BYD Boyd Gaming Corp

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Nevada		001-12882		88-0242733
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	BYD	New York Stock Exchange

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Exhibit Number		Description
99.1		Press Release, dated February 6, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Date:	February 6, 2025	Boyd Gaming Corporation
	By:	/s/ Lori M. Nelson
		Lori M. Nelson
		Senior Vice President Financial Operations and Reporting and Chief Accounting Officer

Exhibit 99.1

 

 

 

 

BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2024 RESULTS

 

LAS VEGAS - FEBRUARY 6, 2025 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2024.

 

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Company continued to deliver solid results in the fourth quarter, consistent with our strong full-year performance. Our diversified business model, strong operating efficiencies and contributions from our recent property investments drove revenue and EBITDAR growth on a Companywide basis during the fourth quarter, as we maintained property-level operating margins of over 40%. We also continued our balanced approach to capital allocation throughout 2024, investing in our properties nationwide, returning nearly $750 million to shareholders, and maintaining the strongest balance sheet in our Company’s history. As we mark the conclusion of another successful year, we are proud of the strong foundation we have built and are confident in our strategy to deliver long-term value for our shareholders.” 

 

Smith added: “On January 1^st, 2025, Boyd Gaming reached a historic milestone as we celebrated our 50^th year in business. Since our founding in 1975, our Company has grown from a single property in downtown Las Vegas into one of the largest and most respected gaming companies in the United States. And while we are a much different company today than we were 50 years ago, the vision and integrity of our founders, Sam and Bill Boyd, continue to guide us to this day.”

 

Fourth-Quarter and Full-Year 2024 Results

Boyd Gaming reported fourth-quarter 2024 revenues of $1.0 billion, increasing from $954.4 million in the fourth quarter of 2023. The Company reported net income of $170.5 million, or $1.92 per share, for the fourth quarter of 2024, compared to $92.6 million, or $0.94 per share, for the year-ago period. The Company’s fourth-quarter 2023 results were impacted by $103.3 million in non-cash, pretax goodwill and intangible asset impairment charges.

 

 

 

 

 

Total Adjusted EBITDAR⁽¹⁾ was $379.3 million in the fourth quarter of 2024, up from $355.5 million in the fourth quarter of 2023. Adjusted Earnings⁽¹⁾ for the fourth quarter of 2024 were $174.7 million, or $1.96 per share, compared to $163.8 million, or $1.66 per share, for the same period in 2023. 

 

For the full year 2024, Boyd Gaming reported revenues of $3.9 billion, up from $3.7 billion for the full year 2023. The Company reported net income of $578.0 million, or $6.19 per share, compared to net income of $620.0 million, or $6.12 per share, for the full year 2023.  The Company’s full-year 2023 results were impacted by $107.8 million in non-cash, pretax goodwill and intangible asset impairment charges.

 

Total Adjusted EBITDAR for the full year 2024 was $1.4 billion, essentially even with the prior year. Full-year 2024 Adjusted Earnings were $611.3 million, or $6.55 per share, compared to Adjusted Earnings of $639.9 million, or $6.31 per share, for the full year 2023.

 

(1)

See footnotes at the end of the release for additional information relative to non-GAAP financial measures.

 

Operations Review

During the fourth quarter, results in the Company’s Las Vegas Locals segment reflected ongoing competitive pressures at The Orleans and Gold Coast, while the remainder of the properties in the segment continued to perform better than the broader same-store market. In Downtown Las Vegas, results benefitted from the Company’s recent property investments, as well as strong visitation from Hawaiian customers. The Midwest & South segment delivered both revenue and Adjusted EBITDAR growth, primarily driven by contributions from Treasure Chest’s new land-based facility.

 

The Company’s Online segment achieved strong revenue and Adjusted EBITDAR growth during the fourth quarter, with increased contributions and one-time benefits from the Company’s market-access agreements.  Growth in Managed & Other was driven by continued strong performance at Sky River Casino in northern California.

 

 

 

Dividend and Share Repurchase Update

Boyd Gaming paid a quarterly cash dividend of $0.17 per share on January 15, 2025, as previously announced.

 

As part of its ongoing share repurchase program, the Company repurchased $203 million in shares of its common stock during the fourth quarter of 2024. As of December 31, 2024, the Company had approximately $640 million remaining under current share repurchase authorizations.

 

Balance Sheet Statistics

As of December 31, 2024, Boyd Gaming had cash on hand of $316.7 million, and total debt of $3.2 billion. 

 

Conference Call Information

Boyd Gaming will host a conference call to discuss its fourth-quarter and full-year 2024 results today, February 6, at 5:00 p.m. Eastern.  The conference call number is (800) 836-8184. No passcode is required to join the call.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

 

The conference call will also be available online at https://investors.boydgaming.com, or https://app.webinar.net/zLPQEW9A5Rk.

