Boyd Gaming reports record $3.4bn in revenue for 2021
Boyd Gaming Corp also announced the start of its renovation at Fremont Hotel & Casino.
US.- Boyd Gaming has shared its financial results for the fourth quarter and full-year 2021. The company came off a record $3.4bn in revenue in 2021 and adjusted earnings of $1.4bn, which exceeded the previous record in 2019 by more than 50 per cent.
Executives also announced the company has started a $50m renovation of its Fremont Hotel & Casino in downtown Las Vegas.
Keith Smith, president and CEO of Boyd Gaming, said in a statement: “Our company finished 2021 with record quarterly performances across every segment of our operations.”
“For the fourth straight quarter, we set new records for company-wide EBITDAR and operating margins. And on a full-year basis, we surpassed our previous EBITDAR record by more than 50 per cent, as we achieved company-wide operating margins of more than 40 per cent.”
Boyd Gaming reported Q4 2021 revenues of $879.8m, up 38.4 per cent from $635.9m in the Q4 2020. The company reported net income of $109.8m, or $0.96 per share, for the Q4 2021, compared to $83.3m, or $0.73 per share, for the year-ago period.
Total adjusted EBITDAR was $347.3m in the Q4 2021, increasing 65.0 per cent from $210.5m in the Q4 2020. Adjusted earnings for the Q4 2021 were $154.3m, or $1.35 per share, compared to $51.9m, or $0.46 per share, for the same period in 2020. Companywide Adjusted EBITDAR margins after corporate expense were 39.5 per cent in the Q4 2021, increasing from 33.1 per cent in the year-ago quarter.
“As we begin 2022, we remain focused on executing our proven operating strategy, as well as driving incremental growth through strategic reinvestments in our portfolio and the continued expansion of our online business,” said Smith.
Boyd has started a $50m renovation of its Fremont Hotel-Casino. That money will be spent on upgrading food and beverage offerings and expanding and enhancing its casino floor by taking out the former buffet area and renovating existing gaming space.
“Based on the demand we are already seeing at Fremont today, we expect to see excellent returns from this investment following its completion in early 2023,” said Smith.
