The leading US-based gaming and hospitality operator, Boyd Gaming, released its unaudited financial results for the second quarter ended June 30, 2022.
Boyd Gaming’s Revenue in Q2 Hits $894.5M
In Q2 2022, the company’s revenue hit $894.5 million, marking a slight increase when compared to the $893.6 million reported during the same period the prior year. Boyd Gaming’s net income for the period was $146.8 million, or $1.33 per share. This marked yet another increase when compared to the $113.7 million in net income or $1.00 per share reported in the second quarter of 2021.
Total adjusted EBITDAR for Q2 this year was $353.9 million, down when compared to the $385.4 million reported during Q2 last year. According to the details released by the company, adjusted earnings in Q2 2022 were $163.5 million, down when compared to the $175.2 million from the same period in 2021.
Upon releasing its unaudited financial results for Q2 2022, Boyd Gaming did acknowledge that the results from the same period in 2021 “benefited from government stimulus and the lifting of COVID restrictions.”
While Gaming Segment Dips, All Other Revenue Segments Increase
A breakdown of the $894.5 million in total revenue showed that the company’s gaming segment was responsible for 76.6% of the total revenue. In other words, for Q2 2022, gaming revenue hit $684.9 million. Although this was undoubtedly a good result, it still fell behind when compared to the $727.5 million in gaming revenue reported for the second quarter of last year.
Despite the slight dip in gaming revenue, all of Boyd Gaming’s other operations reported an increase. For the second quarter this year, the company’s food and beverage segment reported $70.3 million in revenue, up 22.4% when compared to the $57.4 reported for the same period the prior year.
Similarly, the revenue brought by rooms increased from $39.1 million in Q2, 2021 to $49.9 million for the second quarter of this year. The company’s segment labeled as “other” increased to $89.3 million for Q2 this year, up 28.3% when compared to the $69.9 million recorded in Q2 2021.
The Company Continues to Follow Its Strategy
Commenting on the topic, Keith Smith, Boyd Gaming’s president and CEO, acknowledged that the company enjoyed a strong quarter. He pointed out that “Adjusted EBITDAR that was second only to last year’s record results.” Smith revealed that it was challenging to compare Q2 2021 to this quarter’s results, considering the lifting of COVID restrictions and government stimulus.
“Our operating trends remain strong, as play from core customer segments grew both year-over-year and sequentially from the first quarter of 2022. We also improved Companywide operating margins from the first quarter despite inflationary pressures.“
Keith Smith CEO and president at Boyd Gaming
He added that the company remains focused on its core customer base and improved efficiencies, which ultimately boosted the second quarter’s results this year. In conclusion, Smith said that the company is confident in its strategy that will help it grow further despite “today’s uncertain economic environment.”