Boyd shareholders who hold their shares until the close of business on December 22nd will qualify for a dividend payment set to be distributed on January 15, 2024.
This announcement comes as Boyd anticipates a positive year for the gambling company, with promising indicators of growth.
For the nine-month period ending on September 30th, Boyd reported total revenue of $2.78 billion, marking a 5.8% increase compared to the same period the previous year.
The primary contributor to this revenue was gaming, accounting for $1.97 billion, with online gaming emerging as the second-highest contributor at $298.2 million.
Additional revenue streams included $212.9 million from rooms, $148.5 million from food and beverage services, $54.6 million from management fees, and $103.6 million from various other activities.
Despite increased spending during this period, the growth in revenue led to a 13.0% boost in net profit, totaling $527.4 million.
Moreover, adjusted EBITDAR, which factors in earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs, inched up by 0.9% to reach $1.04 billion.
One key driver of revenue growth for Boyd was its online division, especially during the third quarter, which witnessed significant expansion following the acquisition of Pala Interactive for $170.0 million in November 2022.
Rebranded as Boyd Interactive, this online division successfully relaunched the Stardust platform in Pennsylvania and New Jersey, contributing to a 3.0% rise in group revenue to $903.2 million during Q3.
While gaming remains Boyd’s primary revenue source at $641.2 million, it did experience a 4.0% decline compared to the previous year.
However, the online segment witnessed remarkable growth, surging by 72.3% to $90.3 million, effectively offsetting the gaming segment’s decline.
Additionally, food and beverage revenue increased by 4.7% to $71.0 million, rooms revenue climbed by 4.3% to $48.7 million, management fees saw a significant rise of 71.6% to $17.5 million, and other revenue increased by 7.7% to $34.8 million.
In Q3, costs escalated primarily due to the expansion of online operations, resulting in a 13.9% dip in net profit to $135.2 million, and a 5.0% decrease in adjusted EBITDAR, which settled at $320.8 million.
Despite these Q3 challenges, Boyd’s overall progress throughout the year, and the anticipated growth for the full year, positions the company to fulfill its dividend commitment to shareholders.