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.
Boyd Gaming Completes Acquisition of Pala Interactive
Boyd Gaming Corporation announced that it has closed on its previously announced acquisition of Pala Interactive LLC and its subsidiaries for total net cash consideration of $170 million.
Keith Smith, President and CEO of Boyd Gaming, said: “Online casino gaming is an attractive growth opportunity for our Company, and the acquisition of Pala Interactive provides us with the technology, products and expertise to create a profitable regional online casino business. We look forward to working with the Pala Interactive team in executing our online casino gaming strategy, which will complement our existing land-based operations and further expand our nationwide customer base.”
Powered by WPeMatico
Boyd Gaming to Acquire Pala Interactive
Boyd Gaming Corporation has announced that its wholly-owned subsidiary, Boyd Interactive Gaming, has entered into a definitive agreement to acquire Pala Interactive and its subsidiaries for total cash consideration of $170 million.
“The acquisition of Pala Interactive marks the next phase in the ongoing execution of our iGaming strategy, providing us full control over the technology, development and customer experience. By integrating online casinos with our existing land-based operations, we will be able to further leverage and monetize our expansive customer database and the amenities of our nationwide portfolio of properties, driving growth in both our land-based and iGaming operations,” Keith Smith, President and Chief Executive Officer of Boyd Gaming, said.
“Given our nationwide geographic distribution, significant database and established loyalty program, it makes sense for us to pursue a direct approach with our iGaming operations. By engaging directly with our guests and having the ability to personalize the customer experience, we are confident in our ability to create a cost-effective and profitable regional iGaming business. While the acquisition of Pala Interactive supports our iGaming strategy, we remain fully committed to our sports-betting partnership with FanDuel, which has allowed us to participate in the nationwide expansion of sports-betting. We look forward to welcoming the Pala Interactive team to our Company and building a highly successful online gaming business in the years ahead,” Smith added.
Morrison & Foerster LLP served as legal advisor to Boyd Gaming for the transaction, while Moelis & Company LLC served as exclusive financial advisor to the company. The transaction is expected to close by the first quarter of 2023, subject to customary closing conditions and the receipt of all required regulatory approvals.
Powered by WPeMatico
Boyd Gaming, FanDuel Group to Launch Stardust Online Casino in New Jersey, Pennsylvania
Boyd Gaming Corporation and FanDuel Group have announced their plans to launch Stardust-branded online casinos in New Jersey and Pennsylvania, marking the iconic gaming brand’s return to real-money gaming.
FanDuel and Boyd Gaming anticipate launching the Stardust casinos in April, pending final regulatory approval from each state. FanDuel plans to rebrand its existing Betfair Casino in New Jersey under Boyd Gaming’s Stardust brand, while launching a Stardust online casino in Pennsylvania. A single Stardust Casino app will be available for iOS and android in both New Jersey and Pennsylvania.
“For nearly 50 years, the Stardust was one of the most famous casinos on the Las Vegas Strip. And while the resort has been gone for more than a decade, the Stardust brand is still as well-known and popular as ever. We are excited to work with our partners at FanDuel to launch our first real-money online casinos and are confident this legendary brand will give us a significant advantage in connecting with players looking for a distinctive online gaming experience,” Keith Smith, President and CEO of Boyd Gaming, said.
“The new Stardust Casino will retain all of the great games that customers love on Betfair Casino, while incorporating a new stylish look that captures the glitz, glamour and nostalgia of old Las Vegas. Stardust Casino allows us to take a market leading product to the next level, creating a unified platform across New Jersey and Pennsylvania and integrating Boyd Gaming’s B Connected player loyalty program to provide even more value to our customers,” Amy Howe, President of FanDuel Group, said.
Powered by WPeMatico
- 2rbo Affiliates Shortlisted for Best Newcomer at iGB Affiliate Awards 2024
- Hacksaw Gaming Debuts DraftKings Partnership in New Jersey
- ESA Gaming partners with Novibet for global distribution deal
- ClearStake awarded ISO 27001 certification cementing its position as a trusted financial risk check provider
- ProgressPlay brings forward the future of casino management with revolutionary AI
- Yggdrasil fires up festive fun with Rock Star Santa MultiMax™
- Play’n GO launches Play’n GO Music
- BTG’s ‘Christmas Catch’ Slot Hits Evolution Network December 1
- Booming Games’ premium content is now available on 888 Casino in Spain
- From Track to Triumph: Ex-Professional Runner Lauren Fleshman’s Good For A Girl Wins Best Sports Book of 2023
- Stakelogic Live Receives License to Enter the Greek Market
- Galaxy Gaming® and Pragmatic Play Expand Licensing Agreement
- Spillemyndigheden Issues DKK100,000 in Fines for Illegal Games Advertising
- MGA Issues New Guidelines for Processes Related to Gaming Devices
- Jackpot Digital Receives License to Install Three Jackpot Blitz(R) ETGs at Jackson Rancheria Casino Resort in California
Canada6 days ago
Expanse Studios Forges Super Prospective Media Partnership with SlotsOnlineCanada.com
Australia6 days ago
The Star: Queensland Operations Update Remediation Plan, Licence Suspension and Special Manager
Canada6 days ago
MDC Showcases Exciting $5 Crash Gambling Offer for Canadian Players
Eastern Europe6 days ago
Player’s website already offers EGT Digital’s best selling games
Central Europe6 days ago
PRAGMATIC PLAY EXPANDS SLOVAKIAN PRESENCE WITH NIKÉ
Balkans6 days ago
CT Interactive’s content goes live with Everbet
Africa6 days ago
7777 gaming expands its reach in Nigeria with integration on betBonanza
Asia6 days ago
Mohegan INSPIRE to Hold Soft Opening on November 30