Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

News

Boyd Gaming Reports Second-Quarter 2019 Results

Published

on

Boyd Gaming Reports Second-Quarter 2019 ResultsReading Time: 11 minutes

 

Boyd Gaming Corporation reported financial results for the second quarter ended June 30, 2019.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “During the second quarter, our Company made continued progress executing against our strategic growth initiatives.  Despite a few isolated challenges, we delivered revenue, Adjusted EBITDAR and operating margin growth in every segment of our business, as our operating teams identified and drove profitable revenue growth and enhanced efficiencies.  We achieved strong growth at our newly acquired properties, significantly improving upon their solid standalone performances last year. And through ongoing marketing and operational initiatives, we are successfully growing visitation and expanding our customer base across the country.  In all we are pleased with our progress, and remain confident we are well-positioned to capitalize on future growth opportunities.”

Boyd Gaming reported second-quarter revenues of $846.1 million, up 37.2% from $616.8 million in the second quarter of 2018.  The Company reported net income of $48.5 million, or $0.43 per share, for the second quarter of 2019, compared to $38.9 million, or $0.34 per share, for the year-ago period.

Total Adjusted EBITDAR(1) was $232.6 million in the second quarter of 2019, rising 42.3% from $163.4 million in the second quarter of 2018. Adjusted Earnings(1) for the second quarter of 2019 were $52.5 million, or $0.46 per share, compared to Adjusted Earnings of $44.0 million, or $0.38 per share, for the same period in 2018.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Results for the second quarter of 2019 include $228.5 million in revenues and $66.8 million in Adjusted EBITDAR from Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Belterra Park, acquired on October 15, 2018; Valley Forge Casino Resort, acquired by the Company on September 17, 2018; and Lattner Entertainment, acquired on June 1, 2018.

(1)

See footnotes at the end of the release for additional information relative to non-GAAP financial measures.

Operations Review

Las Vegas Locals 
In the Las Vegas Locals segment, second-quarter 2019 revenues were $220.9 million, up from $220.0 million in the year-ago quarter. Second-quarter 2019 Adjusted EBITDAR was $71.4 million, up from $70.2 million in the second quarter of 2018.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The Las Vegas Locals segment recorded its highest second-quarter Adjusted EBITDAR in 14 years.  Despite challenging year-over-year comparisons and lower hold at The Orleans, the segment achieved continued growth in revenues, Adjusted EBITDAR and operating margins. Adjusted EBITDAR grew at every major property in the segment during the quarter, excluding The Orleans.

Downtown Las Vegas 
In the Downtown Las Vegas segment, revenues were $64.5 million in the second quarter of 2019, up from $61.2 million in the year-ago period.  Adjusted EBITDAR was a second-quarter record of $15.9 million in the current year, an increase of 17.4% from $13.5 million in the second quarter of 2018.

All three Downtown Las Vegas properties set Adjusted EBITDAR records for the second quarter.  Segment results reflect strong gains in Hawaiian visitation and unrated play, as well as continued growth throughout the market.

Midwest & South
In the Midwest & South segment, revenues were $560.7 million, up from $335.6 million in the second quarter of 2018.  Adjusted EBITDAR was $165.1 million, growing from $98.5 million in the year-ago period. Results for the segment include contributions from the Company’s newly acquired properties.

On a same-store basis, the Midwest & South segment posted its fifth consecutive quarter of improved revenues, Adjusted EBITDAR and operating margins, with Adjusted EBITDAR gains at a majority of the Company’s same-store regional properties.  On a combined basis, the Company’s newly acquired properties delivered revenue growth and strong Adjusted EBITDAR and margin increases over their standalone results in the prior year.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Balance Sheet Statistics
As of June 30, 2019, Boyd Gaming had cash on hand of $239.4 million, and total debt of $3.95 billion.

Full-Year 2019 Guidance
For the full year 2019, Boyd Gaming reaffirms its previously provided guidance of total Adjusted EBITDAR of $885 millionto $910 million.

