Gambling in the USA
Boyd Gaming Reports Second-Quarter 2020 Results
Boyd Gaming Corporation reported financial results for the second quarter ended June 30, 2020.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Across the country, our team members did a tremendous job getting our properties back open quickly and safely over the final six weeks of the quarter. And since reopening began, we are off to an excellent start. On a comparable basis at our reopened properties, we achieved Companywide EBITDAR growth and significant margin improvement while complying with state-regulated reductions in gaming capacity. During the reopening period, our Midwest & South properties posted double-digit EBITDAR gains, while our Las Vegas Locals properties also improved EBITDAR performance versus prior year. While overall visitation and revenues are down, spend per visit is robust, and we have successfully streamlined operating and marketing expenses to drive margin gains of more than 1,000 basis points in both the Midwest & South and Las Vegas Locals segments. These positive operating trends are continuing into July, giving us confidence that we can sustain increased efficiencies in our operating model.”
Smith continued: “We are also making great progress positioning our Company for the digital future of our industry. With the recent launch of our Stardust Social Casino mobile app, we established our first interactive gaming presence under the Stardust brand. We also continued to expand our strategic partnership with FanDuel Group as we introduced an online casino product in the state of Pennsylvania. With our industry-leading strategic partner and the iconic Stardust brand, Boyd Gaming is in an excellent position to capitalize on the compelling growth opportunity presented by interactive gaming and mobile sports betting.”
Due to impacts of the COVID-19 pandemic, Boyd Gaming reported second-quarter 2020 revenues of $209.9 million, compared to $846.1 million in the second quarter of 2019. The Company recorded a net loss of $108.5 million, or $0.96 per share, for the second quarter of 2020, compared to net income of $48.5 million, or $0.43 per share, for the year-ago period.
Total Adjusted EBITDAR(1) was $16.1 million in the second quarter of 2020, compared to $232.6 million in the second quarter of 2019. Adjusted Earnings(1) for the second quarter of 2020 reflect a loss of $110.5 million, or $0.98 per share, compared to Adjusted Earnings of $52.5 million, or $0.46 per share, for the same period in 2019.
Operations Review
During the period from March 18 through May 19, 2020, all 29 of the Company’s properties nationwide were closed under state and local orders aimed at mitigating the spread of COVID-19. The Company resumed operations at 26 properties on the following dates.(2)
May 20: Delta Downs, Evangeline Downs, Treasure Chest
May 21: IP Casino Resort Spa, Sam’s Town Tunica
May 23: Kansas Star
May 27: Sam’s Town Shreveport, Amelia Belle
June 1: Ameristar St. Charles, Ameristar Kansas City, Diamond Jo Dubuque, Diamond Jo Worth
June 4: The Orleans, Gold Coast, Suncoast, Aliante, Cannery, Sam’s Town, Jokers Wild, California, Fremont
June 15: Blue Chip, Belterra Casino Resort
June 19: Belterra Park
June 26: Valley Forge
July 1: Par-A-Dice
The following comparisons reflect operating trends for the period from the reopening date of each property through June 30, 2020, as compared to the corresponding period of the prior year. All properties operated under significantly reduced capacity in compliance with local and state restrictions.
Combined revenues for the 16 reopened Midwest & South segment properties were down 18% from the comparable prior-year period, while combined Adjusted EBITDAR rose 16% and operating margins increased more than 1,200 basis points. The seven Las Vegas Locals properties that reopened on June 4, 2020, reported a combined revenue decrease of 28% from the prior year, while combined Adjusted EBITDAR grew 1% and operating margins increased nearly 1,300 basis points. The Company’s two reopened Downtown Las Vegas segment properties reported a combined revenue decline of 60% from the prior year while combined Adjusted EBITDAR for the reopening period was breakeven, reflecting the impact of reduced visitation to Las Vegas as well as lower business volumes from the Company’s Hawaiian customer base.
Segment results for the second quarter and year-to-date periods ended June 30, 2020, are presented in the financial tables accompanying this release.
(2) As of July 28, 2020, Eastside Cannery, Eldorado and Main Street Station remain closed to the public.
