Boyd Gaming Corp. Files 2023 Annual Report on Form 10-K
Ticker: BYD · Form: 10-K · Filed: 2024-02-26T00:00:00.000Z
Sentiment: bullish
Topics: Boyd Gaming, 10-K, Financial Report, Revenue, Share Repurchase
TL;DR
<b>Boyd Gaming Corp. reported $3.95 billion in revenue and $98.8 million in net income for fiscal year 2023, alongside a significant share repurchase program.</b>
AI Summary
BOYD GAMING CORP (BYD) filed a Annual Report (10-K) with the SEC on February 26, 2024. Boyd Gaming Corp. reported total revenue of $3,947,000,000 for the fiscal year ended December 31, 2023. The company's net income for the fiscal year ended December 31, 2023, was $98,832,453. Earnings per share (EPS) for the fiscal year ended December 31, 2023, were $0.60. Boyd Gaming Corp. repurchased 5,000,000 shares of common stock during the twelve months ended December 31, 2023. The company's total assets were $4,797,000,000 as of December 31, 2023.
Why It Matters
For investors and stakeholders tracking BOYD GAMING CORP, this filing contains several important signals. The filing details the company's financial performance and operational highlights for the fiscal year 2023, providing investors with a comprehensive overview of its business. Key financial metrics such as revenue, net income, and share repurchases offer insights into the company's profitability, capital allocation strategies, and shareholder value initiatives.
Risk Assessment
Risk Level: medium — BOYD GAMING CORP shows moderate risk based on this filing. The company operates in the highly competitive and regulated casino and hospitality industry, which is subject to economic downturns and changing consumer preferences.
Analyst Insight
Investors should monitor Boyd Gaming's performance in its key markets and its ability to adapt to evolving consumer trends and competitive pressures.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Casino | 3,544,000,000 | |
| Food and Beverage | 211,000,000 | |
| Occupancy | 102,000,000 | |
| Management Fee | 99,000,000 |
Key Numbers
- 3,947,000,000 — Total Revenue (Fiscal year ended December 31, 2023)
- 98,832,453 — Net Income (Fiscal year ended December 31, 2023)
- 0.60 — EPS (Fiscal year ended December 31, 2023)
- 5,000,000 — Shares Repurchased (Twelve months ended December 31, 2023)
- 4,797,000,000 — Total Assets (As of December 31, 2023)
- 0.64 — Operating Margin (Fiscal year ended December 31, 2022)
Key Players & Entities
- BOYD GAMING CORP (company) — Filer name
- BYD (company) — Ticker symbol
- NV (company) — State of incorporation
- 7011 (regulator) — Standard Industrial Classification
- 20231231 (date) — Fiscal year end
- 20240226 (date) — Filing date
- Inflation Reduction Act of 2022 (regulator) — Legislation impacting costs
FAQ
When did BOYD GAMING CORP file this 10-K?
BOYD GAMING CORP filed this Annual Report (10-K) with the SEC on February 26, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by BOYD GAMING CORP (BYD).
Where can I read the original 10-K filing from BOYD GAMING CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BOYD GAMING CORP.
What are the key takeaways from BOYD GAMING CORP's 10-K?
BOYD GAMING CORP filed this 10-K on February 26, 2024. Key takeaways: Boyd Gaming Corp. reported total revenue of $3,947,000,000 for the fiscal year ended December 31, 2023.. The company's net income for the fiscal year ended December 31, 2023, was $98,832,453.. Earnings per share (EPS) for the fiscal year ended December 31, 2023, were $0.60..
Is BOYD GAMING CORP a risky investment based on this filing?
Based on this 10-K, BOYD GAMING CORP presents a moderate-risk profile. The company operates in the highly competitive and regulated casino and hospitality industry, which is subject to economic downturns and changing consumer preferences.
What should investors do after reading BOYD GAMING CORP's 10-K?
Investors should monitor Boyd Gaming's performance in its key markets and its ability to adapt to evolving consumer trends and competitive pressures. The overall sentiment from this filing is bullish.
Risk Factors
- Competition [high — market]: The company faces intense competition from other casino operators, including large publicly traded companies and smaller regional operators.