 

Following the call’s completion, a replay will be available by dialing (888) 660-6345 today, February 6, and continuing through Thursday, February 13.  The passcode for the replay will be 55103#.  The replay will also be available at https://investors.boydgaming.com.

 

 

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(Unaudited)

 

		Three Months Ended								Year Ended
		December 31,								December 31,
(In thousands, except per share data)		2024				2023				2024				2023
Revenues
Gaming		$	658,440			$	647,083			$	2,583,926			$	2,613,288
Food & beverage			81,161				75,481				303,522				288,417
Room			52,840				50,571				204,608				199,117
Online			188,821				124,058				606,233				422,211
Management fee			23,880				22,292				88,407				76,921
Other			35,773				34,927				143,498				138,538
Total revenues			1,040,915				954,412				3,930,194				3,738,492
Operating costs and expenses
Gaming			249,787				248,910				999,753				1,000,240
Food & beverage			66,088				63,256				253,940				240,879
Room			19,863				18,610				77,591				73,490
Online			144,514				106,510				497,783				358,988
Other			12,990				12,204				51,322				46,323
Selling, general and administrative			111,517				90,558				427,226				389,891
Master lease rent expense (a)			28,159				27,235				111,406				108,398
Maintenance and utilities			36,255				35,677				148,366				151,014
Depreciation and amortization			77,705				68,203				276,639				256,780
Corporate expense			25,680				27,731				113,934				115,963
Project development, preopening and writedowns			6,618				2,333				28,572				(8,935	)
Impairment of assets			—				103,300				10,500				107,837
Other operating items, net			438				(5,166	)			5,385				(4,207	)
Total operating costs and expenses			779,614				799,361				3,002,417				2,836,661
Operating income			261,301				155,051				927,777				901,831
Other expense (income)
Interest income			(384	)			(1,441	)			(1,625	)			(23,886	)
Interest expense, net of amounts capitalized			45,943				42,314				177,409				171,247
Other, net			(299	)			967				(10	)			1,563
Total other expense, net			45,260				41,840				175,774				148,924
Income before income taxes			216,041				113,211				752,003				752,907
Income tax provision			(45,535	)			(20,606	)			(174,051	)			(132,884	)
Net income		$	170,506			$	92,605			$	577,952			$	620,023
Basic net income per common share		$	1.92			$	0.94			$	6.19			$	6.12
Weighted average basic shares outstanding			88,982				98,935				93,314				101,325
Diluted net income per common share		$	1.92			$	0.94			$	6.19			$	6.12
Weighted average diluted shares outstanding			89,006				98,979				93,349				101,373

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(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

 

 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Net Income 

(Unaudited)

 

		Three Months Ended								Year Ended
		December 31,								December 31,
(In thousands)		2024				2023				2024				2023
Total Revenues by Segment
Las Vegas Locals		$	231,971			$	235,075			$	894,508			$	928,118
Downtown Las Vegas			65,559				63,314				230,091				222,407
Midwest & South			518,499				497,898				2,063,415				2,041,945
Online			188,821				124,058				606,233				422,211
Managed & Other			36,065				34,067				135,947				123,811
Total revenues		$	1,040,915			$	954,412			$	3,930,194			$	3,738,492
Adjusted EBITDAR by Segment
Las Vegas Locals		$	112,318			$	120,431			$	428,423			$	470,971
Downtown Las Vegas			26,981				27,631				83,325				85,507
Midwest & South			192,390				190,568				765,706				781,673
Online			44,066				17,309				107,604				62,337
Managed & Other			25,703				24,384				96,153				84,478
Corporate expense, net of share-based compensation expense (a)			(22,174	)			(24,861	)			(90,618	)			(90,175	)
Adjusted EBITDAR			379,284				355,462				1,390,593				1,394,791
Master lease rent expense (b)			(28,159	)			(27,235	)			(111,406	)			(108,398	)
Adjusted EBITDA			351,125				328,227				1,279,187				1,286,393
Other operating costs and expenses
Deferred rent			162				177				648				708
Depreciation and amortization			77,705				68,203				276,639				256,780
Share-based compensation expense			4,901				4,329				29,666				32,379
Project development, preopening and writedowns			6,618				2,333				28,572				(8,935	)
Impairment of assets			—				103,300				10,500				107,837
Other operating items, net			438				(5,166	)			5,385				(4,207	)
Total other operating costs and expenses			89,824				173,176				351,410				384,562
Operating income			261,301				155,051				927,777				901,831
Other expense (income)
Interest income			(384	)			(1,441	)			(1,625	)			(23,886	)
Interest expense, net of amounts capitalized			45,943				42,314				177,409				171,247
Other, net			(299	)			967				(10	)			1,563
Total other expense, net			45,260				41,840				175,774				148,924
Income before income taxes			216,041				113,211				752,003				752,907
Income tax provision			(45,535	)			(20,606	)			(174,051	)			(132,884	)
Net income		$	170,506			$	92,605			$	577,952			$	620,023

