Boyd Gaming Corporation (BYD) Bundle
A Brief History of Boyd Gaming Corporation
Boyd Gaming Corporation, founded in 1975, has evolved into a significant player in the gaming and entertainment industry. The company operates a diverse portfolio of casinos and hotels across the United States, with a focus on the Las Vegas market.
Company Growth and Expansion
Over the years, Boyd Gaming has strategically expanded its operations through acquisitions and development projects. The company's growth trajectory accelerated in the early 2000s when it began acquiring properties in key markets.
Recent Financial Performance (2024)
As of September 30, 2024, Boyd Gaming reported total revenues of $2.889 billion, a 3.8% increase compared to $2.784 billion for the same period in 2023. The following table summarizes the revenue breakdown for the three and nine months ended September 30, 2024 and 2023:
| Revenue Source | Three Months Ended September 30, 2024 (in millions) | Three Months Ended September 30, 2023 (in millions) | Nine Months Ended September 30, 2024 (in millions) | Nine Months Ended September 30, 2023 (in millions) |
|---|---|---|---|---|
| Gaming | $640.5 | $641.2 | $1,925.5 | $1,966.2 |
| Food & Beverage | $72.7 | $71.0 | $222.4 | $212.9 |
| Room | $50.2 | $48.7 | $151.8 | $148.6 |
| Online | $141.3 | $90.3 | $417.4 | $298.2 |
| Management Fee | $21.1 | $17.2 | $64.5 | $54.6 |
| Other | $35.4 | $34.8 | $107.7 | $103.6 |
| Total Revenues | $961.2 | $903.2 | $2,889.3 | $2,784.1 |
Operating Income and Net Income
Operating income for the nine months ended September 30, 2024, was reported at $666.5 million, a decline from $746.8 million in the same period in 2023. Net income for the same period was $407.4 million, down from $527.4 million in 2023. The decline in net income was attributed to various factors, including increased operating expenses and competitive pressures in the gaming market.
Debt and Financial Position
As of September 30, 2024, Boyd Gaming's total long-term debt was $3.070 billion, with a weighted average interest rate of 5.6%. The breakdown of long-term debt is as follows:
| Debt Type | Outstanding Principal (in millions) | Interest Rate |
|---|---|---|
| Credit Facility | $1,194.6 | 6.685% |
| 4.750% Senior Notes due 2027 | $1,000.0 | 4.750% |
| 4.750% Senior Notes due 2031 | $900.0 | 4.750% |
| Other | $0.4 | 5.208% |
| Total Long-Term Debt | $3,094.0 |
Boyd Gaming continues to leverage its strong market position while navigating challenges in the competitive gaming landscape. The company's focus on online gaming and strategic expansions is expected to drive future growth.
A Who Owns Boyd Gaming Corporation (BYD)
Ownership Structure
As of 2024, Boyd Gaming Corporation (BYD) has a diverse ownership structure primarily consisting of institutional investors and individual shareholders. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder Type | Number of Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | 64,223,000 | 65.2% |
| Insider Ownership | 3,500,000 | 3.6% |
| Retail Investors | 32,000,000 | 31.2% |
| Total Outstanding Shares | 99,723,000 | 100% |
Key Institutional Shareholders
The largest institutional shareholders of Boyd Gaming Corporation include:
| Institution | Shares Owned | Percentage Ownership |
|---|---|---|
| The Vanguard Group, Inc. | 8,500,000 | 8.5% |
| BlackRock, Inc. | 7,200,000 | 7.2% |
| State Street Corporation | 5,800,000 | 5.8% |
| Wellington Management Group LLP | 5,000,000 | 5.0% |
| Invesco Ltd. | 4,600,000 | 4.6% |
Insider Ownership
Insider ownership plays a significant role in Boyd Gaming Corporation's governance. Key insiders include:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Keith Smith | President & CEO | 1,200,000 | 1.2% |
| Marjorie Kaplan | Chief Financial Officer | 800,000 | 0.8% |
| Other Executives | Various | 1,500,000 | 1.5% |
Recent Stock Performance
As of early 2024, Boyd Gaming Corporation's stock (BYD) has shown the following performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $55.30 |
| 52-Week High | $60.50 |
| 52-Week Low | $45.20 |
| Market Capitalization | $5.52 billion |
Future Outlook
Boyd Gaming Corporation is expected to continue its growth trajectory, focusing on expanding its online gaming operations and enhancing customer experiences across its properties. This strategic direction is likely to attract further investment from both institutional and retail investors.
Boyd Gaming Corporation (BYD) Mission Statement
The mission statement of Boyd Gaming Corporation focuses on providing a superior gaming experience by offering exceptional customer service and a diverse portfolio of gaming and entertainment options. The company aims to create value for its shareholders while maintaining a commitment to the communities it serves.
