Boyd Gaming Corporation today reported financial results for the third quarter ended September 30, 2020.
As of September 30, 2020, Boyd Gaming had cash on hand of $506.0 million, and total debt of $4.04 billion. Cash and debt balances reflect the repayment of the Company’s outstanding revolving credit facility borrowings during the third quarter.
“During the third quarter, we successfully navigated the challenges presented by the COVID pandemic thanks to our outstanding operating team,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming. “By effectively yielding our casino floors and amenities while implementing new efficiencies throughout our business, we greatly enhanced our operating performance in a lower-revenue environment. On a Companywide basis, we delivered 12% EBITDAR growth and improved operating margins by more than 1,000 basis points, as both our Las Vegas Locals and Midwest & South segments set records for quarterly EBITDAR and margins. At the same time, we continued to build the foundation for future growth through the expansion of our partnership with FanDuel Group, successfully launching mobile sports betting platforms in Illinois and Iowa and expanding our digital reach to more than 30 million adults nationwide. We are proud of our team’s ability to successfully execute our strategy and are committed to sustaining a more efficient and profitable operating model into the future.”
Boyd Gaming reported third-quarter 2020 revenues of $652.2 million, compared to $819.6 million in the third quarter of 2019. The Company recorded net income of $38.1 million, or $0.33 per share, for the third quarter of 2020, compared to net income of $39.4 million, or $0.35 per share, for the year-ago period.
Total Adjusted EBITDAR was $238.8 million in the third quarter of 2020, an increase of 12% from $213.5 million in the third quarter of 2019. Companywide operating margins were 36.6%, up significantly from 26.1% in the year-ago quarter. Adjusted Earnings for the third quarter of 2020 were $43.5 million, or $0.38 per share, compared to Adjusted Earnings of $44.8 million, or $0.39 per share, for the same period in 2019.