Boyd Gaming has released its financial results for the fourth quarter and full year 2024, highlighting strong revenue growth across several segments. For Q4 2024, the company reported revenues of $1.0 billion, an increase from $954.4 million in the same period in 2023. Net income for the quarter was $170.5 million, or $1.92 per share, compared to $92.6 million, or $0.94 per share, for Q4 2023. The previous year’s results were impacted by non-cash impairment charges totaling $103.3 million.
The company’s fourth-quarter adjusted earnings before interest, taxes, depreciation, amortization, and rent (Adjusted EBITDAR) stood at $379.3 million, up from $355.5 million in Q4 2023. Adjusted earnings for Q4 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 generated revenues of $3.9 billion, up from $3.7 billion in 2023. Net income for 2024 was $578.0 million, or $6.19 per share, compared to $620.0 million, or $6.12 per share, in 2023. The previous year’s results were impacted by $107.8 million in impairment charges. Total Adjusted EBITDAR for 2024 was $1.4 billion, essentially flat compared to the prior year, while Adjusted Earnings for the full year were $611.3 million, or $6.55 per share, down from $639.9 million, or $6.31 per share, in 2023.
During the fourth quarter, Boyd Gaming’s Las Vegas Locals segment faced ongoing competitive pressures, particularly at The Orleans and Gold Coast properties, although the rest of the segment outperformed the broader market. In Downtown Las Vegas, results were positively impacted by recent property investments and strong visitation from Hawaiian customers. Boyd Gaming’s Midwest & South segment showed growth in both revenue and Adjusted EBITDAR, driven by contributions from Treasure Chest’s new land-based facility.
The company’s Online segment saw strong revenue and Adjusted EBITDAR growth in Q4 2024, supported by increased contributions from market-access agreements. Additionally, Boyd Gaming experienced growth in its Managed & Other segment, with strong performance at Sky River Casino in northern California.
As part of its shareholder return strategy, Boyd Gaming declared a quarterly cash dividend of $0.17 per share, paid on January 15, 2025. The company also repurchased $203 million of its common stock during Q4 2024. As of December 31, 2024, Boyd Gaming had approximately $640 million remaining under its share repurchase authorization.
In terms of its balance sheet, Boyd Gaming reported cash on hand of $316.7 million and total debt of $3.2 billion as of 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 1st, 2025, Boyd Gaming reached a historic milestone as we celebrated our 50th 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.”
