Boyd Gaming witnessed a marginal revenue uptick year-over-year in the recent quarter, even with a 6% reduction in income from its gambling activities.
The corporation posted total revenue of $894.5 million for the quarter, a 0.1% rise from the $893.6 million earned in the corresponding period last year. Food and drink sales were a key factor, generating $70.3 million and comprising roughly 8% of Boyd’s overall Q2 revenue. Lodging revenue neared $50 million, while alternative sources provided $89.3 million.
Gaming, nevertheless, stayed the firm’s principal revenue source for the second quarter, producing nearly $685 million and constituting over 75% of Boyd’s total revenue for the period. Despite being the biggest revenue contributor, this sector experienced a decrease exceeding $40 million compared to Q2 2021.
In contrast to Boyd’s overall revenue, adjusted EBITDAR underwent an 8% drop. However, Boyd Gaming President and CEO, Keith Smith, emphasized that this number followed an unprecedented performance in the prior year. Essentially, Q2 2021 was a difficult benchmark to match, at least according to Smith, who stated, “The second quarter of 2021 presented a challenging comparison point due to the effects of government assistance and the removal of pandemic limitations.”
Okay, so he described the company’s recent quarter as “robust,” and I’ll explain why: customer activity is increasing among their most significant clients. This comes after expansion the previous year, indicating they’re on the right track!
Despite inflation and other factors, their profitability appears more favorable than at the start of the year.
Essentially, they’re feeling optimistic! They’re assured about the business’s prospects and their approach to navigating the current economic climate.
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