{"id":248,"date":"2024-06-26T01:40:27","date_gmt":"2024-06-25T22:40:27","guid":{"rendered":"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/"},"modified":"2024-06-26T01:40:27","modified_gmt":"2024-06-25T22:40:27","slug":"boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump","status":"publish","type":"post","link":"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/","title":{"rendered":"Boyd Gaming&#8217;s Online Ventures Drive Revenue Growth Despite Land-Based Slump"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/rMZg4fHt3Oo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Boyd Gaming&#8217;s online ventures saw a surge in the initial three months, balancing out a year-on-year dip in income from its core land-based gambling operations. This resulted in a modest overall revenue drop of just 0.4%.<\/p>\n<p>Boyd Gaming&#8217;s first-quarter earnings reached $960.5 million (\u00a3768.4 million\/\u20ac895.8 million), a slight decrease compared to the $964 million recorded in the same period of 2023.<\/p>\n<p>Income experienced a downturn across all three land-based operating divisions &#8211; Las Vegas Locals, Downtown Las Vegas, and the Midwest and South &#8211; with the most significant decline observed in Las Vegas Locals, registering a 6.1% year-on-year drop.<\/p>\n<p>Addressing the decrease, CEO and President Keith Smith pointed out that the Las Vegas Locals performance was measured against an exceptional first quarter in 2023. Smith also acknowledged &#8220;heightened competitive pressure&#8221; in the market, referencing the opening of the Durango Casino and Resort in December.<\/p>\n<p>Concerning the dip in the Midwest and South operations, Boyd&#8217;s primary revenue generator, Smith attributed it to harsh weather conditions at the start of the first quarter. In January, the US faced numerous severe winter storms that impacted land-based casino attendance in several regions.<\/p>\n<p>Despite these setbacks for Boyd, Smith remains confident about the remainder of the year. <\/p>\n<p>Despite these obstacles, there were some positive developments in the initial period,&#8221; Smith remarked. &#8220;We observed a rise in participation from our primary clientele throughout the quarter, notably in Nevada and in the central and southern regions of the country.&#8221;<\/p>\n<p>Boyd&#8217;s digital enterprise displayed even greater optimism, with its online operations continuing to expand. The organization reported that this sector witnessed a double-digit increase in revenue and an EBITDAR of $20.5 million, consistent with the previous year.<\/p>\n<p>Smith also commended this expansion, attributing it to Boyd&#8217;s 5% ownership in the FanDuel group. He stated that FanDuel&#8217;s ongoing growth and dominant position in numerous states is advantageous for Boyd.<\/p>\n<p>&#8220;We are satisfied with the robust commencement to the year for our online division,&#8221; Smith stated. &#8220;The division maintained parity with the previous year&#8217;s strong performance in terms of EBITDAR. This was fueled by FanDuel&#8217;s industry-leading position in online sports wagering nationwide.<\/p>\n<p>&#8220;Beyond these financial contributions, we continue to reap the benefits of our 5% equity interest in FanDuel. The value of this investment is escalating as FanDuel thrives across the nation, and it remains a valuable strategic and financial asset for our organization.&#8221;<\/p>\n<p>Initial Period Revenue Breakdown<br \/>\nExamining Boyd&#8217;s initial period performance in greater detail, gaming revenue was the most substantial at $634.1 million. However, this figure experienced a 4.6% decline from the previous year due to a decrease in land-based operations.<\/p>\n<p>Food and beverage revenue remained stable at $72. <\/p>\n<p>Boyd Gaming&#8217;s digital income slightly dipped to $48.9 million, while lodging revenue was $6 million. Administrative fees and other income remained comparatively steady at $22.2 million and $36.4 million, respectively.<\/p>\n<p>However, the online venture turned things around, with revenue growing 19.0% year-on-year to $146.2 million. This almost entirely balanced out the decline in Boyd&#8217;s land-based operations in the initial quarter.<\/p>\n<p>In terms of land-based casino performance, the Midwest and Southern regions remained Boyd&#8217;s primary profit sources. Revenue in the first quarter was $500.8 million, down 2.2% from $512.2 million in the same period last year.<\/p>\n<p>Las Vegas local revenue decreased 6.1% to $225.6 million, while downtown Las Vegas revenue also dropped 5.5% to $53.5 million. Boyd also mentioned that management and other revenue increased 7.2% to $34.4 million in the first quarter.<\/p>\n<p>Higher expenses affected Boyd&#8217;s profit margins.<br \/>\nIn terms of costs, total operating expenses for the quarter were $741.1 million, up 9.1% from $679.1 million in the same period last year. One of the main increases came from the online business, which saw costs rise 23.0% to $125.5 million. In contrast, land-based operating costs remained stable or decreased.<\/p>\n<p>Boyd also mentioned that expenses related to financing increased by $41.9 million. Consequently, its pre-tax profit was $177.5 million, down 31.5% from the same period in 2023.<\/p>\n<p>The group paid $41 million in taxes, resulting in a net profit of $136.5 million for the initial quarter, down 31.7% from $199.7 million last year. Additionally, adjusted EBITDAR declined 10.0% to $330.5 million, and adjusted EBITDA (excluding master lease rent expense) fell 10.9% to $303.3 million. <\/p>\n<p>Although we encountered some obstacles this quarter, we witnessed positive indicators in our business, including sustained growth in core customer interaction,&#8221; Smith stated. &#8220;We remain dedicated to intelligent marketing and operational strategies, coupled with efficient operations.<\/p>\n<p>&#8220;We are confident in our ability to navigate the present circumstances and continue to provide value to our shareholders.&#8221;<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boyd Gaming&#8217;s online ventures saw a surge in the initial three months, balancing out a year-on-year dip in income from its core land-based gambling operations. This resulted in a modest overall revenue drop of just 0.4%. Boyd Gaming&#8217;s first-quarter earnings reached $960.5 million (\u00a3768.4 million\/\u20ac895.8 million), a slight decrease compared to the $964 million recorded [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boyd Gaming Q1 Earnings: Online Growth Balances Land-Based Dip<\/title>\n<meta name=\"description\" content=\"Boyd Gaming\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Boyd Gaming&#039;s Online Ventures Drive Revenue Growth Despite Land-Based Slump\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Immerse Yourself in Licensed Casino Fun &amp; Latest News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T22:40:27+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/\",\"url\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/\",\"name\":\"Boyd Gaming Q1 Earnings: Online Growth Balances Land-Based Dip\",\"isPartOf\":{\"@id\":\"https:\/\/digits7promocode2024.icu\/#website\"},\"datePublished\":\"2024-06-25T22:40:27+00:00\",\"dateModified\":\"2024-06-25T22:40:27+00:00\",\"author\":{\"@id\":\"https:\/\/digits7promocode2024.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Boyd Gaming\",\"breadcrumb\":{\"@id\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/digits7promocode2024.icu\/2024\/06\/26\/boyd-gamings-online-ventures-drive-revenue-growth-despite-land-based-slump\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/digits7promocode2024.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Boyd Gaming&#8217;s Online Ventures Drive Revenue Growth Despite Land-Based Slump\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/digits7promocode2024.icu\/#website\",\"url\":\"https:\/\/digits7promocode2024.icu\/\",\"name\":\"Immerse Yourself in Licensed Casino Fun &amp; Latest News\",\"description\":\"Stay ahead of the curve with our up-to-date casino news, in-depth game reviews, and informative insights. 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