Boyd Gaming saw a minor revenue uptick in the recent quarter, even with a 6% drop in its gambling sector compared to the same period last year.
Although income from gaming activities did experience a decrease, the corporation still achieved a small overall revenue gain for the quarter, hitting $894.5 million versus $893.6 million in the corresponding period the year prior.
This expansion was fueled partially by robust results in non-gaming divisions. Their “Food & Beverage” area brought in $70.3 million, while “Room” and “Other” areas added almost $50 million and $89.3 million accordingly.
Despite this varied portfolio, gaming continues to be the company’s primary earner. The sector produced nearly $685 million, signifying more than 75% of Boyd’s total Q2 revenue.
Nevertheless, this number does indicate a decrease exceeding $40 million in comparison to Q2 2021. This reduction also affected profitability, with adjusted EBITDAR experiencing an 8% decline.
In spite of this, Boyd’s President and CEO, Keith Smith, maintained a positive outlook. He highlighted that these outcomes follow a record-setting performance in the preceding year.
Indeed, Smith recognized that Q2 2021 established a high standard for comparison, noting, “The second quarter of 2021 presented a difficult benchmark given the influence of government stimulus and the relaxation of COVID-19 limitations.”
Considering the circumstances, he labeled the firm’s latest second-quarter results “robust,” stating: “Our operational force remains potent, with core customer engagement rising consecutively and annually relative to the first quarter of 2022.
“Notwithstanding inflationary constraints, the enterprise witnessed operational profitability gains compared to the preceding quarter.
“Broadly, we are optimistic about the sustained expansion of our operations and maintain assurance in our approach and capacity to maneuver through the present unpredictable financial climate.”