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands, except per share data)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2019 (a)

2018

2019 (a)

2018

Revenues

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Gaming

$

633,659

$

447,788

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

1,253,912

$

888,251

Food & beverage

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

112,047

87,601

223,137

173,000

Room

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

61,097

49,434

118,341

97,346

Other

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

39,329

31,970

78,030

64,314

Total revenues

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

846,132

616,793

1,673,420

1,222,911

Operating costs and expenses

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Gaming

282,593

193,991

559,209

383,026

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Food & beverage

103,477

81,619

205,628

164,309

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Room

27,799

21,654

54,681

42,587

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other

24,748

21,645

48,628

42,450

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Selling, general and administrative

116,701

88,041

232,112

175,624

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Master lease rent expense (b)

24,431

48,393

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Maintenance and utilities

39,707

28,673

77,807

56,599

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Depreciation and amortization

68,051

53,923

135,304

105,199

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Corporate expense

26,913

24,063

58,090

49,920

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Project development, preopening and writedowns

4,915

5,801

8,946

9,241

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Impairment of assets

993

993

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other operating items, net

105

132

304

1,931

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total operating costs and expenses

719,440

520,535

1,429,102

1,031,879

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Operating income

126,692

96,258

244,318

191,032

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other expense (income)

Interest income

(816)

(522)

(922)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(979)

Interest expense, net of amounts capitalized

61,233

44,959

122,563

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

89,218

Loss on early extinguishments and modifications of debt

508

508

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

61

Other, net

(455)

(24)

(340)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(404)

Total other expense, net

60,470

44,413

121,809

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

87,896

Income before income taxes

66,222

51,845

122,509

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

103,136

Income tax provision

(17,738)

(13,247)

(28,574)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(23,139)

Income from continuing operations, net of tax

48,484

38,598

93,935

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

79,997

Income from discontinued operations, net of tax

347

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

347

Net income

$

48,484

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

38,945

$

93,935

$

80,344

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Basic net income per common share

Continuing Operations

$

0.43

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.34

$

0.83

$

0.70

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Discontinued Operations

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Basic net income per common share

$

0.43

$

0.34

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

0.83

$

0.70

Weighted average basic shares outstanding

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

113,318

114,543

113,329

114,459

Diluted net income per common share

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Continuing Operations

$

0.43

$

0.34

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

0.83

$

0.70

Discontinued Operations

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Diluted net income per common share

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

0.43

$

0.34

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.83

$

0.70

Weighted average diluted shares outstanding

113,795

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

115,218

113,832

115,186

__________________________________________

(a)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Results for the three and six months ended June 30, 2019 include Lattner Entertainment, acquired on June 1, 2018, Valley Forge Casino Resort, acquired on September 17, 2018, and Ameristar Casino Kansas City, Ameristar Casino St. Charles, Belterra Resort and Belterra Park, acquired on October 15, 2018 (collectively, the “Acquired Businesses”). See Boyd Gaming’s Form 10-K for the period ended December 31, 2018, for further information regarding the Acquired Businesses.

(b)

Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Reconciliation of Adjusted EBITDA to Net Income

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

June 30,

(In thousands)

2019 (a)

2018

2019 (a)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2018

Total Revenues by Reportable Segment

Las Vegas Locals

$

220,948

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

219,974

$

443,798

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

442,149

Downtown Las Vegas

64,466

61,202

127,492

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

121,670

Midwest & South

560,718

335,617

1,102,130

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

659,092

Total revenues

$

846,132

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

616,793

$

1,673,420

$

1,222,911

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDAR by Reportable Segment

Las Vegas Locals

$

71,449

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

70,248

$

145,683

$

141,278

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Downtown Las Vegas

15,902

13,543

30,927

26,761

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Midwest & South

165,064

98,510

321,535

192,756

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Property Adjusted EBITDAR

252,415

182,301

498,145

360,795

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Corporate expense, net of share-based compensation expense (b)

(19,819)

(18,878)

(42,524)

(36,900)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDAR

232,596

163,423

455,621

323,895

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Master lease rent expense (c)

(24,431)

(48,393)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDA

208,165

163,423

407,228

323,895

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other operating costs and expenses

Deferred rent

244

294

489

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

550

Depreciation and amortization

68,051

53,923

135,304

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

105,199

Share-based compensation expense

8,158

6,022

17,867

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

14,949

Project development, preopening and writedowns

4,915

5,801

8,946

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

9,241

Impairment of assets

993

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

993

Other operating items, net

105

132

304

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,931

Total other operating costs and expenses

81,473

67,165

162,910

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

132,863

Operating income

126,692

96,258

244,318

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

191,032

Other expense (income)

Interest income

(816)

(522)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(922)

(979)

Interest expense, net of amounts capitalized

61,233

44,959

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

122,563

89,218

Loss on early extinguishments and modifications of debt

508

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

508

61

Other, net

(455)

(24)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(340)

(404)

Total other expense, net

60,470

44,413

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

121,809

87,896

Income before income taxes

66,222

51,845

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

122,509

103,136

Income tax provision

(17,738)

(13,247)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(28,574)

(23,139)

Income from continuing operations, net of tax

48,484

38,598

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

93,935

79,997

Income from discontinued operations, net of tax

347

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

347

Net income

$

48,484

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

38,945

$

93,935

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

80,344

__________________________________________

(a)

Results for the three and six months ended June 30, 2019 include the Acquired Businesses, which are included in the Midwest & South segment.