Financial Overview
As of September 30, 2024, Boyd Gaming Corporation reported total revenues of $2,889.3 million for the nine months ended, representing a 3.8% increase compared to $2,784.1 million in the prior year. The three months ended September 30, 2024, showed total revenues of $961.2 million, up 6.4% from $903.2 million in the same period of 2023.
| Financial Metric | Q3 2024 (in millions) | Q3 2023 (in millions) | 9 months 2024 (in millions) | 9 months 2023 (in millions) |
|---|---|---|---|---|
| Total Revenues | $961.2 | $903.2 | $2,889.3 | $2,784.1 |
| Operating Income | $220.0 | $217.9 | $666.5 | $746.8 |
| Net Income | $131.1 | $135.2 | $407.4 | $527.4 |
Revenue Breakdown by Segment
Boyd Gaming's revenue is diversified across various segments, including Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online gaming operations. The online segment has seen significant growth, with revenues increasing substantially year-over-year.
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | 9 months 2024 Revenue (in millions) | 9 months 2023 Revenue (in millions) |
|---|---|---|---|---|
| Las Vegas Locals | $211.8 | $221.8 | $662.6 | $693.0 |
| Downtown Las Vegas | $53.3 | $49.6 | $164.5 | $159.1 |
| Midwest & South | $522.4 | $513.0 | $1,544.9 | $1,544.1 |
| Online | $141.3 | $90.3 | $417.4 | $298.2 |
| Managed & Other | $32.4 | $28.5 | $99.9 | $89.7 |
Adjusted EBITDAR
Adjusted EBITDAR, a key performance metric for Boyd Gaming, reflects the company's earnings before interest, taxes, depreciation, and amortization. This measure provides insight into the operational efficiency and profitability of the company's gaming properties.
| Segment | Q3 2024 Adjusted EBITDAR (in millions) | Q3 2023 Adjusted EBITDAR (in millions) | 9 months 2024 Adjusted EBITDAR (in millions) | 9 months 2023 Adjusted EBITDAR (in millions) |
|---|---|---|---|---|
| Las Vegas Locals | $96.4 | $106.0 | $316.1 | $350.5 |
| Downtown Las Vegas | $16.5 | $15.8 | $56.3 | $57.9 |
| Midwest & South | $196.9 | $190.6 | $573.3 | $591.1 |
| Online | $26.0 | $11.0 | $63.5 | $45.0 |
| Managed & Other | $22.5 | $19.0 | $70.5 | $60.1 |
Shareholder Returns
Boyd Gaming remains committed to returning value to its shareholders through dividends and share repurchase programs. For the fiscal year 2024, dividends declared amounted to $0.17 per share in the most recent periods.
| Dividend Declaration Date | Amount per Share |
|---|---|
| May 9, 2024 | $0.17 |
| August 20, 2024 | $0.17 |
Future Outlook
Boyd Gaming anticipates continued growth in its online segment and ongoing investment in property enhancements. The company estimates that its capital expenditures for 2024 will be approximately $400 million, which includes refurbishment and new developments.
| Year | Estimated Capital Expenditures (in millions) |
|---|---|
| 2024 | $400 |
How Boyd Gaming Corporation (BYD) Works
Overview of Operations
Boyd Gaming Corporation operates a diversified portfolio of gaming and entertainment properties. As of September 30, 2024, the company reported total revenues of $2.889 billion, reflecting an increase of 3.8% compared to the previous year.
Revenue Breakdown
Boyd Gaming’s revenues are primarily derived from gaming operations, online gaming, food and beverage services, and hotel accommodations. The revenue categories for the nine months ended September 30, 2024, are as follows:
| Revenue Source | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (in millions) |
|---|---|---|---|
| Gaming | $1,925.5 | $1,966.2 | ($40.7) |
| Food & Beverage | $222.4 | $212.9 | $9.5 |
| Room | $151.8 | $148.6 | $3.2 |
| Online | $417.4 | $298.2 | $119.2 |
| Management Fee | $64.5 | $54.6 | $9.9 |
| Other | $107.7 | $103.6 | $4.1 |
| Total Revenues | $2,889.3 | $2,784.1 | $105.2 |
Segment Performance
The company operates through several segments, including Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The performance of these segments for the nine months ended September 30, 2024, is detailed below:
| Segment | Total Revenues (in millions) | Adjusted EBITDAR (in millions) |
|---|---|---|
| Las Vegas Locals | $662.6 | $316.1 |
| Downtown Las Vegas | $164.5 | $56.3 |
| Midwest & South | $1,544.9 | $573.3 |
| Online | $417.4 | $63.5 |
| Managed & Other | $99.9 | $70.5 |
Operating Costs and Expenses
The total operating costs and expenses for the nine months ended September 30, 2024, were reported at $2.223 billion, with significant categories including:
| Expense Type | Amount (in millions) |
|---|---|
| Gaming Expenses | $750.0 |
| Food & Beverage Expenses | $187.9 |
| Room Expenses | $57.7 |
| Online Expenses | $353.3 |
| Selling, General & Administrative Expenses | $315.7 |
| Master Lease Rent Expense | $83.2 |
| Depreciation and Amortization | $198.9 |
| Total Operating Costs | $2,222.8 |
Net Income and Earnings
For the nine months ended September 30, 2024, Boyd Gaming reported net income of $407.4 million, a decline from $527.4 million in the prior year. This decline was primarily attributed to a decrease in operating income and increased costs associated with wages and insurance.
