• Boyd Gaming, Gaming and Leisure Properties, and PointsBet release financial reports

    Updated:2024-03-30 08:46    Views:201

    Boyd Gaming has released its Q2 2023 report, showing a 3% growth in yearly revenue, with $660.7m of its total $917m revenue coming from gaming departments.

    While this is a small drop compared to the $684.9m made from gaming last year, the online gaming division saw a 50% increase, up to $85m.

    This was helped in part by a 31% rise in net income, totalling $192.5m (£150m).

    Keith Smith, Boyd Gaming President and CEO, said: “During the second quarter we once again proved our ability to deliver solid results in a challenging environment, thanks to our effective operating model, strong management teams and successful growth initiatives.

    “We maintained our focus on building loyalty among our core customers while our operating teams continued to effectively manage expenses throughout the business, achieving strong companywide margins consistent with recent quarters.”

    "... We once again proved our ability to deliver solid results in a challenging environment, thanks to our effective operating model, strong management teams and successful growth initiatives" - Keith Smith, Boyd Gaming President and CEO

    As for Gaming and Leisure Properties Inc (GLPI), its Q2 report showed a 3% increase in net income, with $160.1m total.

    For total revenue, the $356.6m amount represented a 9% increase when compared to the results year-on-year.

    Adjusted EBITDA also saw an increase at GLPI, with the final amount of $325.5m marking 5% in growth.

    Peter Carlino, GLPI Chairman and CEO, said: "Our strong tenant relationships with the industry’s top regional gaming operators and the general resiliency of gaming revenue drove another period of record quarterly results.

    “On an operating basis, second quarter total revenue rose 9.2% to $356.6m compared to the second quarter in 2022.

    “Our second quarter financial growth reflects GLPI’s long-term expansion and diversification as a landlord with six tenants with 59 properties across 18 states, including eight new properties added in 2022 and in early 2023 with The Cordish Companies and Bally's Corporation,Online Casino Games for Real Money which are expected to benefit results in the second half of 2023 and beyond.”

    “Our second quarter financial growth reflects GLPI’s long-term expansion and diversification as a landlord with six tenants with 59 properties across 18 states, including eight new properties added in 2022 and in early 2023 with The Cordish Companies and Bally's Corporation..." - Peter Carlino, GLPI Chairman and CEO

    Finally, PointsBet also released its figures for the Q2 2023 financial report season.

    Earlier this year, PointsBet announced that it had accepted a $225m offer from Fanatics for its US operations, following a bidding war between Fanatics and DraftKings.

    As for its results so far this year, PointsBet reported a net win of AU$391m (US$260.1m), marking a 26% growth when compared to year-on-year.

    The total net win reported for the US-facing portion of the company was AU$161.1m, a 72% increase.

    In Australia, the total net win amount was reported to be $55.6m in Q4 FY23, although this is only a 1% growth when compared to Q4 FY22

    Meanwhile, the net win amount in sports betting saw 58% in growth, while iGaming saw an increase of 122%.

    That hasn’t stopped PointsBet from succeeding in other international markets though.

    The Canadian figures show an increase of 10,415%, an increase from the original AU$0.2m amount reported in Q4 2022.

    Similarly, in Australia, the total net win amount was reported to be $55.6m in Q4 FY23, although this is only a 1% growth when compared to Q4 FY22.

    Although PointsBet hasn’t released an EBITDA for this quarter, its financial report also states that, “as a result of the US business sale, the company expects EBITDA to be at or close to breakeven from April 2024.”