US regional casino operator Boyd Gaming says it’s doing better than expected during the resumption of operations following their lengthy COVID-19 shutdown.
Boyd closed all 29 of its gaming venues in March as the pandemic took hold, and the first of these properties didn’t reopen until May 20, while others waited until the end of June and one (the Par-A-Dice in East Peoria, Illinois) didn’t get the nod until July 1. So year-on-year comparisons are essentially meaningless, but here goes.
Boyd generated revenue of $209.9m in the three months ending June 30, less than one-quarter of its revenue in the same period last year. The company booked an earnings loss of $110.5m versus a $52.5m gain last year and a net loss of $108.5m versus net income of $48.5m in Q2 2019.
Boyd’s properties were all subject to capacity restrictions upon reopening, with a corresponding effect on revenue. But thanks to “increased efficiencies in our operating model,” properties in Boyd’s dominant Midwest & South division reported “double-digit” earnings gains while the second-ranked Las Vegas Locals market was also ahead earnings-wise when compared to the same period of operation last year. Only the Downtown Las Vegas casinos were struggling to meet or beat their previous earnings results.