Online Gaming Drives Boyd Gaming Revenue Up in 2023
LISTEN TO THIS ARTICLE:Thanks to growth in its online division, Boyd Gaming enjoyed record revenue and adjusted EBITDAR in its 2023 financial year. In the last financial year, the company saw revenue of $3.74 billion, an increase of 5.2% from 2022 while EBITDAR reached $1.29 billion.
Boyd Gaming’s main source of revenue was its casino gaming business, but it did experience a small drop. Nonetheless, there was a year-on-year increase in revenue from room and food and beverage.
However, as noted, it was the online division that pushed the company’s revenue to a new record. Online revenue grew 66.2% to $422.2 million and it was the second largest source after casino gaming.
Successive Record Years
Talking about the year, Keith Smith, Boyd’s CEO, was full of praise for the online segment and he also noted the effect of management fees revenue, which grew by 186%.
It was another great year for our company. We continue to build on the record performances we have delivered over each of the last several years. 2023 was the third consecutive year we set revenue and EBITDAR records on a full-year basis. This performance is a tribute to our diversified portfolio with strong growth from both our online and managed businesses. This growth was complemented by stable revenues from our property operations as we saw continued strength in play from our core customers and growth in our non-gaming business.
Related: Boyd Gaming Owed $19m in Tax Refunds Following Legal Battle
A Closer Look at the Figures
Looking at the results in more detail, there was a 2.3% fall to $2.61 billion in gaming revenue, but food and beverage revenue grew 4.5% to $288.4 million, and room revenue was up 5.3% to $199.1 million. As Smith pointed out, management fee revenue climbed to $76.9 million and other revenue grew 2.7% to $138.5 million.
Looking at regions, Midwest and South were at the top of the ladder with revenue of $2.04 billion, a fall of 1.7%. Las Vegas Locals revenue fell 0.3% to $928.1 million but countering this, Downtown Las Vegas revenue climbed 3.3% to $222.4 million.
As mentioned, online revenue was $422.2 million and other revenue reached a combined $123.8 million. However, operational costs grew 10.2% to $2.84 billion. The largest cost was gaming, at $1 billion, and selling, general, and administrative costs were $389.9 million, and online costs $359 million. There were also finance-linked costs of $148.9 million, which resulted in a pre-tax profit of $752.9 million for 2023, a fall of 9.2%.
This means that after paying tax of $132.9 million, Boyd Gaming saw a net profit of $620 million, a fall of 2% from 2022.
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