Boyd Gaming Exudes Confidence After Record Profits Announced
While the gambling sector might has taken a big hit during the last two years due to the COVID-19 pandemic and the following lockdown, a number of gambling operators have done well in recent times. The company reported a good performance in the third quarter and this is one of the reasons why they have agreed to repurchase $300 million in stock.
This is an incredible show of confidence in the gaming industry and what Boyd Gaming is expected to achieve in 2022.
Boyd Gaming has pointed out that it has seen consistent growth within its customer base. The company decided to focus on its existing customer base and making a more efficient business model in hopes of boosting growth and it seems to have succeeded.
According to the numbers, the company showed 42 percent growth in the third quarter. Those are just the initial numbers from the recent report. After corporate expenses are deducted, there was still an impressive 40.4 percent growth. This is a small but nice increase from the 36.6 percent from 2020.
Breaking down the performance of the company, Las Vegas locations saw an increase of 35% in revenue, while adjusted earnings showed an increase of 60 percent. Boyd’s properties in the South and the Midwest also had some notable increase in earnings. Compared to 2020 performance, the company saw a 22 percent growth. The report showed that 11 of the company’s 17 regional properties posted record earnings while 21 of the national properties had impressive growth.
Boyd is optimistic that with the pandemic dying down and more people going out, the gaming industry is set for a resurgence in 2022. Senior executives are very confident that there will be continued growth in the coming year for the overall gaming market. To meet this expected demand, they have decided to increase their hiring going forward as they remain confident that they will make up their bold investments in 2021.
One of the company’s focuses right now is developing its partnership with FanDuel. They are looking to target the state of Louisiana and offering sports betting services in five of their properties by the end of 2021.
FanDuel already operates in six of the states that Boyd Gaming has a presence in and the company aims to leverage this relationship to further expand its brand, especially with its digital operations.
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