Boyd Gaming Corporation
Boyd Gaming Donates More Than $200,000 to Non-Profits Nationwide in 2023 “Wreaths and Trees of Hope” Competition
Boyd Gaming Corporation announced that it donated more than $200,000 to nearly 190 non-profit organizations nationwide in its 2023 “Wreaths of Hope” and “Trees of Hope” competition.
A total of 186 non-profits across 11 states participated in the annual holiday competition, with participants decorating wreaths or trees in the spirit of their organization’s mission. Cash prizes were determined by votes from Boyd Gaming customers, who were invited to vote for their favorite charities online and in-person throughout the holiday season. The 2023 national prize pool was the largest in the 16-year history of the contest.
Since Trees of Hope debuted at Delta Downs Racetrack Casino Hotel in 2007, the annual competition has expanded to 26 Boyd Gaming properties nationwide, with Boyd properties participating in Nevada, California, Kansas, Missouri, Illinois, Indiana, Iowa, Ohio, Pennsylvania, Louisiana, and Mississippi. To date, the Company has awarded nearly $1.5 million to non-profit organizations through Wreaths of Hope and Trees of Hope.
Boyd Gaming Corporation announced the appointment of Michael A. Hartmeier to its Board of Directors.
Hartmeier is the former group head of lodging, gaming, and leisure investment banking for Barclays, and previously served as group head for hospitality and gaming for both Lehman Brothers and Credit Suisse First Boston. During his 25-year career in investment banking, Hartmeier completed more than $125 billion in financing and advisory assignments, including work for numerous gaming companies.
Hartmeier is currently a member of the Board of Directors for DiamondRock Hospitality Company, a self-advised real estate investment trust with a portfolio of premium hotels and resorts nationwide. Hartmeier also previously served as a member of the Board of Directors of Full House Resorts Inc.
Boyd Gaming Corporation announced the promotions of four of its senior executives as part of strengthening its management and organizational structure and underscoring the company’s commitment to serving its guests and driving long-term profitable growth.
Effective immediately, Steve Thompson has been promoted to Chief Administrative Officer, after previously serving as Executive Vice President, Operations for the Nevada region. Succeeding Thompson is Steve Schutte, who was previously Senior Vice President, Operations for the Company’s Las Vegas Locals properties. In addition to oversight of the Company’s Nevada properties, Schutte will assume responsibility for Corporate Slot Operations, Food and Beverage, and Hotel Operations.
Also effective immediately, Ted Bogich has been promoted to Chief Operating Officer, after previously serving as Executive Vice President, Operations for the Company’s Midwest & South region. Succeeding Bogich is Ward Shaw, who previously oversaw Company operations in Missouri, Illinois, Indiana and Ohio as Senior Vice President, Operations.
“These appointments strengthen our management structure and help position Boyd for today’s dynamic and fast changing environment,” said Keith Smith, President and Chief Executive Officer. “Each of these four accomplished executives has played a critical role in our Company’s success, and through their expanded roles we will further leverage their talent and expertise as we continue to drive long-term growth and efficiencies throughout our operations.”
Thompson has served in numerous senior executive positions with Boyd Gaming since joining the Company in 1983. He was named Senior Vice President, Operations for Boyd Gaming’s Nevada region in 2004, and Executive Vice President, Operations in 2016. In his new role as Chief Administrative Officer, Thompson will oversee a number of key Corporate functions, including Procurement, Administration, Design & Construction, Corporate Social Responsibility, Corporate Communications, and Race and Sports.
With 30 years of experience in the gaming industry, Schutte has served as Senior Vice President, Operations for Boyd Gaming since joining the Company in 2014, and currently has oversight of the Company’s Las Vegas Locals properties. Prior to joining Boyd Gaming, Schutte served in senior operations positions at gaming companies in Ohio and Las Vegas.
Bogich joined Boyd Gaming in 2004 as Vice President and General Manager of Sam’s Town Tunica, and was named Vice President and General Manager of Blue Chip Casino Hotel in 2007. He was promoted to Senior Vice President, Operations in 2012, and to Executive Vice President, Operations in 2016. In his new role as Chief Operating Officer, Bogich will have oversight of the Company’s 28 properties nationwide. Bogich will also retain oversight of Corporate Marketing, and Slot Analytics and Strategy.
Shaw has 25 years of experience in the gaming industry, serving as Senior Vice President, Operations for Boyd Gaming since joining the Company in 2018. Previously, Shaw held various senior level positions for large gaming companies in multiple jurisdictions.
Boyd Gaming Corporation has reported financial results for the third quarter ended September 30, 2023.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our third-quarter results reflect the value of our diversified business model. Continued strength in play from our core customers, strong results from Sky River and online gaming, and growth in our non-gaming business all contributed to a solid performance in the quarter. However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment.”
Smith continued: “During the quarter we continued to leverage our strong free cash flow to pursue a balanced capital allocation strategy that is creating significant value for our shareholders. We demonstrated the growth potential of our property reinvestment initiative, delivering record quarterly results at the Fremont following its recent expansion project. And we remain committed to our capital return program, having returned over $1 billion to shareholders in the last two years through our ongoing share repurchases and dividends.”
Boyd Gaming reported third-quarter 2023 revenues of $903.2 million, up from $877.3 million in the third quarter of 2022. The Company reported net income of $135.2 million, or $1.34 per share, for the third quarter of 2023, versus $157.0 million, or $1.46 per share, for the year-ago period.
Total Adjusted EBITDAR was $320.8 million in the third quarter of 2023, compared to $337.7 million in the third quarter of 2022. Adjusted Earnings for the third quarter of 2023 were $137.3 million, or $1.36 per share, versus $159.2 million, or $1.48 per share, for the same period in 2022.
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