Boyd Gaming Corporation has reported its financial results for the first quarter ended March 31, 2019. The company achieved revenues of $827.3m, a 36.5% increase from $606.1m year-on-year. Net income was $45.5m, or $0.40 per share, for the first quarter of 2019, compared to $41.4m in Q1 2018.
Total Adjusted EBITDAR was $223m in the first quarter of 2019, up 39% from $160.5m in the first quarter of 2018. Adjusted earnings for the first quarter of 2019 were $48.9m, or $0.43 per share, compared to $45.2m, or $0.39 per share, for the same period in 2018.
Keith Smith, President and Chief Executive, updated investors, saying: “This was another great quarter for our company, as the successful execution of our strategy continues to deliver growth and margin improvement across every segment of our business. Both of our Nevada segments continued to achieve solid growth in profitable revenues, Adjusted EBITDAR and operating margins, driven by a robust regional economy and operational and marketing refinements.
“Our Midwest and South business produced its fourth consecutive quarter of same-store adjusted EBITDAR gains, overcoming severe winter weather early in the quarter with an exceptionally strong March performance. We also made substantial progress integrating our recent acquisitions and realizing synergies, positioning us to take advantage of the long-term potential of our new properties. In all, we remain confident in the direction of our company, and committed to creating long-term value for our shareholders.”
Results for the first quarter of 2019 include $213m in revenues and $59.5m 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.