MARKET COMPOSITE
Market TodayThemes and Stocks SummaryThematic Stock SearchCrypto SummaryFAQAbout
Home/
BYD - Boyd Gaming Corp.
$65.18
0.21(0.32%)8:00:01 PM 5/26/2023
Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd , who currently serves as the company's executive chairman after retiring as CEO in January 2008. As of December 31, 2009, the 15 wholly owned properties had 7,550 hotel rooms. It also had 812,500 square feet of casino space with 21,400 slot machines and 425 table games. Gaming revenue is 75% of total gross revenue.

Financials

Quarterly financials
(USD)Mar 2023Q/Q
Revenue964MM+4%
Operating Income284.9MM+15%
Operating Expenses679.1MM-
Net Income199.7MM+16%
G&A100.3MM+8%
Interest Expense43.9MM+7%

Revenue Breakdowns

The revenue breakdowns above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-02-24. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management Discussion and Risk Factors in 10-K/10-Q filling

Positive
1.
This new operating model is focused on maximizing gaming revenues, streamlining our cost structure, targeting our marketing investments and reducing lower margin offerings, which allows us to flow a higher percentage of our revenues to the bottom line and strengthen our free cash flow.  
2.
Balance Sheet Strength
3.
Our goal is to identify and pursue opportunities that grow our business, are available at the right price and deliver a solid return for shareholders.
4.
We benefited from increased visitation to Las Vegas as convention business recovered and grew over the prior year, as Hawaiian travel restrictions were lifted, and as we were able to hire additional labor to meet customer demand.
5.
The Las Vegas Locals segment benefited from the COVID-19 recovery year over year as visitation to Las Vegas increased year over year with the return of convention business and as discussed further in the items impacting the Company's total revenue growth, as well as the continued focus on our core customer.  
6.
Growing Revenues and Operating Efficiently
7.
These items were offset by an increase in the income tax provision of $49.3 million due to the Company's improved operational performance.   
8.
As we reopened our properties and adjusted our operations to address the impacts of the COVID-19 pandemic, the efficiencies of our disciplined business model positions us to flow a substantial portion of our revenue directly to the bottom line.  
9.
Maintaining our Brand The ability of our employees to deliver great customer service helps distinguish our Company and our brands from our competitors.
10.
This recovery, while building since we reopened our properties, accelerated in the second quarter of 2021 and drove revenue growth in the first quarter of 2022, excluding online revenues, of $95.9 million. 
11.
While we saw growth in our core customer year over year, we saw a decline in unrated play as gaming revenues for the second quarter of 2021 through July 2021 were favorably impacted by government stimulus payments to our customers.
12.
The growth in online gaming is driven by launches in Louisiana and Kansas in January 2022 and September 2022, respectively, a strong football season in the fourth quarter 2022, and contributions from our acquisition of Pala Interactive on November 1, 2022.
13.
Our strategy is to increase shareholder value by pursuing strategic initiatives that improve and grow our business.  
14.
Other revenues increased by $10.5 million as entertainment venues expanded the number of events and demand for other amenities grew over the prior year. 
15.
These committees are tasked with promoting diversity and inclusion across our workplaces nationwide, as well as the successful execution of our Company’s diversity goals.
16.
Additionally, we benefited from limited competing entertainment options early on in the prior year period.
17.
We are committed to growing revenues and building loyalty among core customers through targeted marketing investments and a focus on maximizing gaming revenues while operating as efficiently as possible.
18.
We are committed to maintaining the strength of our balance sheet and finding opportunities to diversify and increase our cash flow.
19.
We are committed to the well-being of our communities and future generations through reducing our carbon footprint and economic contributions, strive to be an employer of choice where every team member is treated with dignity and respect, and conduct business with the highest level of integrity.  
20.
Operating income was favorably impacted by a $20.4 million reduction of the allowance on a note receivable with Wilton Rancheria ("Wilton Note") for development advances over the last 10 years as we evaluated the current expected credit losses with the opening of Sky River Casino in August 2022.
21.
Through these efforts, we strive to find ways to continue to reduce our carbon footprint, lower water stress on our communities and reduce the amount of waste sent to the landfills, helping ensure the health of our shared environment for future generations.  
22.
We know that our long-term success is intertwined with healthy and vibrant communities.
23.
Room revenue was the primary driver, increasing $16.1 million due to an increase in hotel occupancy rate of 5.6% and average daily rate of 11.0% from the prior year.
24.
Downtown Las Vegas Total revenues increased $59.5 million, or 38.2%, during 2022 as compared to the prior year, reflecting revenue increases in all departmental categories. 
25.
Operating income was also favorably impacted by a $12.6 million gain from insurance proceeds received for business interruption and lost profits related to Hurricane Laura.
26.
Las Vegas Locals Total revenues increased $44.7 million, or 5.0%, during 2022 as compared to the prior year, reflecting revenue increases in all departmental categories.
27.
25 Table of Contents   Midwest & South Total revenues increased $81.4 million, or 3.5%, in 2022 as compared to 2021, reflecting revenue increases in all departmental categories, with the exception of gaming revenue. 
28.
The additional revenue growth is from other amenities, such as entertainment and group business, returning after the COVID-related closures and lifting of large group restrictions.
29.
Other revenue increased $122.5 million, as compared to the prior year, due to $31.9 million in Sky River Casino development and management fees and online revenue growth of $81.4 million, which is inclusive of our acquisition of Pala Interactive and Pala Canada, tax payment reimbursements from our market access partners and general overall growth as we expanded into Louisiana and Kansas.
30.
Total Revenues Total revenues increased $185.6 million, or 5.5%, for 2022 as compared to 2021 due primarily to the continued recovery from the COVID-19 pandemic.
31.
