Boyd Gaming Corporation has recently released its 10-K report, providing an in-depth look at its financial performance and operations for the year ended December 31, 2024. The company, headquartered in Las Vegas, Nevada, operates as a multi-jurisdictional gaming company with wholly owned gaming entertainment properties in various states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Boyd Gaming also owns and operates Boyd Interactive, a B2B and B2C online casino gaming business, and manages the Sky River Casino located in California under a management agreement with Wilton Rancheria.
In its 10-K report, Boyd Gaming outlined its primary areas of focus, which include growing revenues and building loyalty among core customers, ensuring efficient management of existing operations, maintaining a strong balance sheet, returning capital to shareholders, pursuing online gaming opportunities, successfully pursuing its growth strategy, and furthering its corporate social responsibility initiatives.
The company's 10-K report also highlighted its key performance indicators, including gaming revenue measures such as slot handle and table game drop, food & beverage revenue measures, and room revenue measures. These indicators are used to evaluate the operations of its gaming entertainment properties.
In terms of financial results, Boyd Gaming reported total revenues of $3,930.2 million for the year ended December 31, 2024, representing a 5.1% increase from the previous year. The increase was primarily driven by growth in online revenue, food & beverage revenue, and revenue from the management of Sky River Casino. However, gaming revenue experienced a decline, largely attributed to competitive pressures and adverse weather conditions in certain markets.
Operating income for 2024 amounted to $927.8 million, reflecting a 2.9% increase compared to 2023. The company attributed the favorable impact on operating income to a decrease in impairment of assets and an increase in revenue under market access agreements. However, this was partially offset by increases in selling, general and administrative expenses, depreciation and amortization, and other operating items.
Boyd Gaming reported a net income of $578.0 million for the year ended December 31, 2024, representing a decrease from the previous year. The decline in net income was primarily attributed to an increase in the income tax provision, a decline in interest income, and an increase in interest expense.
As a result of these announcements, the company's shares have moved -3.2% on the market, and are now trading at a price of $76.86. For more information, read the company's full 10-K submission here.
