Boyd Gaming Corporation posted its financial results for the fourth quarter of 2022. As reported by the gaming and hospitality giant, the three months ended December 31 were very successful for the company, as was the entire year.
Q4 Saw Boyd Gaming Perform Strongly
As announced, Boyd Gaming recorded revenues of $922.9 million in Q4 2022, representing a noticeable increase from the prior year period. Net income for the three-month period sat at $172.7 million, which translates into $1.63 per share. Boyd Gaming noted that this is a substantial increase from Q4 2021 when the company recorded a net income of $109.8 million with $0.96 per share.
The company also shared figures about its adjusted EBITDAR, which was $360.1 million in Q4 2022, a slight year-on-year increase. Adjusted earnings, meanwhile, were $181.8 million, or $1.72 per share, Boyd Gaming added.
EBITDAR was significantly affected by the company’s impressive performance in Las Vegas, the release stated.
In addition, the company paid a quarterly cash dividend of $0.15, just as it had promised earlier.
The Company Beat Its Annual Record
Taking a look at how Boyd Gaming fared in 2022, we see that the company saw revenues increase to $3.56 billion for the year. This figure was accompanied by a net income of $638.4 million, or $5.87 per share. It should be noted that all of these metrics are higher than the ones recorded in 2022.
Adjusted EBITDAR for the year, meanwhile, was $1.39 billion, a very slight increase on the prior year’s $1.37 billion. Adjusted earnings for the period, on the other hand, were estimated at $662 million, which represents $6.07 per share.
Boyd Gaming added that just like in 2021, its 2022 pretax income was impacted by charges. This year, the company has to pay $19.8 million to extinguish a debt. The company’s total debt currently sits at $3.09 billion.
In 2022, Boyd Gaming continued to repurchase shares, taking back $107 of its stock. Moreover, by December 31, the company had $283.5 in cash.
CEO Smith Praised the Results
Boyd Gaming’s president and chief executive officer, Keith Smith, addressed the Q4 results, calling them “a strong conclusion of another record year.” He praised his team for the record-breaking revenue and EBITDAR, adding that the operating teams remain focused on augmenting revenues, inspiring loyalty among customers and managing expenses.
We continued to return significant capital to our 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.
Keith Smith, CEO, Boyd Gaming
Smith pointed out that Nevada was one of the keys to the company’s success in 2022. He also noted that in 2022, the company acquired Pala Interactive and expanded its sports betting deal with FanDuel, which will further help the company in the long run.