Food & beverage revenues increased $13.5 million due to an increase in food covers of 13.3% and average guest check of 4.6% from the prior year.
32.
We strive to be an employer of choice, creating a workplace environment that embraces diversity and inclusion, where team members of every background have the ability to realize their full potential and build a rewarding career with us.
33.
Other revenues increased by $135.5 million, or 48.4%, during 2022 as compared to the prior year, due primarily to an $81.4 million increase in online gaming revenues, including the revenues from reimbursements of gaming taxes paid on behalf of our online partners, and $31.9 million in Sky River Casino development and management fees. 
34.
Food & beverage revenue increased by $19.1 million, as compared to the prior year, due primarily to a 3.8% increase in average guest check as food covers were flat to prior year.
35.
Operating Income  In 2022, our operating income increased $81.1 million, or 9.0%, as compared to 2021 primarily due to the 5.5% growth in revenue, as discussed above.
36.
In 2022, revenues from our online gaming operations increased $81.4 million compared to 2021.
37.
Since our Company’s founding more than 45 years ago, we have followed a philosophy built upon sharing our success with others, treating every stakeholder of our Company with respect and integrity, and making sure that our home communities are better places because we are a part of them.
38.
Room margins rose slightly from prior year due to the increase in average daily rate being greater than the 1.1% increase in cost per room.  
39.
Adjusted EBITDAR increased $34.7 million during 2022 as compared to the prior year, primarily due to revenue growth from the Hawaiian customer and return of destination travel combined with the reopening of one of our properties, as discussed above.  
40.
To fulfill our commitment to our shareholders to operate with the highest level of integrity and respect, we follow a robust set of corporate governance policies and procedures and have assembled an experienced Board of Directors that shares our commitment.  
41.
Room revenue increased by $8.8 million, as compared to the prior year, as average daily rate increased 1.4% with occupancy flat to prior year. 
42.
Room Room revenues increased $34.9 million, or 22.6%, in 2022 compared to 2021 due primarily due to a 4.4% increase in occupancy and 4.1% increase in average daily rate.
43.
Gaming revenues increased $4.6 million primarily due to an increase in table game hold of 4.0% from the prior year.
44.
Food & Beverage Food & beverage revenues increased $45.9 million, or 20.0%, during 2022 as compared to prior year, primarily due to an increase in food covers of 11.0% and an increase in average guest check of 4.4%.
45.
Decades ago, we made this commitment a defined part of our Company’s mission statement, pledging it was our mission to provide opportunities for all while we support and enhance our communities.  
46.
Our commitment to being an employer of choice has been recognized by Newsweek magazine, which awarded Boyd Gaming a perfect five-star rating in America’s Greatest Workplaces for Diversity in 2023, as well as Forbes magazine, which named Boyd one of America’s Best Large Employers for 2023.  
47.
We believe that our focus on ESG issues are consistent with our values and an integral part of our success as a Company. 
48.
After the property re-openings in 2020, we implemented a strategic shift in our operating philosophy to increase our focus on building loyalty with core customers and we adopted a more efficient approach to doing business. 
49.
We have committed ourselves to a comprehensive effort to help protect the environment and meaningfully reduce our consumption of natural resources across our nationwide operations.
50.
Room occupancy related to our Hawaiian customers increased 41.8% over the prior year. 
51.
Also contributing to the decline was a $19.7 million interest income increase over the prior year due primarily to a reduction of the allowance for the expected loss for interest on the Wilton Note and interest earned on such note.  
Negative
1.
Adjusted EBITDAR decreased $15.4 million, or 1.7%, in 2022 as compared to 2021, primarily due to the decline in gaming revenue.  
2.
The $30.8 million, or 1.1%, decrease in gaming revenues during 2022 as compared to the prior year, was primarily due to a 2.6% decrease in slot handle and a 3.2% decline in slot win.
3.
Operating income was unfavorably impacted in 2022 by a $32.6 million increase in impairment of assets related to our Midwest & South segment.    
4.
a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset, including an adverse action or assessment by a regulator;  
5.
If certain future operating results do not meet current expectations it could cause carrying values of the intangibles to exceed their fair values in future periods, potentially resulting in an impairment charge.  
6.
If certain future operating results do not meet current expectations it could cause carrying values of the intangibles to exceed their fair values in future periods, resulting in an impairment charge of trademarks and gaming license rights in an amount up to its book value of $1.3 billion. 
7.
iv. an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset;   v. a current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset; and/or   vi.
8.
If an event described above occurs, and results in a significant impact to our revenue and profitability projections, or any significant assumption in our valuation methods is adversely impacted, the impact could result in a material impairment charge in the future.  
9.
During 2022, $12.6 million of other operating items, net, related to a gain from the settlement of our insurance claim for business interruption and lost profits from the closure of Delta Downs for approximately three weeks in August and September 2020 due to Hurricane Laura.
10.
a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition;   iii.
11.
A change in any of these variables that cause our discounted cash flows or terminal value or both to adversely and materially change could result in the failure of the impairment test, and a resulting impairment of our goodwill in an amount up to its book value of $1.0 billion. 
The management discussion contents above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-02-24. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.
Stock Chart

Short Volume Ratio = Short Volume / All Volume. Source of Short Volume data comes from 

Finra

Moving Average Convergence/Divergence oscillator (MACD) is one of the simplest and most effective momentum indicators available.

Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. RSI oscillates between zero and 100. According to Wilder, RSI is considered overbought when above 70 and oversold when below 30.

leak data

Stock news

scroll to load more