Boyd Gaming Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenues for the three months reached $961.2 million, an increase of $58.1 million (6.4%) from $903.2 million in the same period of 2023. For the nine months, total revenues were $2,889.3 million, up $105.2 million (3.8%) from $2,784.1 million in 2023.
Gaming revenues for the third quarter slightly decreased to $640.5 million from $641.2 million year-over-year, while online revenues surged to $141.3 million, a significant increase from $90.3 million in the prior year. The growth in online revenues was attributed to a $31.8 million rise in reimbursements of gaming taxes and other expenses, alongside increased market access agreement revenue. However, gaming revenues for the nine months fell to $1,925.5 million from $1,966.2 million, primarily due to adverse weather conditions impacting visitation in Las Vegas.
Operating income for the third quarter was $220.0 million, a modest increase of $2.1 million (1.0%) compared to $217.9 million in 2023. However, for the nine months, operating income decreased by $80.3 million (10.8%) to $666.5 million, influenced by $11.3 million in project development costs and $9.0 million in asset writedowns. Net income for the third quarter was $131.1 million, down from $135.2 million in the prior year, while for the nine months, net income decreased to $407.4 million from $527.4 million, reflecting a $120.0 million decline.
The company’s total current assets as of September 30, 2024, were $501.9 million, down from $529.3 million at the end of 2023. Long-term debt increased to $3,024.99 million from $2,871.2 million, reflecting ongoing capital expenditures, including $289.2 million for various projects. Boyd Gaming also completed the acquisition of Resorts Digital Gaming, LLC for $34.0 million, enhancing its online segment.
In terms of operational efficiency, selling, general, and administrative expenses rose to $102.4 million for the third quarter, compared to $99.9 million in 2023. The company reported a working capital deficit of $108.7 million as of September 30, 2024, compared to $67.0 million at the end of 2023. Boyd Gaming continues to focus on strategic growth initiatives, including the development of a new casino in Norfolk, Virginia, expected to open a temporary facility in late 2025.
Overall, Boyd Gaming's performance reflects a combination of revenue growth in online segments and challenges in traditional gaming revenues, alongside strategic acquisitions and ongoing capital investments.
About BOYD GAMING CORP
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