(b)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Reconciliation of corporate expense:

Three Months Ended

Six Months Ended

June 30,

June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(In thousands)

2019

2018

2019

2018

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Corporate expense as reported on Condensed Consolidated Statements of Operations

$

26,913

$

24,063

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

58,090

$

49,920

Corporate share-based compensation expense

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(7,094)

(5,185)

(15,566)

(13,020)

Corporate expense, net, as reported on the above table

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

19,819

$

18,878

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

42,524

$

36,900

(c)

Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliations of Net Income to Adjusted Earnings

and Net Income Per Share to Adjusted Earnings Per Share

(Unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands, except per share data)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2019 (a)

2018

2019 (a)

2018

Net income

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

48,484

$

38,945

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

93,935

$

80,344

Less: income from discontinued operations, net of tax

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(347)

(347)

Income from continuing operations, net of tax

48,484

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

38,598

93,935

79,997

Pretax adjustments:

Project development, preopening and writedowns

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,915

5,801

8,946

9,241

Impairment of assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

993

993

Other operating items, net

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

105

132

304

1,931

Loss on early extinguishments and modifications of debt

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

508

508

61

Other, net

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(455)

(24)

(340)

(404)

Total adjustments

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,073

6,902

9,418

11,822

Income tax effect for above adjustments

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,057)

(1,467)

(1,990)

(2,574)

Adjusted earnings

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

52,500

$

44,033

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

101,363

$

89,245

Net income per share, diluted

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.43

$

0.34

$

0.83

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

0.70

Less: income from discontinued operations per share

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Income from continuing operations per share

0.43

0.34

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.83

0.70

Pretax adjustments:

Project development, preopening and writedowns

0.04

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.05

0.08

0.08

Impairment of assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other operating items, net

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.01

Loss on early extinguishments and modifications of debt

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other, net

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total adjustments

0.04

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.05

0.08

0.09

Income tax effect for above adjustments

(0.01)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(0.01)

(0.02)

(0.02)

Adjusted earnings per share, diluted

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.46

$

0.38

$

0.89

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

0.77

Weighted average diluted shares outstanding

113,795

115,218

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

113,832

115,186

__________________________________________

(a)

Results for the three and six months ended June 30, 2019 include the Acquired Businesses.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Non-GAAP Financial Measures 
Regulation G, “Conditions for Use of Non-GAAP Financial Measures,” prescribes the conditions for use of non-GAAP financial information in public disclosures. We believe that our presentations of the following non-GAAP financial measures are important supplemental measures of operating performance to investors: earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, EBITDAR (EBITDA further adjusted for rent expense associated with a master lease), Adjusted EBITDAR, Adjusted Earnings and Adjusted Earnings Per Share (Adjusted EPS). The following discussion defines these terms and why we believe they are useful measures of our performance.  We do not provide a reconciliation of forward-looking non-GAAP financial measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

EBITDA, Adjusted EBITDA, EBITDAR and Adjusted EBITDAR 
EBITDA and EBITDAR are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (“GAAP”), provide our investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA and EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. We refer to this measure as Adjusted EBITDA or Adjusted EBITDAR. We have chosen to provide this information to investors to enable them to perform comparisons of past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of Adjusted EBITDA and Adjusted EBITDAR provides consistency in our financial reporting. We use Adjusted EBITDA and Adjusted EBITDAR in this press release because we believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making. Adjusted EBITDA and Adjusted EBITDAR are among the more significant factors in management’s internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA and Adjusted EBITDAR as measures in the evaluation of potential acquisitions and dispositions. Adjusted EBITDA and Adjusted EBITDAR are also used by management in the annual budget process. Externally, we believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, loss on early extinguishments and modifications of debt and other operating items, net. Adjusted EBITDAR reflects Adjusted EBITDA further adjusted for rent expense associated with a master lease with a real estate investment trust.

