LAS VEGAS - Boyd Gaming Corporation (NYSE:BYD (SZ:002594)) reported third-quarter results that surpassed analyst estimates, driven by strong performances in its online and managed businesses. The casino operator's shares rose 0.48% following the earnings release.
Boyd Gaming posted adjusted earnings per share of $1.52 for Q3, beating the analyst consensus of $1.40. Revenue came in at $961.25 million, topping expectations of $916.51 million and representing a 6.4% increase YoY from $903.2 million.
The company's Online segment delivered strong revenue and Adjusted EBITDAR growth, benefiting from increased contributions and one-time benefits from market-access agreements. The Managed & Other segment also performed well, reflecting continued strength at Sky River Casino in northern California.
"Our Company continued to produce solid results in the third quarter, as underlying customer trends remained stable," said Keith Smith, President and CEO of Boyd Gaming. "We realized the benefits of our recent investments in our Downtown Las Vegas and Midwest & South segments, driving revenue and Adjusted EBITDAR gains in both segments."
Total Adjusted EBITDAR rose to $336.6 million in Q3 2024, up from $320.8 million in the same period last year.
Boyd Gaming repurchased $202 million in shares during the quarter as part of its ongoing buyback program. The company had approximately $343 million remaining under its current share repurchase authorization as of September 30.
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