Boyd Gaming (NYSE:BYD) shares edged higher in Tuesday’s extended trading after topping top and bottom lines for the first quarter.
The Las Vegas-based casino operator reported $1.71 in the quarter, beating estimates by $0.17. Meanwhile, a 12% rise in revenue to $963.97M came in $74.38M above the Street consensus.
Management highlighted the performance of the Sky River Casino as a key contributor to EBITDAR growth. Online revenues and Adjusted EBITDAR “more than doubled over prior year” according to the company, driven in part by the rollout of sports betting in Ohio and Kansas.
“The first quarter was an excellent start to 2023 for our Company, as we again demonstrated the strength of our business model and the resilience of our diversified portfolio. We continued to see increased play from our core customers across the country, as well as strong growth in our non-gaming operations,” CEO Keith Smith commented. “Our Nevada segments delivered outstanding performances, as increased tourism in southern Nevada and growing play from core customers helped drive record first-quarter EBITDAR and operating margins in both our Las Vegas Locals and Downtown Las Vegas segments.”
Shares of Boyd Gaming (BYD) rose about 2.7% shortly after the results crossed newswires.
Boyd Gaming beats Q1 estimates amid sports betting growth
- Advertisment - 