Adjusted Earnings and Adjusted EPS
Adjusted Earnings is net income before project development, preopening and writedown expenses, impairments of assets, other items, net, gain or loss on early extinguishments and modifications of debt, other non-recurring adjustments, net, and income from discontinued operations, net of tax. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry.

Limitations on the Use of Non-GAAP Measures
The use of EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS or certain other non-GAAP financial measures may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA, Adjusted EBITDA, EBITDAR and Adjusted EBITDAR. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA, Adjusted EBITDA, EBITDAR and Adjusted EBITDAR do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company’s expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s continued progress executing against its strategic growth initiatives, that the Company is successfully growing visitation and expanding its customer base across the country, that the Company is well-positioned to capitalize on future growth opportunities, and all of the statements under the heading “Full-Year 2019 Guidance.” Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company’s operating results; the results of operations of its properties in various markets; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending and the Company’s results of operations; the impact and effects of the local economies in the markets where the Company has operations; the receipt of legislative, and other state, federal and local approvals for the Company’s development projects; whether online gaming will become legalized in various states, the Company’s ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company’s expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company’s other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

 

About Boyd Gaming:
Founded in 1975, Boyd Gaming Corporation is a leading geographically diversified operator of 29 gaming entertainment properties in 10 states.  The Company currently operates 1.77 million square feet of casino space, more than 38,000 gaming machines, 815 table games, more than 11,000 hotel rooms, and 320 food and beverage outlets.  With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service.

 

Source: Boyd Gaming Corporation

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Boyd Gaming Reports Second-Quarter 2019 Results

Latest News

Innovations Redefining iGaming: What Operators Need to Know

Published

on

innovations-redefining-igaming:-what-operators-need-to-know
Reading Time: 3 minutes

 

The iGaming industry is advancing at breakneck speed, driven by technological innovation and evolving player expectations. Itai Zak, Executive Director of iGaming at Digicode, emphasizes the importance of bridging client aspirations with customized business solutions. Key trends shaping the future of iGaming include live dealer games, blockchain integration, artificial intelligence (AI) and machine learning (ML), enhanced personalization, and shifting regulatory environments. Let’s delve into how these trends influence the industry, presenting new opportunities while paving the way for future growth.

A Closer Look at Emerging Trends

  • Live Dealer Games

Live dealer games are revolutionizing the online gaming experience, blending the best aspects of land-based casinos with the convenience of virtual gaming. Players can now engage with real-life dealers via high-definition video streams, enhancing the social component of online gambling. This bridge between physical and virtual casinos introduces interactive features like live chat and immersive gameplay. Industry leaders like Evolution Gaming and NetEnt are setting new standards in player engagement with innovative game formats and top-tier studio setups, redefining the realism and appeal of live gaming.

  • Blockchain and Cryptocurrency Integration

Blockchain technology is transforming iGaming by offering unparalleled transparency and security. With blockchain’s ability to enable provably fair gaming, players can verify that each round is fair via an immutable ledger. Cryptocurrencies like Bitcoin and Ethereum facilitate faster, more secure transactions, catering to tech-savvy players who value privacy. Platforms like Bitcasino.io are leading the way, leveraging blockchain to ensure fairness and seamless payments. However, the rise of blockchain also attracts regulatory attention, requiring operators to balance innovation with compliance as governments navigate this new technology.

  • Artificial Intelligence and Machine Learning

AI and ML are instrumental in enhancing player experience and operational efficiency. AI algorithms analyze player behavior in real-time, offering personalized game recommendations and promotions. Additionally, AI-powered chatbots provide instant customer support, improving user satisfaction. AI-driven predictive analytics also help operators fine-tune marketing strategies based on player preferences. Companies like Bet365 are already using these technologies to stay ahead of the competition, offering more personalized and efficient gaming experiences.

  • Richer Personalization and Engagement

Personalization has become crucial for iGaming operators looking to boost player satisfaction and retention. By leveraging data analytics, companies can offer tailored game recommendations, dynamic bonuses, and individualized promotional offers. This level of engagement enhances the player experience and strengthens loyalty. Industry pioneers like DraftKings and FanDuel push the envelope by offering highly customized features, such as personalized fantasy sports leagues and bespoke betting options.

  • Regulatory Changes and Market Expansion

The constantly evolving regulatory landscape offers both challenges and opportunities for iGaming operators. As more regions legalize various forms of online gambling, companies gain access to new markets. With their large populations and increasing internet penetration, emerging markets like Brazil and Nigeria represent lucrative opportunities. However, navigating the diverse regulations in these markets requires agility and strict compliance with local laws to succeed.