Balance Sheet Update
As of June 30, 2020, Boyd Gaming had cash on hand of $1.31 billion, and total debt of $4.98 billion. Cash and debt balances reflect the Company’s issuance of $600 million of 8.625% senior notes due 2025 on May 21, 2020, as well as $670 million drawn from the Company’s revolving credit facilities on March 16, 2020.
Conference Call Information
Boyd Gaming will host a conference call to discuss second-quarter 2020 results today, July 28, at 5:00 p.m. Eastern. The conference call number is (888) 317-6003, passcode 6244842. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available live on the Internet at www.boydgaming.com, or: https://www.webcaster4.com/Webcast/Page/964/35870.
Following the call’s completion, a replay will be available by dialing (877) 344-7529 today, July 28, beginning at 7:00 p.m. Eastern and continuing through Tuesday, August 4 at 11:59 p.m. Eastern. The conference number for the replay will be 10146576. The replay will also be available on the Internet at www.boydgaming.com.
About Boyd Gaming:
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 29 gaming entertainment properties in 10 states. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation’s leading sports-betting and iGaming operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service. For additional Company information and press releases, visit www.boydgaming.com.
SOURCE Boyd Gaming Corporation
The hottest new game from Aristocrat Gaming, Phoenix Link, is now live on casino floors, with Yaamavaâ Resort & Casino being the first in North America to offer the highly-anticipated game. As the next evolution of the international hit game, Dragon Link, Phoenix Link features player-favorite mechanics from top games with all-new themes, features, and bonuses.
âWe have been humbled by the incredible global fanfare Dragon Link has received over the years but are never ones to rest on our laurels. The teams have been working tirelessly on a follow-up that brings together all the player-favorite elements in a new and exciting way with Phoenix Link as the proud result. We were thrilled to partner with Yaamavaâ to premiere Phoenix Link with flair, excitement, and celebration,â said Victor Duarte, executive vice president of product for Aristocrat Gaming.
Phoenix Link players will enjoy the gameâs additional denominations, configurations, and jackpots on each of the launch game theme titles. Gameplay features include Hold & Spin, Free Games with multiplier wilds or twin spin reels, Phoenix Mystery trigger, and more new bonus twists. Phoenix Link is available on the Neptune Single cabinet.
âYaamavaâ is thrilled to host yet another world premiere in gaming with the launch of Phoenix Link by Aristocrat Gaming. Our Club Serrano members are already raving about this captivating extension of the player-favorite Dragon Link. Itâs a great addition to the Yaamavaâ gaming floor,â said Kenji Hall, General Manager of Yaamavaâ Resort & Casino at San Manuel, said.
Gambling in the USA
NOVOMATIC shines at G2E 2024: A street smart showcase of innovation and engagement
In line with its commitment to innovation, NOVOMATIC unveiled several ground breaking product launches that left a significant impact on the gaming industry. The V.I.P. Xâ˘Â cabinet series emerged as one of the main attractions, highlighting models such as the V.I.P. X Royal⢠1.85, V.I.P. X Dream⢠3.43, and the V.I.P. X Lounge⢠2.32. The crown jewel of the presentation was the V.I.P. Galaxy⢠2.65, setting a new benchmark for luxury cabinets with its perfect blend of comfort and state-of-the-art gaming technology. Featuring high-definition screens and immersive sound systems, the fully adjustable lounge design promises an unparalleled gaming experience, leaving customers eager to introduce these innovations onto their gaming floors.
The unveiling of a new LED wall as part of the DIAMOND Xâ˘Â series, including the DIAMOND X⢠1.55J, showcased the U.S.-style designed Piggy Prizes title. The modern and interactive design sent a clear message: NOVOMATIC Americas has fully arrived, enhancing its reputation for premium entertainment experiences.
Groundbreaking Progressives and a Robust VGT Lineup
NOVOMATIC introduced a variety of THUNDER CASH⢠GOLD Progressives featuring new titles like Charming Ladyâs Boom Coinsâ˘Â and Red Amazon Explosionâ˘. The Globe Link⢠Xtension Volume 1 & 2 also attracted considerable interest, marking a significant impact with several new themes. The excitement surrounding these progressive games was palpable, bolstered by innovative math models and enticing bonus structures.
