Q3 2024 Boyd Gaming Corp Earnings Call Transcript
Key Points
- Boyd Gaming Corp (BYD) reported strong performance in the third quarter, driven by recent property investments and growth in Downtown Las Vegas and the Midwest and South segments.
- The company's online and managed businesses delivered excellent results, with the online segment's EBITDAR guidance raised to $75 million for the full year.
- Boyd Gaming Corp (BYD) maintained operating efficiencies with property-level margins exceeding 39% during the quarter.
- The company is actively investing in property enhancements and growth projects, including major renovations and new developments like Cadence Crossing and a casino resort in Norfolk, Virginia.
- Boyd Gaming Corp (BYD) returned nearly $1.7 billion to shareholders over the last three years through share repurchases and dividends, demonstrating a strong commitment to shareholder value.
- The Las Vegas locals segment faced competitive pressures, particularly impacting the Orleans and Gold Coast properties.
- Year-over-year EBITDAR comparisons for the fourth quarter are expected to be challenging due to favorable expense adjustments in the previous year.
- The company is experiencing ongoing aggressive promotional spending by competitors in the Las Vegas market, which has not abated.
- The Tropicana I-15 interchange project in Las Vegas is expected to extend into 2025, potentially impacting customer access to the Orleans property.
- Boyd Gaming Corp (BYD) faces uncertainties related to external factors such as election cycles and global events, which could impact consumer behavior and visitation.
Good afternoon, and welcome to the Boyd Gaming third-quarter 2024 earnings conference call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, October 24, 2024. (Event Instructions)
Our speakers for today's call are Keith Smith, President and Chief Executive Officer; Josh Hirsberg, Executive Vice President and Chief Financial Officer.
Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statements. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.
During our call today, we will make reference to non-GAAP financial
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