating strategy, the Company’s confidence in its long-term growth trajectory, and the Company’s plans with respect to share repurchases and returning capital to shareholders. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Risks also include fluctuations in the Company's operating results; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending; the impact and effects of the local economies in the markets where the Company operates; the receipt of legislative, and other state, federal and local approvals for the Company's development projects; developments in legalization of online gaming, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company; changes in laws and regulations, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. About Boyd Gaming Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Environmental, Social and Corporate Governance (ESG) initiatives that positively impact the Company's stakeholders and communities. For additional Company information and press releases, visit https://investors.boydgaming.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20231024123348/en/Contacts Financial Contact: Josh Hirsberg (702) 792-7234 joshhirsberg@boydgaming.com Media Contact: David Strow (702) 792-7386 davidstrow@boydgaming.com
Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2023. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our third-quarter results reflect the value of our diversified business model. Continued strength in play from our core customers, strong results from Sky River and online gaming, and growth in our non-gaming business all contributed to a solid performance in the quarter. However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment.” Smith continued: “During the quarter we continued to leverage our strong free cash flow to pursue a balanced capital allocation strategy that is creating significant value for our shareholders. We demonstrated the growth potential of our property reinvestment initiative, delivering record quarterly results at the Fremont following its recent expansion project. And we remain committed to our capital return program, having returned over $1 billion to shareholders in the last two years through our ongoing share repurchases and dividends.” Boyd Gaming reported third-quarter 2023 revenues of $903.2 million, up from $877.3 million in the third quarter of 2022. The Company reported net income of $135.2 million, or $1.34 per share, for the third quarter of 2023, versus $157.0 million, or $1.46 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $320.8 million in the third quarter of 2023, compared to $337.7 million in the third quarter of 2022. Adjusted Earnings(1) for the third quarter of 2023 were $137.3 million, or $1.36 per share, versus $159.2 million, or $1.48 per share, for the same period in 2022. See footnotes at the end of the release for additional information relative to non-GAAP financial measures Operations Review In the Company’s property operating segments, core customer play increased on both a sequential and year-over-year basis, and hotel and food & beverage revenues rose year-over-year. These gains were offset by year-over-year softness in retail play, though business volumes from retail customers have remained consistent since late last year across all segments. Adjusted EBITDAR and margin performances reflected higher labor, utilities and property insurance costs, with Companywide property-level operating margins of 40%. The Company’s Online segment benefitted from strong results from FanDuel’s operations, as well as the addition of Boyd Interactive, acquired by the Company in November 2022. Strong revenue and Adjusted EBITDAR growth in our Managed & Other business was driven by management fees from Sky River Casino, which opened in August 2022. Dividend and Share Repurchase Program Update Boyd Gaming paid a quarterly cash dividend of $0.16 per share on October 15, 2023, as previously announced. As part of its ongoing share repurchase program, the Company repurchased $106 million in stock during the third quarter of 2023. As of September 30, 2023, the Company had approximately $426 million remaining under current repurchase authorizations. Balance Sheet Statistics As of September 30, 2023, Boyd Gaming had cash on hand of $269.2 million and total debt of $2.9 billion. Conference Call Information Boyd Gaming will host a conference call to discuss its third-quarter 2023 results today, October 24, at 5:00 p.m. Eastern. The conference call number is (888) 259-6580, passcode 60390005. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. The conference call will also be available live on the Internet at https://events.q4inc.com/attendee/946960080. Following the call’s completion, a replay will be available by dialing (877) 674-7070 on Tuesday, October 24, continuing through Tuesday, October 31. The conference number for the replay will be 390005. The replay will also be available at https://investors.boydgaming.com. BOYD GAMING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Revenues Gaming $ 641,168 $ 667,975 $ 1,966,205 $ 2,020,854 Food & beverage 70,986 67,792 212,936 201,834 Room 48,720 46,672 148,546 138,985 Online 90,288 52,353 298,153 164,203 Management fee 17,153 10,159 54,629 10,159 Other 34,849 32,312 103,611 96,421 Total revenues 903,164 877,263 2,784,080 2,632,456 Operating costs and expenses Gaming 251,536 251,814 751,330 756,356 Food & beverage 59,672 58,502 177,623 169,892 Room 19,180 17,783 54,880 51,058 Online 79,080 45,827 252,478 140,715 Other 11,549 11,370 34,119 33,984 Selling, general and administrative 99,944 92,950 299,333 280,659 Master lease rent expense (a) 27,236 26,828 81,163 79,788 Maintenance and utilities 41,720 40,789 115,337 108,196 Depreciation and amortization 64,797 64,956 188,577 194,191 Corporate expense 27,872 26,375 88,232 90,251 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total operating costs and expenses 685,292 639,804 2,037,300 1,898,869 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 Basic net income per common share $ 1.34 $ 1.46 $ 5.16 $ 4.24 Weighted average basic shares outstanding 100,804 107,743 102,139 110,002 Diluted net income per common share $ 1.34 $ 1.46 $ 5.16 $ 4.24 Weighted average diluted shares outstanding 100,850 107,840 102,187 110,135 (a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust. BOYD GAMING CORPORATION SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDA to Net Income (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Total Revenues by Segment Las Vegas Locals $ 221,833 $ 225,791 $ 693,043 $ 689,814 Downtown Las Vegas 49,545 49,507 159,093 152,890 Midwest & South 513,028 527,536 1,544,047 1,579,534 Online 90,288 52,353 298,153 164,203 Managed & Other 28,470 22,076 89,744 46,015 Total revenues $ 903,164 $ 877,263 $ 2,784,080 $ 2,632,456 Adjusted EBITDAR by Segment Las Vegas Locals $ 105,985 $ 111,733 $ 350,540 $ 355,762 Downtown Las Vegas 15,857 17,704 57,876 58,216 Midwest & South 190,588 211,292 591,105 642,351 Online 11,005 6,350 45,028 22,916 Managed & Other 18,997 12,553 60,094 17,458 Corporate expense, net of share-based compensation expense (a) (21,611 ) (21,934 ) (65,314 ) (66,296 ) Adjusted EBITDAR 320,821 337,698 1,039,329 1,030,407 Master lease rent expense (b) (27,236 ) (26,828 ) (81,163 ) (79,788 ) Adjusted EBITDA 293,585 310,870 958,166 950,619 Other operating costs and expenses Deferred rent 177 192 531 576 Depreciation and amortization 64,797 64,956 188,577 194,191 Share-based compensation expense 8,033 5,653 28,050 28,486 Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Total other operating costs and expenses 75,713 73,411 211,386 217,032 Operating income 217,872 237,459 746,780 733,587 Other expense (income) Interest income (1,585 ) (2,073 ) (22,445 ) (2,976 ) Interest expense, net of amounts capitalized 42,352 36,001 128,933 110,125 Loss on early extinguishments and modifications of debt — — — 19,809 Other, net (30 ) 170 596 3,667 Total other expense, net 40,737 34,098 107,084 130,625 Income before income taxes 177,135 203,361 639,696 602,962 Income tax provision (41,902 ) (46,359 ) (112,278 ) (136,269 ) Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 (a) Reconciliation of corporate expense: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2023 2022 2023 2022 Corporate expense as reported on Condensed Consolidated Statements of Operations $ 27,872 $ 26,375 $ 88,232 $ 90,251 Corporate share-based compensation expense (6,261 ) (4,441 ) (22,918 ) (23,955 ) Corporate expense, net, as reported on the above table $ 21,611 $ 21,934 $ 65,314 $ 66,296 (b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust. BOYD GAMING CORPORATION SUPPLEMENTAL INFORMATION Reconciliation of Net Income to Adjusted Earnings and Net Income Per Share to Adjusted Earnings Per Share (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share data) 2023 2022 2023 2022 Net income $ 135,233 $ 157,002 $ 527,418 $ 466,693 Pretax adjustments: Project development, preopening and writedowns 2,405 9,645 (11,268 ) 528 Impairment of assets — 5,575 4,537 5,575 Other operating items, net 301 (12,610 ) 959 (12,324 ) Loss on early extinguishments and modifications of debt — — — 19,809 Interest income (a) — — (14,315 ) — Other, net (30 ) 170 596 3,667 Total adjustments 2,676 2,780 (19,491 ) 17,255 Income tax effect for above adjustments (629 ) (616 ) 3,983 (3,712 ) Impact of tax valuation allowance — — (35,856 ) — Adjusted earnings $ 137,280 $ 159,166 $ 476,054 $ 480,236 Net income per share, diluted $ 1.34 $ 1.46 $ 5.16 $ 4.24 Pretax adjustments: Project development, preopening and writedowns 0.03 0.09 (0.11 ) — Impairment of assets — 0.05 0.04 0.05 Other operating items, net — (0.11 ) 0.01 (0.11 ) Loss on early extinguishments and modifications of debt — — — 0.18 Interest income (a) — — (0.14 ) — Other, net — — 0.01 0.03 Total adjustments 0.03 0.03 (0.19 ) 0.15 Income tax effect for above adjustments (0.01 ) (0.01 ) 0.04 (0.03 ) Impact of tax valuation allowance — — (0.35 ) — Adjusted earnings per share, diluted $ 1.36 $ 1.48 $ 4.66 $ 4.36 Weighted average diluted shares outstanding 100,850 107,840 102,187 110,135 (a) Adjustment to the expected losses for interest on note receivable. Non-GAAP Financial Measures Our financial presentations include the following non-GAAP financial measures: EBITDA: earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt and other items, net, EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, adjustments to the expected losses for interest on note receivable, the release of valuation allowances on deferred tax assets and other non-recurring adjustments, net, and, Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding. Collectively, we refer to these and other non-GAAP financial measures as the “Non-GAAP Measures”. The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses. The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. Forward-looking Statements and Company Information This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release, as well as in our earnings conference call remarks, include statements regarding continued growth in visitation and spending among the Company’s core customers, the Company’s views that it will be able to drive continued revenue and EBITDAR growth throughout its business, the impacts of COVID-19 on the Company, the Company’s operating strategy, the Company’s confidence in its long-term growth trajectory, and the Company’s plans with respect to share repurchases and returning capital to shareholders. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Risks also include fluctuations in the Company's operating results; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending; the impact and effects of the local economies in the markets where the Company operates; the receipt of legislative, and other state, federal and local approvals for the Company's development projects; developments in legalization of online gaming, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company; changes in laws and regulations, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. About Boyd Gaming Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Environmental, Social and Corporate Governance (ESG) initiatives that positively impact the Company's stakeholders and communities. For additional Company information and press releases, visit https://investors.boydgaming.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20231024123348/en/
Financial Contact: Josh Hirsberg (702) 792-7234 joshhirsberg@boydgaming.com Media Contact: David Strow (702) 792-7386 davidstrow@boydgaming.com