The VGT product range received special emphasis, particularly with the Street-Smart-themed area dedicated to highlight the themes and flexible assortment of cabinet styles for markets in Illinois, Pennsylvania, West Virginia, Puerto Rico, and Georgia. This dynamic showcase reinforced NOVOMATICâs commitment to providing leading solutions in performance and player appeal within the VGT sector. Featuring both NOVOLINEâ˘Â and Magic HD customer favorite themes, this area showed the new game mixes on DIAMOND X⢠2.32, BLACK EDITION II 3.27 & BLACK EDITION II 1.49J, V.I.P. X Lounge⢠2.32 and FUNMASTER 2.27. Specifically in Illinois, featuring the Magic HD game mix consisting of the Overlay Magic Play Lock & Spin feature, and the new Poker3â˘Â multi-hand video poker mix. NOVOLINEâ˘Â games were shown on the Black Edition II 1.49J cabinet with popular games like ULTRA BOOSTâ˘Â and Money Partyâ˘Â themes. Georgia Skill showed three new game titles in the Magic HD mix while more new titles lined the streets of the NOVOMATIC booth.
Advancements in Sports Betting and Casino Management
In addition to its product line, NOVOMATIC showed their cutting-edge sports betting kiosks including the ActionBook⢠Edge 1.43J, and ActionBook⢠Plus 2.27 models. With advanced graphics and rapid processing capabilities, these kiosks offer operators unmatched flexibility and performance. The premiere of the award-winning NOVOVISIONâ˘Â casino management system was another highlight, leveraging biometric technology for enhanced player recognition and streamlined operations. Already acknowledged as a âBest CMS/Software Productâ at the European Casino Awards, this system generated significant buzz regarding its potential to revolutionize the gaming landscape.
Industry Recognition for Creative and Commercial Success
The combination of NOVOMATICâs innovative product launches and captivating booth design earned widespread acclaim. The company was recognized for its Street-Smart booth, praised for creativity, interactivity, and the memorable experiences it fostered. Industry experts and attendees alike hailed NOVOMATICâs presence at G2E 2024 as one of the most impactful.
Alexander Merwald, CEO at NOVOMATIC Americas, stated, “G2E 2024 was an incredible success for NOVOMATIC. We were proud to showcase the V.I.P. X⢠cabinet series â Our ‘Street Games, Street Smart’ focus resonated strongly, as we demonstrated how our tailored solutions meet the real-world needs of both casino and VGT operators. The response from customers reaffirmed NOVOMATIC’s position as a leader in delivering innovation, performance, and market-specific strategies for North America.”
Thomas Schmalzer, VP of Global Sales, and Product Management at NOVOMATIC AG, added, “The product diversity and innovation showcased at G2E 2024 have been enthusiastically received by both operators and players. Our V.I.P. X⢠series and extensive range of progressives reflect our unwavering commitment to delivering premium solutions to the global market.”
With new partnerships established and product placements secured at G2E 2024, NOVOMATIC is primed to expand its market presence across North America. The success at this yearâs expo signifies a vital step forward in the companyâs mission to set the standard for gaming entertainment.
Gambling in the USA
Century Casinos Announces Opening Date for New Land-Based Century Casino & Hotel Caruthersville, MO
Century Casinos Inc. announced that its new land-based casino and hotel in Caruthersville, Missouri will open on November 1, 2024.
This news follows the Missouri Gaming Commissionâs approval to transfer the Century Casino & Hotel Caruthersville gaming license from a temporary pavilion to the new land-based location.
The new Century Casino & Hotel Caruthersville will have 599 slot machines and nine live table games, a 50% increase in gaming positions compared with the temporary location. The number of hotel rooms will double to 74. The construction of this new land-based casino and hotel started in December 2022 and will be finalized on time and on budget with an estimated project cost of $51.9 million, which has been funded by VICI Properties Inc. (VICI). VICI will own the real estate improvements associated with the Caruthersville project, which will become part of the Companyâs triple net master lease agreement with subsidiaries of VICI. Annual rent under the lease will increase by approximately $4.2 million.
The opening of the new land-based casino will be celebrated with a ribbon-cutting event at 11:30 a.m. Central Time on Friday, November 1, and a flurry of activities over the opening weekend.
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