Boyd Gaming's revenue increased by 3% in the third quarter of 2023, driven by growth in iGaming
The primary driver of this growth was the online entertainment sector. While overall gaming revenue declined by 4% year-on-year to $641.2 million (about 59.7 billion rubles), the company managed to generate $90.3 million (around 8.4 billion rubles) from iGaming, a remarkable 72.3% increase that offset the overall downturn in Boyd's gambling business.
Last year, Boyd made a significant push into the online sector, acquiring iGaming technology provider Pala Interactive for $170 million (approximately 15.8 billion rubles) in November. The integration of Pala into Boyd Gaming's operations took 12 months.
CEO and President Keith Smith emphasized that he views iGaming as a long-term investment rather than a quick return. "We're not talking about immediate ROI; this is a long-term play. We see it as a crucial part of our long-term strategy. It's important to have both an online business and a strong land-based operation to compete effectively," he stated.
Despite the revenue growth in the iGaming sector, expenses also rose. Costs associated with online services surged by 73.4% to $79.4 million (about 7.4 billion rubles) as the company continues to develop this area. Total expenses across all business categories for Boyd Gaming reached $685.3 million (approximately 52.9 billion rubles), an increase of 7.1%.
The company's pre-tax profit for the third quarter was $177.1 million (around 16.5 billion rubles), down 12.9% from the previous year. After-tax income amounted to $135.2 million (approximately 12.6 billion rubles), reflecting a 13.9% decrease compared to last year's figures.
Notably, a jackpot of $12 million was won at the Excalibur hotel-casino.
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