Boyd Gaming, one of the largest gaming and hospitality company’s in the United States, has today praised the efforts of its team as it achieves record operating margins, despite the global pandemic and the unprecedented times surrounding venue closures.
As the corporation reports its fourth quarter results to conclude last year, the Nevada based casino owner, which employs over twenty-five-thousand employees, has revealed that its revenues for the fourth quarter surpassed $635 million.
In addition, the company was able to report a net income of more than $83 million for the same three month period compared with approximately $24 million in the previous year.
According to reports, margins for the fourth quarter of 2020 were up over thirty-three percent when compared with the same quarter in the previous year.
This significant increase is being attributed to the efforts of the entire team working behind the scenes and the company’s commitment to operate on a more efficient business model.
In a historic moment, Boyd Gaming has experienced its highest margins ever despite multiple casino and hotel properties being shuttered due to the global pandemic and tight restrictions to curb the spread of virus infections.
Furthermore, all across the United States the firm was able to report positive results and feedback for its staff, customers and shareholders and remains committed to returning to business as usual as soon as possible.
Reportedly, business in Las Vegas continues to show strong and stable activity and the gaming and hospitality continues to make a recovery following the prolonged period of downtime caused by the pandemic.
Online gaming is also an area where Boyd Gaming is seeing great benefits and returns through its collaboration with FanDuel, the largest online sportsbook, casino and daily fantasy sports provider in USA.
In light of this, the company is currently preparing to launch a brand new Stardust branded icasino in the state of Pennsylvania within the next two months, subject to approval from regulatory bodies, and aims to continue the long term possibilities associated with online gaming to improve its business through 2021.
President and Chief Executive Officer of Boyd Gaming Keith Smith commented on the news:
Thanks to the dedicated efforts of the entire Boyd Gaming team and their commitment to our more efficient operating model, our Company continues to produce the highest margins in our history, even in the face of stricter COVID restrictions and several property closures.
We achieved record Company-wide operating margins for the second consecutive quarter, as nine properties nationwide set fourth-quarter EBITDAR records.
In the Midwest & South, we delivered another record EBITDAR performance during the quarter, despite the closures of Par-A-Dice and Valley Forge due to state mandates.
And in our Las Vegas Locals segment, business from our core local customer remains strong, with solid EBITDAR and margin growth on a same-store basis excluding The Orleans.
At the same time, we continue to see encouraging results from online gaming.
Through our partnership with FanDuel, we are benefiting from strong growth in mobile sports betting, and expect further upside as we prepare to launch a Stardust-branded iCasino in Pennsylvania in April, pending regulatory approval.
We are excited about the long-term opportunities of online gaming and the improving prospects for our business in 2021 and beyond.