Boyd Gaming heralds ‘strong’ performance in Q2

Boyd Gaming has followed up on a successful start to 2017 by revealing further year-on-year financial growth during the second quarter.

Revenue in the three months through to June 30 came in at $599.9m (€512.9m), an increase of 10.1% on the $544.9m achieved in the corresponding period last year.

Income from continuing operations, net of tax, was up from $11.3m in Q2 of last year to $27.6m, while net income, including discontinued operations, climbed from $30m to $48.6m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also jumped 9.6% year-on-year to $151.2m, with adjusted earnings increasing from $18.1m to $30.3m.

The performance in the second quarter, coupled with results from the opening three months of the year, mean that net revenue for the first half of 2017 came in at $1.2bn, compared to $1.1bn in the previous year.

Net income in the first six months of the year was also up from $63.2m to $84.1m, while adjusted EBITDA climbed from $275.6m to $307m.

Keith Smith, president and chief executive of Boyd, said: “Strong performances continued throughout our operations during the second quarter, reinforcing our confidence in the long-term direction of our company.

“Our Las Vegas Locals business achieved its best second-quarter results in nearly 10 years, driven by ongoing improvements to our operations and a strong regional economy.

“We recommenced our capital return program during the quarter, making our first share repurchases and dividend payments in nearly a decade.

“To date we have repurchased nearly 600,000 shares, and in July we made a dividend payment of 5 cents per share.

“At the same time, our strong and growing free cash flow allowed us to continue investing in our business while deleveraging our balance sheet, as we paid down $74m in debt in the quarter.”

Smith added: “In all, we continue to make great progress executing our strategy to create long-term value for our shareholders.”

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