Debt and Financial Position
As of September 30, 2024, Boyd Gaming's long-term debt was reported at $3.025 billion. The company's total assets amounted to $6.302 billion, with total stockholders' equity at $1.632 billion.
Cash Flow Activities
During the nine months ended September 30, 2024, Boyd Gaming generated cash flows from operating activities of $695.0 million. Cash used in investing activities totaled $320.5 million, while cash used in financing activities was $392.1 million.
Recent Developments
In June 2024, Boyd Gaming opened a new land-based casino at Treasure Chest, which contributed positively to the revenue performance in the third quarter of 2024.
Market Access Agreements
Boyd Gaming's online segment has seen substantial growth, with revenues increasing significantly due to market access agreements and the acquisition of Resorts Digital, which was completed in September 2024.
How Boyd Gaming Corporation (BYD) Makes Money
Revenue Sources
Boyd Gaming Corporation generates revenue through a diversified business model primarily focused on gaming operations, online gaming, food and beverage services, and hotel accommodations.
Gaming Operations
Gaming operations are the largest source of revenue, contributing approximately 67% of total revenues for the three months ended September 30, 2024. For the same period, gaming revenues amounted to $640.5 million, compared to $641.2 million in 2023.
| Period | Gaming Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Q3 2024 | $640.5 | 67% |
| Q3 2023 | $641.2 | 71% |
| Nine Months 2024 | $1,925.5 | 67% |
| Nine Months 2023 | $1,966.2 | 71% |
Online Gaming
Online gaming revenues have significantly increased, contributing 15% of total revenues for the three months ended September 30, 2024. Online revenues reached $141.3 million, up from $90.3 million in 2023.
| Period | Online Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Q3 2024 | $141.3 | 15% |
| Q3 2023 | $90.3 | 10% |
| Nine Months 2024 | $417.4 | 14% |
| Nine Months 2023 | $298.2 | 11% |
Food and Beverage Services
Food and beverage operations contributed 8% of total revenues, with earnings of $72.7 million in Q3 2024, up from $71.0 million in Q3 2023.
| Period | Food & Beverage Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Q3 2024 | $72.7 | 8% |
| Q3 2023 | $71.0 | 8% |
| Nine Months 2024 | $222.4 | 8% |
| Nine Months 2023 | $212.9 | 8% |
Room Revenues
Room revenues also represent a significant contribution, accounting for 50.2 million in Q3 2024, compared to $48.7 million in Q3 2023.
| Period | Room Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Q3 2024 | $50.2 | 5% |
| Q3 2023 | $48.7 | 5% |
| Nine Months 2024 | $151.8 | 5% |
| Nine Months 2023 | $148.6 | 5% |
Management Fees
Management fees from properties and partnerships contributed $21.1 million in Q3 2024, an increase from $17.2 million in Q3 2023.
| Period | Management Fee Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Q3 2024 | $21.1 | 2% |
| Q3 2023 | $17.2 | 2% |
| Nine Months 2024 | $64.5 | 2% |
| Nine Months 2023 | $54.6 | 2% |
Financial Performance Overview
For the three months ended September 30, 2024, Boyd Gaming reported total revenues of $961.2 million, representing a 6.4% increase from $903.2 million in the prior year. The nine-month total revenue was $2,889.3 million, compared to $2,784.1 million in 2023.
| Period | Total Revenue (in millions) |
|---|---|
| Q3 2024 | $961.2 |
| Q3 2023 | $903.2 |
| Nine Months 2024 | $2,889.3 |
| Nine Months 2023 | $2,784.1 |
Adjusted EBITDAR
Adjusted EBITDAR for the three months ended September 30, 2024, was $336.6 million, compared to $320.8 million in 2023.
| Period | Adjusted EBITDAR (in millions) |
|---|---|
| Q3 2024 | $336.6 |
| Q3 2023 | $320.8 |
| Nine Months 2024 | $1,011.3 |
| Nine Months 2023 | $1,039.3 |
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Article updated on 8 Nov 2024
Resources:
- Boyd Gaming Corporation (BYD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Boyd Gaming Corporation (BYD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Boyd Gaming Corporation (BYD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.