written and last updated by
Sam Smith at
25 Oct 2023
Journalist, Editorial Department
Boyd Gaming Corporation has released its financial results for the third quarter of 2023, covering the period from July to September. The Nevada-based gaming and hospitality company reported total revenue of $903.2 million (approximately 84.1 billion rubles), marking a 3% increase compared to the previous year.
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.
