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LAS VEGAS - Boyd Gaming Corporation (NYSE:BYD) reported better-than-expected second quarter earnings and revenue on Wednesday, driven by broad-based growth across its operating segments. The company’s stock rose 1.2% following the announcement.
The casino operator posted adjusted earnings of $1.87 per share for the second quarter, exceeding analyst estimates of $1.65 per share. Revenue reached $1.03 billion, surpassing the consensus forecast of $979.42 million and representing a 6.9% increase from $967.5 million in the same period last year.
Boyd’s performance was highlighted by its strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with property-level margins exceeding 40%. The Las Vegas Locals segment achieved its strongest quarterly growth in more than two years, while the Midwest & South segment continued to show revenue and Adjusted EBITDAR growth.
"Our Company delivered a strong performance in the second quarter, with broad-based growth across our operating segments, including our Online and Managed segments," said Keith Smith, President and Chief Executive Officer of Boyd Gaming. "This growth was supported by continued strength in play from our core customers, as well as improvements in retail play."
Total (EPA:TTEF) Adjusted EBITDAR was $357.9 million in the second quarter, up from $344.2 million in the year-ago period. The company’s Online segment reflected growth from its online casino gaming business and modest growth from market-access agreements.
During the quarter, Boyd repurchased $105 million in shares of its common stock as part of its ongoing share repurchase program. The company’s Board of Directors also authorized an additional $500 million under the program, bringing the total remaining authorization to approximately $707 million as of June 30.
As of the end of the quarter, Boyd Gaming had cash on hand of $320.1 million and total debt of $3.6 billion.
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