Boyd Gaming Reports Slight Revenue Increase Despite Gambling Decline in Q2
Boyd Gaming saw a minor revenue uptick in this year’s second quarter, even with a 6% decline in revenue from its gambling operations.
Although gambling revenue decreased, the corporation’s total revenue for Q2 hit $894.5 million, a small rise from the $893.6 million recorded in the corresponding period last year.
This expansion was driven by robust performance in non-gambling divisions. Boyd’s “Food & Beverage” sector brought in a substantial $70.3 million, comprising roughly 8% of the company’s total revenue for the quarter. Furthermore, the “Room” and “Other” segments produced nearly $50 million and $89.3 million, respectively.
Despite the favorable results in other areas, gaming remains Boyd’s primary source of income. The segment generated close to $685 million in Q2, representing more than 75% of the company’s total revenue for the period. However, this number does indicate a decrease of over $40 million compared to Q2 2021.
Boyd’s adjusted EBITDAR also experienced a reduction, falling by 8%. Nevertheless, Keith Smith, Boyd’s President and CEO, emphasized that this figure follows a year of record-breaking performance.
Smith recognized that the second quarter of 2021 presented a particularly difficult comparison point due to the combination of government stimulus initiatives and the easing of COVID-19 limitations, which resulted in unusually high consumer expenditures.
Considering the above, he described the organization’s most recent quarterly results as “robust,” remarking: “We are observing solid operational impetus with participation amongst our primary clientele expanding both consecutively and annually relative to the first quarter of 2022.
“Notwithstanding inflationary strains, we enhanced operational profitability across the company compared to the initial quarter.
“Broadly, we are quite optimistic about the sustained expansion of our enterprise and assured in our approach and capacity to maneuver through the present unpredictable financial climate.”