Boyd Gaming has released its third quarter financial results, covering the three months ending September 30. The American gaming and hospitality company reported revenue of $961.2 million, an increase of 6.4% from the $903.2 million collected in the same quarter last year.

However, net income decreased 3% from the previous year, from $135.2 million to $131.1 million, or $1.43 per share. Total adjusted EBITDAR increased 4.9% year over year to $336.6 million from $320.8 million in the third quarter of 2023.

“Our company continued to deliver strong results in the third quarter as underlying customer trends remained stable,” commented Keith Smith, President and CEO of Boyd Gaming, as noted in the press release.

At the same time, the third quarter results mark a slight decrease of 0.7% compared to the previous quarter, where revenue reached $967.5 million. However, online revenue is up from the $129.9 million reported in the second quarter of 2024.

Most segments show year-over-year growth

The results show that all segments recorded higher revenues compared to the previous year, with the exception of the Las Vegas Locals segment. Nonetheless, Las Vegas Locals properties performed in line with the market as a whole.

The Downtown Las Vegas segment enjoyed a 7.6% increase in revenue, to $53.3 million, attributed to recent real estate investments and increased Hawaiian visits. The Midwest and South segment saw revenue increase 1.8% thanks to a record quarter for Treasure Chest Casino. This growth follows the June opening of its new land-based facility, which offers 48,000 square feet of gaming space, double the size of the former riverboat casino.

“During the quarter, we realized the benefits of our recent investments in our Downtown Las Vegas and Midwest & South segments. These investments generated strong returns, generating revenue and adjusted EBITDAR gains in both segments. We also enjoyed excellent performance in our online and managed businesses, demonstrating the value of our diversified business model,” added Smith.

But overall growth was primarily driven by the company’s online segment, which saw a significant year-over-year revenue increase of 56.5%. This comes after Boyd purchased online gaming platform Pala Interactive in November 2022 for $170 million, now renamed Boyd Interactive. Boyd too Recently purchased Resorts Digitalthe online gaming arm of Resorts Casino in Atlantic City, acquires ResortsCasino.com, MoheganSunCasino.com and a sports betting skin tied to Resorts Casino.

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