Boyd Gaming is optimistic after a "outstanding" Q1 performance

The best EBITDAR in group history and evidence of a "more focused operational approach" are the cornerstones of Boyd Gaming's praise of a "excellent quarter."

The operator also applauds the commencement of construction of the Wilton Rancheria Tribe's resort outside Sacramento, California, and the debut of its first Stardust-branded online casinos in New Jersey and Pennsylvania, as both retail visitation and spend-per-visit showed an upward trend.

The remarks coincide with the release of the company's Q1 financial results, which showed sales increased by 10.7% to $753.3 million from $680.5 million.

Regionally, Boyd saw growth in its "Las Vegas Locals" and "Midwest and South" divisions, which reached $182.42 million and $549.45 million, respectively, from $180.76 million and $445.64 million in 2020.

Boyd claims that this is a result of rising visitor and spending levels among all client categories as well as ongoing advantages from the business's targeted operating approach.

Downtown Las Vegas saw a decline of 60.3% to $21.43 million from $54.11 million, which is indicative of sustained weakness in the southern Nevada market for destination travel, particularly within the company's key Hawaiian client demographics.

The company's adjusted EBITDAR increased from $144.4 million to $292.6 million, reporting a net gain of $102.2 million compared to a net loss of $147.6 million.

State-mandated shutdown of all of the company's locations nationally during the final few weeks of March 2020 had an influence on the results for the quarter.

"This was a fantastic quarter for our firm, as we delivered the highest EBITDAR and margin achievements in our history," stated Keith Smith, president and chief executive officer of Boyd Gaming.

"We are observing rising traffic and rising spend-per-visit across every client category as economic circumstances improve and COVID vaccines continue to roll out.

"Our rigorous operational strategy is generating good flowthrough on sales gains, delivering considerable EBITDAR growth and improved margins," the company stated. The Wilton Rancheria Tribe's resort in Sacramento, California, is one of the strategic expansion initiatives we are working on, and we have already started construction on it. We have just opened our first Stardust-branded online casinos in New Jersey and Pennsylvania.

"Our great success in the first quarter reflects our more narrowly focused operational approach, as well as the commitment and diligence of every member of the Boyd Gaming team."

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