Boyd Gaming Achieves Record Revenue and Earnings in 2023

Boyd Gaming, a major player in the gaming industry, has announced its unprecedented financial results for the year 2023. The company witnessed a remarkable surge in revenue, reaching an all-time high of $3.74 billion. This impressive figure represents a significant 5.2% increase compared to the previous year. Moreover, Boyd's adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) also reached a record-breaking $1.29 billion.

While Boyd's traditional casino gaming business remains a cornerstone of its operations, it was the online segment that notably propelled the company to new heights. With a staggering 66.2% increase in online revenue, amounting to $422.2 million, the online division emerged as a key contributor to Boyd's overall revenue, second only to the casino gaming sector.

CEO Keith Smith expressed his satisfaction with Boyd's performance, highlighting the third consecutive year of setting revenue and EBITDAR records. He attributed this success to the company's diversified portfolio and robust growth across various business segments, particularly online operations and management fees revenue, which saw an astounding 186.9% increase.

Breaking down the results further, Boyd reported a slight decline in gaming revenue but notable increases in food and beverage as well as rooms revenue. Despite higher operating costs, including increased spending on gaming and online operations, Boyd managed to maintain solid profitability, although net profit for the year experienced a modest decline compared to 2022.

Despite facing some challenges in the fourth quarter, including a decline in net profit, Boyd Gaming remained optimistic. With continued strong performance from its diversified portfolio and core customer base, the company sees the fourth quarter as a fitting conclusion to yet another record-breaking year.

Boyd Gaming's exceptional performance in 2023 underscores its resilience and adaptability in the ever-evolving gaming industry landscape.