Headline: Boyd Gaming Surpasses Q3 Expectations, Shares Soar

LAS VEGAS - Boyd Gaming Corporation (NYSE:BYD) reported that its third-quarter results exceeded analyst expectations, driven by strong performance in its online and managed operations. Following the earnings announcement, shares of the casino operator rose by 0.48%.

Boyd Gaming reported adjusted earnings of $1.52 per share for the third quarter, surpassing the analyst expectation of $1.40. Revenue amounted to $961.25 million, exceeding the forecast of $916.51 million and marking a 6.4% increase from $903.2 million in the same period last year.

The company's Online segment delivered strong revenue and Adjusted EBITDA growth, benefiting from increased contributions from market access agreements and one-time gains. The Managed and Other segment also performed well, reflecting the ongoing strength at Sky River Casino in Northern California.

Keith Smith, President and CEO of Boyd Gaming, stated, “Our company continued to deliver solid results in the third quarter as core customer trends remained steady. We have seen the benefits of our recent investments in our Downtown Las Vegas and Midwest & South segments, resulting in revenue and Adjusted EBITDA growth in both segments."

Total Adjusted EBITDA rose to $336.6 million in the third quarter of 2024 from $320.8 million in the same period last year.

As part of its ongoing repurchase program, Boyd Gaming repurchased $202 million worth of shares during the quarter. As of September 30, 2022, approximately $343 million remained under the company's current share repurchase authorization.