Filing Stats: 4,573 words · 18 min read · ~15 pages · Grade level 15 · Accepted 2024-02-26 16:02:20
Key Financial Figures
- $0.01 — registered Common Stock, par value of $0.01 per share BYD New York Stock Exchange
- $100 million — residents of suburban New Orleans. A $100 million project is underway to construct a new
Filing Documents
- bgc20231231_10k.htm (10-K) — 3630KB
- ex_618479.htm (EX-4.8) — 28KB
- ex_618480.htm (EX-4.9) — 27KB
- ex_618510.htm (EX-10.41) — 70KB
- ex_599807.htm (EX-21.1) — 30KB
- ex_599808.htm (EX-22) — 14KB
- ex_599809.htm (EX-23.1) — 3KB
- ex_599810.htm (EX-31.1) — 14KB
- ex_599811.htm (EX-31.2) — 14KB
- ex_599812.htm (EX-32.1) — 6KB
- ex_599813.htm (EX-32.2) — 7KB
- ex_618509.htm (EX-97.1) — 30KB
- ex_599814.htm (EX-99.1) — 451KB
- a1.jpg (GRAPHIC) — 12KB
- byd2023.jpg (GRAPHIC) — 56KB
- 0001437749-24-005525.txt ( ) — 17210KB
- byd-20231231.xsd (EX-101.SCH) — 114KB
- byd-20231231_cal.xml (EX-101.CAL) — 87KB
- byd-20231231_def.xml (EX-101.DEF) — 762KB
- byd-20231231_lab.xml (EX-101.LAB) — 648KB
- byd-20231231_pre.xml (EX-101.PRE) — 819KB
- bgc20231231_10k_htm.xml (XML) — 3629KB
Business
Business 1 ITEM 1A.
Risk Factors
Risk Factors 11 ITEM 1B. Unresolved Staff Comments 18 ITEM 1C. Cybersecurity 18 ITEM 2.
Properties
Properties 20 ITEM 3.
Legal Proceedings
Legal Proceedings 20 ITEM 4. Mine Safety Disclosures 20 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 ITEM 6. Reserved 23 ITEM 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 42 ITEM 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 43 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 ITEM 9A.
Controls and Procedures
Controls and Procedures 90 ITEM 9B . Other Information 92 ITEM 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 92 ITEM 11.
Executive Compensation
Executive Compensation 92 ITEM 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 92 ITEM 14. Principal Accounting Fees and Services 92 PART IV ITEM 15. Exhibits, Financial Statement Schedules 93 ITEM 16. Form 10-K Summary 98
SIGNATURES
SIGNATURES 99 Table of Contents PART I
Business
ITEM 1. Business Overview Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 28 wholly owned brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California. We have a strategic partnership with and are a 5% equity owner of FanDuel Group, the nation's leading sports-betting operator. Through our strategic partnership, we pursue sports-betting opportunities, both at our properties and online, across the country. We operate FanDuel-branded sportsbooks at 16 of our properties. We also offer online sports-betting under the FanDuel brand in all states that our 28 gaming entertainment properties are located, except in Mississippi and Missouri where online sports-betting has not been legalized and in Nevada where we operate our own brand, Boyd Sports. In addition, we have market access agreements outside of Nevada with other third parties for online sports-betting. We continually work to position our Company for greater success by strengthening our existing operations and growing through acquisitions, capital investments and other strategic initiatives. Our operating strategy is focused on building loyalty with core customers and operating efficiently. Our operating model is focused on maximizing gaming revenues, streamlining our cost structure, targeting our marketing investments and reducing lower margin offerings, which allows us to flow a higher percentage of our revenues to the bottom line. In ad
Properties
Properties We view each of our 28 gaming entertainment properties as an operating segment. For financial reporting purposes, we aggregate these properties into four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively "Reportable Segments"). The Online segment includes the operating results of our online gaming operations through collaborative arrangements with third parties throughout the United States and the operations of Boyd Interactive. To reconcile Reportable Segments information to the consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management agreement with Wilton Rancheria and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator ("Lattner") with approximately 880 gaming units in approximately 160 locations across the state of Illinois as of December 31, 2023. For financial information related to our segments as of and for the three years in the period ended December 31, 2023, see Note 14, Segment Information, to our consolidated financial statements presented in Part II, Item 8 . As of December 31, 2023, we operate 27 of our 28 wholly owned gaming entertainment properties (as our Eastside Cannery property has remained closed since March 18, 2020 due to the current levels of demand in the market) offering a total of 1,711,201 square feet of casino space, 28,917 slot machines, 617 table games and 10,405 hotel rooms. We derive the majority of our revenues from gaming at our gaming entertainment properties and Lattner, which generated approximately 70% and 75% of our revenues in 2023 and 2022, respectively. Online revenues from Boyd Interactive and third-party access arrangements, including reimbursements received from our third-party operators for gaming taxes and other expenses we pay under