Boyd Gaming announced its financial results for the second quarter ending June 30, 2024, reporting a 5.5% increase in revenue to $967.5 million. The growth was primarily driven by the expansion of online operations.
Net income for the quarter was $139.8 million, or $1.47 per share, a 22% decrease in earnings per share. Last year's performance included a one-time tax benefit, hence a lower tax rate of about 5%, compared to this quarter's 24%.
Adjusted EBITDAR for Q2 2024 decreased by 2% to $344.2 million. Adjusted earnings were $150 million, or $1.58 per share.
Performance of the Las Vegas locals hotels improved compared to the first quarter. The Orleans and Gold Coast faced competitive pressures but performed in line with the market.
Benefiting from an increase in visitors from Hawaii and recent real estate investments, operations in Downtown Las Vegas experienced both sequential and year-over-year growth.
In the Midwest and South regions, revenue grew slightly by 0.6%, buoyed by core customer growth and stable retail operations. The newly opened Treasure Chest casino entity in early June made a positive contribution.
The online business segment and adjusted EBITDAR both saw double-digit growth, with revenues increasing by 52.9%, largely due to the strong performance of FanDuel's sports betting operations. Managed and other business segments also saw growth, with Northern California's Sky River Casino continuing to perform strongly.