__________________________________________

(a) Reconciliation of corporate expense:

 

		Three Months Ended								Year Ended
		December 31,								December 31,
(In thousands)		2024				2023				2024				2023
Corporate expense as reported on Condensed Consolidated
Statements of Operations		$	25,680			$	27,731			$	113,934			$	115,963
Corporate share-based compensation expense			(3,506	)			(2,870	)			(23,316	)			(25,788	)
Corporate expense, net, as reported on the above table		$	22,174			$	24,861			$	90,618			$	90,175

 

(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

 

 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliations of Net Income to Adjusted Earnings

and Net Income Per Share to Adjusted Earnings Per Share 

(Unaudited)

 

		Three Months Ended								Year Ended
		December 31,								December 31,
(In thousands, except per share data)		2024				2023				2024				2023
Net income		$	170,506			$	92,605			$	577,952			$	620,023
Pretax adjustments:
Project development, preopening and writedowns			6,618				2,333				28,572				(8,935	)
Impairment of assets			—				103,300				10,500				107,837
Other operating items, net			438				(5,166	)			5,385				(4,207	)
Interest income (a)			—				—				—				(14,315	)
Other, net			(299	)			967				(10	)			1,563
Total adjustments			6,757				101,434				44,447				81,943
Income tax effect for above adjustments			(2,531	)			(30,214	)			(11,135	)			(26,231	)
Impact of tax valuation allowance			—				—				—				(35,856	)
Adjusted earnings		$	174,732			$	163,825			$	611,264			$	639,879
Net income per share, diluted		$	1.92			$	0.94			$	6.19			$	6.12
Pretax adjustments:
Project development, preopening and writedowns			0.07				0.02				0.31				(0.09	)
Impairment of assets			—				1.04				0.11				1.06
Other operating items, net			—				(0.05	)			0.06				(0.04	)
Interest income (a)			—				—				—				(0.14	)
Other, net			—				0.01				—				0.02
Total adjustments			0.07				1.02				0.48				0.81
Income tax effect for above adjustments			(0.03	)			(0.30	)			(0.12	)			(0.26	)
Impact of tax valuation allowance			—				—				—				(0.36	)
Adjusted earnings per share, diluted		$	1.96			$	1.66			$	6.55			$	6.31
Weighted average diluted shares outstanding			89,006				98,979				93,349				101,373

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(a) Adjustment to the expected losses for interest on note receivable.

 

 

Non-GAAP Financial Measures

Our financial presentations include the following non-GAAP financial measures:

 

●

EBITDA: earnings before interest, taxes, depreciation and amortization,

●

Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt and other items, net, as applicable,

●

EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,

●

Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,

●

Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, adjustments to the expected losses for interest on note receivable, the release of valuation allowances on deferred tax assets and other non-recurring adjustments, net, as applicable, and,

●

Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding.

 

Collectively, we refer to these and other non-GAAP financial measures as the “Non-GAAP Measures”. 

 

The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.

 

The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

 

The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

 

 

 

 

Forward-looking Statements and Company Information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming’s ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

 

About Boyd Gaming

Celebrating its 50^th anniversary in 2025, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California, and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service.  Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Corporate Social Responsibility (CSR) initiatives that positively impact the Company's stakeholders and communities.  For additional Company information and press releases, visit https://investors.boydgaming.com.

 

 

	Financial Contact:		Media Contact:
	Josh Hirsberg		David Strow
	(702) 792-7234		(702) 792-7386
	joshhirsberg@boydgaming.com		davidstrow@boydgaming.com

 

 

v3.25.0.1

Document And Entity Information	Feb. 06, 2025
Document Information [Line Items]
Entity, Registrant Name	Boyd Gaming Corporation
Document, Type	8-K
Document, Period End Date	Feb. 06, 2025
Entity, Incorporation, State or Country Code	NV
Entity, File Number	001-12882
Entity, Tax Identification Number	88-0242733
Entity, Address, Address Line One	6465 South Rainbow Boulevard
Entity, Address, City or Town	Las Vegas
Entity, Address, State or Province	NV
Entity, Address, Postal Zip Code	89118
City Area Code	702
Local Phone Number	792-7200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock
Trading Symbol	BYD
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000906553

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