Boyd Gaming releases preliminary financial results and COVID-19 effects for the first quarter

Local News
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LAS VEGAS (KLAS) — Boyd Gaming Corporation (NYSE: BYD) Tuesday reported its preliminary financial results for the first quarter ended March 31, 2020. Boyd Gaming casinos in Nevada have been closed since March 19, right after Gov. Steve Sisolak’s statewide order applying for non-essential businesses to close to slow the spread of COVID-19.

The Las Vegas-based company also announced the temporary closure of four properties across the Midwest. Properties in Illinois, Indiana, and Ohio were impacted.

Boyd Gaming’s first quarter highlights are as followed:

  • Results Severely Impacted by Closure of All Properties in March Due to COVID-19
  • Broad-Based Actions Taken to Reduce Expenses Across Operation
  • Ample Liquidity Provides Solid Foundation During Closure Period

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: 

“During these unprecedented times, our highest priority is the health and safety of our team members, customers, and communities. We want to express our gratitude to our first responders and health care workers, who have put their own health and well-being at risk to protect us all.

“We are fully supportive of the actions taken by state and local officials to help slow the spread of COVID-19, including the closure of our properties nationwide. We look forward to re-opening our properties ‒ following strict safety protocols that will meet or exceed the requirements set forth by health officials ‒ when state authorities determine it is appropriate to do so.

“Prior to the closure of all of our properties in mid-March, our Company began the first quarter with a strong performance, posting two consecutive months of solid year-over-year growth across our nationwide operations. And while our first-quarter results were significantly impacted by property closures, we have taken broad-based actions to reduce expenses and preserve liquidity. As a result of these actions, and the progress we have made in recent years to strengthen our balance sheet, we believe our Company is well-positioned to sustain itself through the closure period. We intend to emerge from these challenging times as a more efficient and operationally focused Company.”

Las Vegas Locals
In the Las Vegas Locals segment, first-quarter 2020 revenues were $180.8 million, compared to $222.9 million in the year-ago quarter. First-quarter 2020 Adjusted EBITDAR was $46.8 million, compared to $74.2 million in the first quarter of 2019.

Downtown Las Vegas
In the Downtown Las Vegas segment, revenues were $54.1 million in the first quarter of 2020, compared to $63.0 million in the year-ago period.  Adjusted EBITDAR was $10.0 million in the current period, versus $15.0 million in the year-ago quarter.

Midwest & South
In the Midwest & South segment, revenues were $445.6 million versus $541.4 million in the first quarter of 2019.  Adjusted EBITDAR was $105.8 million, compared to $156.5 million in the year-ago period.

The financial information provided for the first quarter of 2020 is preliminary. The Company has not completed its final closing procedures related to reviews of goodwill, intangibles, and certain other long-lived assets for impairment and the related income tax provision adjustments that may be made. The completion of these procedures may result in adjustments to the preliminary information presented. The final financial results for the quarter will be provided in a Form 10-Q expected to be filed with SEC on or before May 11, 2020.

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