  • Enhanced Payment Solutions

With digital transactions becoming the norm, the demand for fast, secure, and flexible payment methods is skyrocketing. From digital wallets to instant banking and cryptocurrencies, players expect payment solutions that offer convenience and security. This growing demand is driving innovation in payment processing, giving operators more opportunities to streamline the transaction process while building trust with users.

Future Implications

The Expanding Role of AI and Blockchain

AI and blockchain are not just current trends, but they are poised to play an even more significant role in iGaming’s future. As AI technology evolves, more sophisticated algorithms will emerge, enabling real-time adaptation to player behavior and preferences. Blockchain’s application may extend beyond transparency and security, transforming game mechanics and player interactions potentially redefining how games are designed and played.

Shifting Player Preferences

Player expectations will continue to evolve toward immersive, interactive experiences. As Virtual Reality (VR) and Augmented Reality (AR) become more mainstream, they will significantly influence the future of iGaming. Players will demand more engaging, lifelike environments, pushing the industry to create innovative game formats and features that offer deeper immersion and entertainment value.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Regulatory Developments

The regulatory environment will continue to evolve, and iGaming operators must stay agile to navigate future changes. New regulations may increasingly emphasize responsible gaming and player protection, influencing platform design and operational practices. A more harmonized regulatory framework across jurisdictions could provide stability while requiring operators to prioritize compliance.

Integrating Emerging Technologies

Technologies like 5G and edge computing are set to revolutionize iGaming by enabling faster, more reliable connectivity. This will allow for more complex game designs and real-time player interactions, opening new avenues for innovative gaming experiences. As these technologies mature, operators will have greater opportunities to differentiate their offerings. The potential of these emerging technologies to revolutionize iGaming is truly exciting and promising for the industry’s future.

Final Thoughts

The iGaming industry is on the cusp of significant transformations, driven by technological advancements and shifting player demands. Innovations like live dealer games, blockchain integration, AI, ML, and enhanced personalization are just the beginning. As the industry evolves, staying ahead of these trends will be critical for operators looking to thrive in an increasingly dynamic environment.

At Digicode, we are constantly exploring new technologies and refining our solutions to meet the evolving needs of our clients. Our focus on adaptability and foresight ensures that our clients are not just keeping pace with the industry—they’re leading it.

The post Innovations Redefining iGaming: What Operators Need to Know appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Latest News

What makes Turbo Games’ provably fair games so special?

Published

on

what-makes-turbo-games’-provably-fair-games-so-special?
Reading Time: 4 minutes

 

A partnership between game developer Turbo Games and iGaming solution provider and aggregator Slotegrator began in November 2022 via the APIgrator game integration solution. Since then, the collaboration has been developing successfully — and now it’s time to analyze what made it successful.

Turbo Games has noticed how the new technologies spreading throughout the industry can work for the good of brand transparency and player loyalty: “We can already see how blockchain technology has made it possible to make betting checks more accessible to players. All you need is a blockchain-hash and a decoder service. We think we will continue to move in this direction. Many traditional online casinos do not offer the possibility to check the bet. Sooner or later we all have to come to this. Perhaps the development of artificial intelligence will help here, because we are already seeing its involvement in all spheres of human life.”

Turbo Games specializes in provably fair games. Provable fairness is a concept where players can verify their wins or losses using blockchain technology — the outcome of the game is dictated by a smart contract and is absolutely random, barring the possibility of any human involvement. Using cryptographic hashing algorithms, the gambling site and the player’s device both generate seeds (random strings of numbers). Players receive a key that allows them to check the results; if the results are the same as the game round they witnessed, it proves that there was no foul play.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

According to statistics from Turbo Games, the audience for provably fair games is mostly between 18 and 25 years old. However, there are also players aged 35-40 who prefer traditional games but would like to try something new, and have turned their attention to provably fair games.

There are good odds that the technology of provably fair games will become more popular, if not even commonplace, because it gives players a feeling of transparency and proves that the business is trustworthy without the need to search through dozens of reviews. Whereas many innovations in iGaming simply add entertainment, provable fairness addresses security concerns and reassures players that they’re not being exploited, which is invaluable.

Provably fair games are beneficial for both players and online casinos. Vadim Potapenko, Head of Sales at Turbo Games, comments: “It often happens that the users are not satisfied with the result, because gambling is not only about big wins, but also possible losses. By allowing them to check the fairness of a bet, we make life easier for platforms and players. Of course, this allows us to communicate with partners and users that we work honestly and that’s why they should trust our games.”

