{"id":228,"date":"2024-06-25T21:29:54","date_gmt":"2024-06-25T18:29:54","guid":{"rendered":"https:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/"},"modified":"2024-06-25T21:29:54","modified_gmt":"2024-06-25T18:29:54","slug":"boyd-gamings-digital-ventures-offset-land-based-losses-in-q1","status":"publish","type":"post","link":"https:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/","title":{"rendered":"Boyd Gaming&#8217;s Digital Ventures Offset Land-Based Losses in Q1"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/tBMivTrhF2c\"\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 ventures thrived in the initial three months, offsetting losses in their brick-and-mortar gambling establishments.<\/p>\n<p>Their three primary land-based casino enterprises witnessed a reduction in earnings compared to the first quarter of the previous year. Nevertheless, their online activities helped to compensate for this, leading to a total revenue reduction of merely 0.4%.<\/p>\n<p>Earnings for the three-month period ending on March 31 amounted to \u20ac960.5 million (\u00a3768.4 million\/$895.8 million). This figure was only slightly lower than the $964 million Boyd reported for the first quarter of 2023.<\/p>\n<p>Revenue declined across all three of their land-based segments this year: Las Vegas Locals, Downtown Las Vegas, and the Midwest and South. The most significant decrease was observed in Las Vegas Locals, which experienced a 6.1% year-over-year drop.<\/p>\n<p>CEO Keith Smith, addressing the downturn, stated that Las Vegas Locals&#8217; performance was being compared to a record-breaking first quarter in 2023. Smith also cited &#8220;heightened competition&#8221; in the market, specifically mentioning the December opening of the Durango Casino and Resort.<\/p>\n<p>Regarding the decline in Midwest and South operations, Boyd&#8217;s primary revenue source, Smith attributed it to adverse weather conditions early in the first quarter. In January, the U.S. experienced numerous severe winter storms that impacted visitor numbers to land-based casinos in several markets.<\/p>\n<p>Despite these setbacks for Boyd, Smith remains optimistic about the remainder of the year. <\/p>\n<p>Jones stated, &#8220;In spite of these difficulties, the patterns in the initial three months were heartening. We witnessed an enhancement in the execution of our primary clientele in Nevada, as well as in the central and southern regions, as the period advanced.&#8221;<\/p>\n<p>Boyd&#8217;s internet enterprise continued to expand, adding to the firm&#8217;s positive outlook. The organization reported a double-digit increase in online income, and the division&#8217;s EBITDAR reached $20.5 million, steady with the corresponding period a year ago.<\/p>\n<p>Jones also conveyed gratitude for the effect of Boyd&#8217;s 5% holding in the FanDuel Group. He remarked that FanDuel&#8217;s ongoing growth and market dominance in numerous states is advantageous to Boyd.<\/p>\n<p>Jones said, &#8220;We are content with the robust commencement to the year for our online division. The division delivered EBITDAR on par with last year&#8217;s strong showing. This is driven by FanDuel&#8217;s leading position in online sports wagering across the nation.<\/p>\n<p>&#8220;Beyond these monetary contributions, we continue to reap the benefits of our 5% stake in FanDuel. The worth of this investment continues to rise as FanDuel succeeds nationwide, and it remains a valuable strategic and financial asset for our organization.&#8221;<\/p>\n<p>Initial Three Months Revenue Breakdown<\/p>\n<p>Further analyzing Boyd&#8217;s initial three months performance, gaming revenue was the highest at $634.1 million. However, this was down 4.6% from a year ago due to a decrease in land-based operations.<\/p>\n<p>Food and beverage revenue remained constant at $72 million. <\/p>\n<p>Boyd Gaming&#8217;s digital income dipped slightly to $48.9 million, while lodging revenue was $6 million. Administrative charges and other earnings remained fairly stable at $22.2 million and $36.4 million, respectively.<\/p>\n<p>However, online revenue was a saving grace, surging 19.0% year-over-year to $146.2 million. This almost entirely counteracted the decline in Boyd&#8217;s brick-and-mortar operations in the first quarter.<\/p>\n<p>In terms of land-based casino performance, the Midwest and South remained Boyd&#8217;s primary profit centers. First-quarter revenue was $500.8 million, down 2.2% from $512.2 million in the same period last year.<\/p>\n<p>Las Vegas local revenue dropped 6.1% to $225.6 million, while downtown Las Vegas revenue also declined 5.5% to $53.5 million. Boyd also noted that administrative and other revenue increased 7.2% to $34.4 million in the first quarter.<\/p>\n<p>Higher expenses impacted Boyd&#8217;s profit margins.<br \/>\nOn the cost side, total operational expenses for the quarter were $741.1 million, up 9.1% from $679.1 million in the same period last year. One of the main increases came from the online business, whose costs rose 23.0% to $125.5 million. In contrast, land-based operational costs either remained flat or decreased.<\/p>\n<p>Boyd also noted that finance-related expenses increased by $41.9 million. As a result, its pre-tax profit was $177.5 million, down 31.5% 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, down 31.7% from $199.7 million last year. Additionally, adjusted EBITDAR decreased 10.0% to $330.5 million, while adjusted EBITDA (excluding master lease rent expense) fell 10.9% to $303.3 million. <\/p>\n<p>In conclusion, despite the many obstacles encountered this quarter, there were several positive developments within the company. These included the ongoing growth of our primary customer pool. &#8220;We remain dedicated to our strict marketing and operational plans, and our commitment to effective operations,&#8221; stated Smith.<\/p>\n<p>&#8220;As we look toward the future, we are optimistic about our capacity to conquer the difficulties of the present market and generate value for our investors.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boyd Gaming&#8217;s digital ventures thrived in the initial three months, offsetting losses in their brick-and-mortar gambling establishments. Their three primary land-based casino enterprises witnessed a reduction in earnings compared to the first quarter of the previous year. Nevertheless, their online activities helped to compensate for this, leading to a total revenue reduction of merely 0.4%. [&hellip;]<\/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: Online Wins Offset Land-Based Losses<\/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:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/\" 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 Ventures Offset Land-Based Losses in Q1\" 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:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Secrets of Casino Success | Licensed &amp; Trusted\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T18:29:54+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:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/\",\"url\":\"https:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/\",\"name\":\"Boyd Gaming: Online Wins Offset Land-Based Losses\",\"isPartOf\":{\"@id\":\"https:\/\/vegas2web.icu\/#website\"},\"datePublished\":\"2024-06-25T18:29:54+00:00\",\"dateModified\":\"2024-06-25T18:29:54+00:00\",\"author\":{\"@id\":\"https:\/\/vegas2web.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Boyd Gaming\",\"breadcrumb\":{\"@id\":\"https:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/vegas2web.icu\/2024\/06\/25\/boyd-gamings-digital-ventures-offset-land-based-losses-in-q1\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/vegas2web.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Boyd Gaming&#8217;s Digital Ventures Offset Land-Based Losses in Q1\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/vegas2web.icu\/#website\",\"url\":\"https:\/\/vegas2web.icu\/\",\"name\":\"Discover the Secrets of Casino Success | Licensed &amp; Trusted\",\"description\":\"Explore the dynamic world of online gambling with our fresh casino news, honest game reviews, and informative insights. 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