{"id":236,"date":"2024-06-27T21:47:15","date_gmt":"2024-06-27T18:47:15","guid":{"rendered":"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/"},"modified":"2024-06-27T21:47:15","modified_gmt":"2024-06-27T18:47:15","slug":"boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline","status":"publish","type":"post","link":"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/","title":{"rendered":"Boyd Gaming&#8217;s Digital Expansion Counteracts Brick-and-Mortar Decline"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/aV-v46-khmY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Boyd Gaming&#8217;s digital enterprise expansion in the initial period counterbalanced the effect of a year-on-year reduction in income from its three primary brick-and-mortar casino operations, leading to an overall revenue decrease of just 0.4%.<\/p>\n<p>Earnings for the three-month period ending March 31 were \u20ac960.5 million (\u00a3768.4 million\/$895.8 million), slightly less than Boyd&#8217;s $964 million for the first quarter of 2023.<\/p>\n<p>All three of Boyd&#8217;s land-based ventures \u2013 Las Vegas Locals, Downtown Las Vegas, and Midwest and South \u2013 experienced revenue drops this year. Las Vegas Locals saw the most significant decrease, down 6.1% year-on-year.<\/p>\n<p>Chief Executive Officer and President Keith Smith highlighted that the Las Vegas Locals performance was compared to a record-breaking first quarter in 2023. Smith also mentioned &#8220;heightened competitive pressure&#8221; in the market, specifically from the Durango Casino Resort which opened in December.<\/p>\n<p>Regarding the decline in the Midwest and South operations, Boyd&#8217;s primary revenue source, Smith attributed it to unfavorable weather conditions earlier in the first quarter. In January, the US experienced several severe winter storms, impacting land-based casino attendance in various markets.<\/p>\n<p>Despite these setbacks for Boyd, Smith remains hopeful about the remainder of the year. <\/p>\n<p>In spite of these difficulties, there were some positive signs in the initial three-month period, Smith stated. &#8220;We witnessed enhanced participation from our primary clientele in Nevada, as well as in the central and southern regions, as the quarter advanced.&#8221;<\/p>\n<p>Boyd&#8217;s internet-based operations continued to expand, providing a ray of optimism. The enterprise reported a double-digit increase in its online earnings, with the division&#8217;s EBITDAR reaching $20.5 million, remaining consistent with the previous year.<\/p>\n<p>Smith also conveyed gratitude for the influence of Boyd&#8217;s 5% ownership in FanDuel Group. He mentioned that FanDuel&#8217;s ongoing expansion and market dominance in numerous states is advantageous to Boyd.<\/p>\n<p>&#8220;We are satisfied with the robust commencement to the year for our online division,&#8221; Smith remarked. &#8220;The division delivered EBITDAR on par with the previous year&#8217;s exceptional performance. This was driven by FanDuel&#8217;s leading position in online sports wagering across the nation.<\/p>\n<p>&#8220;Beyond these financial contributions, we continue to profit from our 5% stake in FanDuel. This investment is appreciating as FanDuel continues to thrive nationwide, and it remains a valuable strategic and financial asset for our organization.&#8221;<\/p>\n<p>Boyd&#8217;s initial three-month period revenue breakdown was as follows:<br \/>\nGaming revenue was the most substantial at $634.1 million. However, this represented a 4.6% decrease from the previous year due to declines in physical operations.<\/p>\n<p>Food and beverage revenue remained stable at $72 million. <\/p>\n<p>Digital income experienced a minor decrease, settling at $48.9 million, while lodging revenue reached $6 million. Administrative fees and other income remained relatively consistent at $22.2 million and $36.4 million, respectively.<\/p>\n<p>However, digital revenue came to the rescue, experiencing a significant surge of 19.0% year-on-year to $146.2 million. This almost completely offset the decline in Boyd&#8217;s brick-and-mortar operations in the initial quarter.<\/p>\n<p>Regarding the performance of land-based casinos, the Midwest and Southern regions continued to be Boyd&#8217;s primary profit generators. Revenue in the first quarter reached $500.8 million, representing a 2.2% decrease from the $512.2 million recorded in the same period last year.<\/p>\n<p>Revenue from Las Vegas locals declined by 6.1% to $225.6 million, while downtown Las Vegas revenue also saw a decrease of 5.5% to $53.5 million. Boyd also reported an increase of 7.2% in management and other revenue, reaching $34.4 million in the first quarter.<\/p>\n<p>Increased expenses impacted Boyd&#8217;s profit margins.<br \/>\nTurning to expenditures, total operating expenses for the quarter amounted to $741.1 million, reflecting a 9.1% increase from the $679.1 million recorded in the same period last year. One of the main contributors to this increase was the online business, where costs rose by 23.0% to $125.5 million. In contrast, brick-and-mortar operating costs remained stable or decreased.<\/p>\n<p>Boyd also noted an increase of $41.9 million in finance-related expenses. Consequently, its pre-tax profit reached $177.5 million, representing a 31.5% decrease from the same period in 2023.<\/p>\n<p>The group paid $41 million in taxes, resulting in a net profit of $136.5 million for the first quarter, a 31.7% decrease from the $199.7 million recorded last year. Additionally, adjusted EBITDAR fell by 10.0% to $330.5 million, and adjusted EBITDA (excluding master lease rent expense) declined by 10.9% to $303.3 million. <\/p>\n<p>To summarize, despite the difficulties encountered this quarter, there have been positive signs within the company, including persistent expansion in the fundamental customer gaming sector. Smith stated, &#8220;We remain dedicated to controlled marketing and operational tactics, along with our commitment to efficient operations. <\/p>\n<p>Moving forward, we are assured of our capacity to manage the present circumstances and generate value for investors.&#8221;<\/p>\n<p>Sign up for the iGaming News Newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boyd Gaming&#8217;s digital enterprise expansion in the initial period counterbalanced the effect of a year-on-year&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boyd Gaming Revenue Holds Steady Despite Casino Decline<\/title>\n<meta name=\"description\" content=\"Boyd Gaming\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Boyd Gaming&#039;s Digital Expansion Counteracts Brick-and-Mortar Decline\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Go-To Destination for Licensed Casino Games &amp; Latest News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T18:47:15+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/\",\"url\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/\",\"name\":\"Boyd Gaming Revenue Holds Steady Despite Casino Decline\",\"isPartOf\":{\"@id\":\"https:\/\/winportnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-27T18:47:15+00:00\",\"dateModified\":\"2024-06-27T18:47:15+00:00\",\"author\":{\"@id\":\"https:\/\/winportnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Boyd Gaming\",\"breadcrumb\":{\"@id\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/boyd-gamings-digital-expansion-counteracts-brick-and-mortar-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/winportnodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Boyd Gaming&#8217;s Digital Expansion Counteracts Brick-and-Mortar Decline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/winportnodepositbonus.icu\/#website\",\"url\":\"https:\/\/winportnodepositbonus.icu\/\",\"name\":\"Your Go-To Destination for Licensed Casino Games &amp; Latest News\",\"description\":\"Unleash your gambling potential through our up-to-date news, comprehensive reviews, and expert articles. 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