Ayvar Gabidullin, Business Development Manager at Slotegrator, adds that “this type of game is now becoming more and more popular and has great potential for both players and game providers in the future. On the part of the player, the advantage is that the player can always be sure that his game is fair and he can independently check any of his bets. And for the game provider, this also simplifies the process of implementing casino games, since now it will not be necessary to obtain the appropriate certificates from independent laboratories before launching new games, they can immediately enter the market with these games and where anyone can check the result and make sure that that there is no cheating with players. Many game providers are starting to look towards this type of game. And as far as I see, many operators are starting to think about adding these games.”

What do players in 2023 need? The iGaming industry is all about reputation and trust. Players have a huge number of platforms to choose from, making them pickier and pickier. There’s an abundance of forums where players leave reviews, so if players view a brand as untrustworthy, there are plenty of places they can share their opinion. Provable fairness not only stops that from happening, it provides evidence to the contrary, giving players something else to talk about.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Slotegrator also recommends investing time and effort into localization and creating an effective and detailed marketing strategy — before trying provably fair technology players need to get to the platform, and there is no acquisition without marketing.

 

 ABOUT SLOTEGRATOR

Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.

The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.

Slotegrator also provides consulting services in gambling license acquisition and business incorporation.

More information: https://slotegrator.pro/

 

ABOUT TURBO GAMES

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Turbo Games — a provably fair games provider that belongs to Turbo Stars company — has an ambitious goal to establish widespread recognition throughout the iGaming world. Even though it is young, the company consists of professionals who have been working on the brand for over five years and are even planning to introduce a new brand for a wider audience soon.

Turbo Games also works in Europe, India, and South Africa, where the company sees the most potential and expects the same “hype” as in Brazil.

The portfolio of Turbo Games consists of 21 titles, including well-known games like Mines, Crash X, DoubleRoll, Hi-Lo, and Plinko. The studio releases a game every month. However, not all games are developed from scratch. Wicket Blast and Spin Strike, the last two releases, are based on cricket and the Indian Premier League. Crash X remains the most popular fast game in the Turbo Games portfolio, and the studio reports that crash games enjoy stable levels of popularity. Overall, the main focus of the brand is provably fair games.

More information: https://turbogames.io/

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Baltics

Games Factory Talents has teamed up with Nordic Game to bring you Nordic Game Talents.

Published

on

games-factory-talents-has-teamed-up-with-nordic-game-to-bring-you-nordic-game-talents.
Reading Time: 2 minutes

Looking to take your career to the next level in the games industry? Then, Nordic Game Talents is the place to be! Games Factory Talents has teamed up with Nordic Game to bring you Nordic Game Talents.

From Oct 27-29, the online and interactive event is dedicated to recruitment and career building in the creative & games industry within the Nordic region. The event empowers participants to be part of a bigger community and motivates them to explore new paths in achieving their career goals.

Hiring creative & games studios – Supercell, Funcom, Panzerdog, Tactile Games, Gamecan, Fingersoft, Dazzle Rocks, Redhill Games to name a few from the Nordic region will be participating in the event. These studios will share information on their latest projects, work culture and what it takes to be part of their team. The individual games associations from Finland, Denmark, Sweden, Norway and Estonia will share insights through live sessions on the booming games industry in their respective countries. Career development topics pertinent to job seekers like – How to have a successful first interview, Creative Portfolio reviews will also be discussed.

Experienced game industry professionals and individuals beginning their careers from around the world are welcome to join the event. One-to-one interviews with the hiring studios can be scheduled through the event platform. A great opportunity to get to know the studios and network with game professionals from around the world.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Participating in the event

As a job seeker attending Nordic Game Talents, take a few minutes to fill out a simple registration form. After filling the registration form you will receive a link to the online event platform – PINE, to join the event on 27th October. Participants joining Nordic Game Talents will also receive a free-of-charge pass to the Nordic Game Conference.

To view the complete agenda, please click here and to learn more about the event please visit Games Job Fair

About Games Factory Talents

A Helsinki-based talent attraction agency dedicated to the games & creative industry. Our services include direct recruitment, organizing game job fairs and managing a community of game industry professionals through our GameDev Talent Board.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

To learn more about Games Factory Talents visit – Games Factory Talents

Continue Reading

Trending