In This Article:
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Full-Year Revenue: Over $3.9 billion, setting a record for the company.
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Full-Year EBITDA: Nearly $1.4 billion.
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Property Level Operating Margins: Over 40% for the full year.
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Fourth-Quarter Revenue: Surpassed $1 billion for the first time.
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Fourth-Quarter EBITDA: Nearly $380 million.
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Las Vegas Locals Segment Operating Margins: Exceeded 50%.
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Midwest and South Segment Same-Store Margins: Consistent at 37%.
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Online Segment Full-Year EBITDA: $76 million after excluding $32 million one-time fees.
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Managed Business Full-Year EBITDA: $96 million.
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Stock Repurchase in Fourth Quarter: $203 million.
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Total 2024 Stock Repurchase: $686 million.
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Total Capital Returned to Shareholders in 2024: Nearly $750 million.
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Year-End Total Leverage: Approximately 2.5 times.
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Capital Expenditures in 2024: $400 million.
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2025 Capital Expenditure Estimate: $600 million to $650 million.
Release Date: February 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Boyd Gaming Corp (NYSE:BYD) achieved record revenues of over $3.9 billion in 2024, with companywide EBITDA nearing $1.4 billion.
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The Las Vegas Locals segment delivered its best year-over-year performance in 2024, with operating margins exceeding 50%.
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The Online segment generated $76 million in EBITDA for the full year, reflecting growth from market access agreements and online gaming.
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The Managed business generated $96 million in EBITDA for 2024, driven by management fees from Sky River Casino.
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Boyd Gaming Corp (NYSE:BYD) returned nearly $750 million in capital to shareholders in 2024 through share repurchases and dividends.
Negative Points
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Competitive pressures in the Las Vegas market continue to pose challenges, particularly for properties like Orleans and Gold Coast.
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The Midwest and South segment faced weather-related disruptions in January, similar to the previous year.
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The Online segment's performance was impacted by lower hold during the NFL season.
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Boyd Gaming Corp (NYSE:BYD) anticipates continued expense pressures, although they are moderating compared to previous years.
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The company remains cautious about the retail customer segment, which has shown stability but not significant growth.
Q & A Highlights
Q: Can you provide insights on how you're thinking about your core customers versus retail customers in 2025? A: Our core customer base has been growing consistently, and we expect this trend to continue. For retail customers, outside of Las Vegas, the market has been stable, with flat year-over-year growth. In Las Vegas, retail customer performance has been stabilizing, with year-over-year declines lessening. We anticipate reaching stability in 2025, with potential growth in the second half, depending on broader economic factors.