Boyd Gaming, a leading land and online gaming operator in the American gambling market. Yesterday, the company made their 2023 Q3 report available with good news and bad news for investors. This is because Boyd Gaming Reports a Net Income of $135.2 Million while falling short of Wall Street Expectation.
The average estimate by investors were expecting for the shares to earn $1.44 per share for Q3. Unfortunately, the Boyd Gaming share earning went down to $1.34 per share in comparison to $1.46 in Q3 2022.
However, Keith Smith, the Boyd Gaming president and CEO remains confident in the long-term success of the company. This is because their Q3 report shows a $930.2 million in Revenue which is an increase in revenue over the previous year.
Boyd Gaming Reports a Net Income of $135.2 Million for Q3 but Falls Short of Expectation
Overall, Boyd Gaming has shown a solid performance despite facing economic challenges. In addition, they have shown the growth potential of its property reinvestment initiative. Especially about delivering record quarterly results at the Fremont following its recent expansion project.
Despite falling short of expectations, the company was got a 3% increase in Revenue for the third Quarter. According to gambling reports, they main reason for this increase is because of their online gambling division.
Last year, the company made the decision to commit itself to online gambling by acquiring Pala Interactive. After renaming it Boyd Interactive, the have made great stride while relaunching the Stardust Platform in Pennsylvania and New Jersey.
Furthermore, Smith said that their “third-quarter results reflect the value of our diversified business model.” This is because of the strength of their core customers and strong results from their online casino business. In addition, even their non-gaming operation were a contributing factor to the increase in revenue.
So far, Boyd Gaming is actually showing significant revenue for 2023. For the first 9 month of 2023, they made $2.78 billion in revenue. However, during the same period last year they had made $2.63 billion in revenue. Thus, they continue to be ion good shape for the year.
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