Q4 2024 Boyd Gaming Corp Earnings Call Transcript
Key Points
- Boyd Gaming Corp (BYD) achieved record revenues of over $3.9 billion in 2024, with companywide EBITDA nearing $1.4 billion.
- The Las Vegas Locals segment delivered its best year-over-year performance in 2024, with operating margins exceeding 50%.
- The Online segment generated $76 million in EBITDA for the full year, reflecting growth from market access agreements and online gaming.
- The Managed business generated $96 million in EBITDA for 2024, driven by management fees from Sky River Casino.
- Boyd Gaming Corp (BYD) returned nearly $750 million in capital to shareholders in 2024 through share repurchases and dividends.
- Competitive pressures in the Las Vegas market continue to pose challenges, particularly for properties like Orleans and Gold Coast.
- The Midwest and South segment faced weather-related disruptions in January, similar to the previous year.
- The Online segment's performance was impacted by lower hold during the NFL season.
- Boyd Gaming Corp (BYD) anticipates continued expense pressures, although they are moderating compared to previous years.
- The company remains cautious about the retail customer segment, which has shown stability but not significant growth.
Good afternoon, and welcome to the Boyd Gaming fourth-quarter and full-year 2024 earnings conference call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, February 6, 2025.
(Operator Instructions)
Speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Executive Vice President and Chief Financial Officer.
Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statements. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.
During our call today, we will make
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