The following is a summary of the Boyd Gaming Corporation (BYD) Q1 2024 Earnings Call Transcript:
Financial Performance:
Boyd Gaming Corporation's Q1 2024 results were impacted by challenging weather and a softer Las Vegas local market, leading to a below prior-year performance.
The company saw the shortfall of EBITDA due to comparisons to a record performance, impact of market competition, and a softer Las Vegas locals market.
However, significant free cash flow was still generated and property level margins remained strong at 40%.
Online segment equalled last year's performance with $20 million EBITDAR in the first quarter.
The company invested $90 million back into the business, repurchased $105 million in company stock and increased its dividend for the third consecutive year to $0.17 per share.
Business Progress:
Improving customer trends were observed in the Midwest and South segment, with these positive developments expected to continue into the month of April.
Boyd Gaming Corporation's 5% equity interest in FanDuel Group continues to grow in value, aiding its overall business growth.
Renovations at various locations are underway and the Treasury Chest land-based project is nearing completion, bolstering the company's portfolio and improving customer experience.
The expected transition of the Treasury Chest facility to a land-based operation will increase efficiency and add convenience to the gaming experience.
The company plans to roll out their interactive product in more states, target existing and new customers, and reinvest in its properties to stay competitive and provide improved customer experiences.
More details: Boyd Gaming IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.