Boyd Gaming Corporation reported a total revenue of $3.93 billion for the fiscal year ending December 31, 2024, marking a 5.1% increase from $3.74 billion in 2023. The company's operating income rose to $927.8 million, up from $901.8 million the previous year. However, net income decreased to $578.0 million from $620.0 million in 2023, primarily due to a higher income tax provision and a decline in interest income. The gaming segment, which traditionally generates the majority of Boyd's revenue, accounted for approximately 66% of total revenues, although it experienced a slight decline of 1.1% year-over-year.
Significant operational changes included the acquisition of Resorts Digital Gaming, LLC, completed on September 1, 2024, for $34 million, which is expected to enhance Boyd's online gaming capabilities. This acquisition follows the earlier purchase of Pala Interactive in November 2022, further solidifying Boyd's position in the online gaming market. The company also reported a notable increase in online revenues, which surged by 43.6% to $606.2 million, driven by reimbursements from gaming taxes and market access agreements.
In terms of operational metrics, Boyd Gaming's employee count stood at 16,129 as of December 31, 2024, with 15,362 working at properties and 767 in corporate roles. The company operates 28 gaming entertainment properties across multiple states, including Nevada, Illinois, and Pennsylvania. The Las Vegas Locals segment saw a revenue decline of 3.6%, attributed to competitive pressures from new entrants in the market. Conversely, the Downtown Las Vegas segment reported a revenue increase of 3.5%, benefiting from renovations and improved customer engagement.
Looking ahead, Boyd Gaming aims to continue its growth trajectory by focusing on strategic acquisitions and enhancing its online gaming offerings. The company plans to invest between $200 million and $250 million annually in capital expenditures, with additional funds allocated for new projects, including a $750 million casino resort development in Norfolk, Virginia, expected to open a transitional facility in late 2025. Boyd's management remains optimistic about future revenue growth, despite the challenges posed by economic conditions and increased competition in the gaming industry.
About BOYD GAMING CORP
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