Boyd Gaming Sees Online Casino, Sports Betting as Key to 2022 Growth
Las Vegas mainstay Boyd Gaming is doubling down on the company’s iGaming and sports betting aspirations in the new year.
CEO and President Keith Smith and Executive Vice President and CFO Josh Hirsberg laid out a vision for the company during a fourth quarter earnings call Thursday. Boyd Gaming owns Las Vegas casino names like The Orleans, Gold Coast and Sam’s Town, along with operations in Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.
Smith said the company, through its strategic partnership and 5% stake in the FanDuel Group, recently began Louisiana online and retail sportsbook operations.
The company also has its sights set on launching mobile and retail sportsbook operations, thanks to its FanDuel partnership, in Ohio — once the market comes online later this year.
“We believe there is considerable growth potential from our online business,” Smith told investors. “Our partnership with FanDuel continues to grow. Over the last two months, we opened FanDuel-branded sportsbooks in each of our five Louisiana properties. And we launched sports betting in Louisiana last week.”
“Online and retail sports betting are increasingly important parts of our business.”
Smith said he expects the company’s real money online casino properties to neatly complement their land-based casinos, engaging their customer base in new ways and opening additional revenue streams in the year ahead.
2021 Provides Record Revenues
In total, Boyd Gaming reported $879.9 million in revenue during the fourth quarter alone, which represents a 38.4% jump from the same period a year ago.
For the entire year, Boyd Gaming racked up $3.4 billion in revenue, up $1.2 billion from 2020, with a net income of $463.8 million, compared to $134.7 million in 2020.
During Thursday’s call, Smith told investors the company sees 2022 following many of the same trends as the just-completed calendar year.
Smith cited the company’s net income of $0.96 per share during the fourth quarter, compared to $0.73 during the fourth quarter of 2020, as proof Boyd Gaming’s future is bright for investors and employees alike.
“As iGaming continues to expand into new markets across the country, we believe the upside could become even more significant in the years ahead,” Smith said. “So, as we look back on 2021, we delivered outstanding results for our shareholders by every measure, and with continued growth opportunities still ahead, we’re optimistic about 2022.”
Smith’s confidence for 2022 was centered on the company’s ability to take advantage of its FanDuel partnership in new markets, combined with the lessening impacts of the COVID-19 pandemic.
“As we move forward, we will remain focused on maintaining our strong operating performance, remaining disciplined in our execution, and growing our business organically, through investment in our existing portfolio and growing our online presence,” Smith said.