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Boyd is Very Satisfied After the Flutter / TSG Merger

Boyd Gaming, the US casino operator has seen its annual earnings boosted after recent acquisitions of new properties and a significant increase in the number of sports bettors in its network.

Boyd’s revenues reached about 820 million dollars between July and September, which means a substantial increase over the same period in 2018, according to figures published on Tuesday. The operating income of the company had an increase of 63% to reach $ 113.4 million, while the net income was $ 39.4 million that is three times more.

Nearly $ 213 million in third-quarter earnings and another $ 62.1 million in adjusted earnings were obtained after the purchase in 2018 of four properties belonging to Pinnacle Entertainment along with the Valley Forge Casino located in Pennsylvania, Boyd said.

Adjusted income and earnings in the Boyd’s Midwest & South segment, where the new additions are located, increased to $ 545.7 million and $ 156.2 million, respectively.

Las Vegas stores also increased their revenues by 2.2% by reaching $ 213.3 million with a profit increase of 6.7% to $ 64.1 million. While revenues from downtown Las Vegas rose 2.7% to $ 60.6 million, with a record of earnings during the third quarter of $ 11.9 million.
The extraordinary performance of Las Vegas was praised by analysts; not so with the numbers that threw the financial balance of the segment Midwest and South. As Boyd CEO Keith Smith revealed, the profits of this segment were hit by “3-4 million dollars” by the ravages caused by bad weather (Hurricane Barry in July and Tropical Storm Imelda in September).

There are still no reports about the betting association established between Boyd and FanDuel. However, it was learned that during the Q3 the partners launched four other retail betting houses at Boyd’s Midwest properties.

This along with the operations in Pennsylvania of online sports betting. This business managed to accumulate more than 45% of the handling of all bets in the state during the month of September. This Tuesday in Indiana, FanDuel also launched its mobile betting application.
Asked about the expected impact on Boyd’s operations following the proposed merger of Flutter Entertainment with The Stars Group to create a global game colossus, Smith envisioned a “all upside” horizon for his betting partner, since it has become in “bigger, stronger”, and this will allow Boyd to have access to “more capabilities, more brands, more of everything.”

Source: https://calvinayre.com/2019/10/23/casino/boyd-sees-more-of-everything-from-flutter-tsg-merger/

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Santiago Contreras

Santiago Contreras

I am a professional journalist dedicated to tracking news related to the stock market, business, finance, blockchain and economics. It is a hobby that I share with sports in general, with special attention to tennis, basketball and soccer. I like to offer our readers relevant, entertaining and useful content to help them inform themselves and make decisions every day. Thanks for reading me!

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