Keith Smith, president and chief executive of Boyd Gaming, has said the casino operator was able to maintain a “positive momentum” during the three months to September 30, delivering “strong” growth in revenue and profitability.
Net revenue in the third quarter amounted to $546.3 million (€492.3 million), down from $738.8 million in the previous year but up by 3.3% from pro forma bet revenue of $528.9 million last year.
Total adjusted earnings before interest, tax, depreciation and amortisation came in at $163.2 million in Q3, up 20.5% from the comparable pro forma amount of $135.4 million for the corresponding period last year.
Effective September 30 last year, Boyd Gaming deconsolidated Borgata and is accounting for its 50% investment in Borgata by applying the equity method for period subsequent to that date – with the prior-year pro forma totals reflecting the results for Borgata on a comparable equity method basis.
“The positive momentum that began late last year carried into the third quarter, as we continued to deliver strong growth in revenues and profitability,” Smith said.
“Increased consumer spending and effective marketing programmes drove revenue growth across the portfolio, and our efficiency efforts delivered strong flow-through to the bottom line.
“Additionally, our long-term strategic initiative to enhance amenities in key markets resulted in continued non-gaming revenue growth.
“In all, this was another successful quarter for our company, as we continued to generate increased value for our shareholders.”
source : www.igamingbusiness.com
