Boyd Gaming Reports Second-Quarter 2018 Results

-- Revenues, Adjusted EBITDA, Operating Margins Increase Across All Segments

-- Las Vegas Locals Posts Double-Digit Adjusted EBITDA Growth

-- Midwest & South Achieves Strongest Operating Margins in 16 Years

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "We continued to achieve strong results in the second quarter, making significant progress executing against our strategic plan.  We delivered revenue and Adjusted EBITDA growth across every segment of our business, as Companywide operating margins reached record levels.  We continued to make steady progress toward completing the acquisition of five new properties in the Midwest and Northeast. We further diversified our business by purchasing a distributed gaming operation in Illinois, and are actively preparing to participate in expanded sports betting across the United States.  And we used our growing free cash flow to further deleverage the balance sheet, increase our cash dividend, and continue our share repurchase program.  In all, this was another quarter of significant progress, and I remain confident about the direction of our Company."

Boyd Gaming reported second-quarter revenues of $616.8 million, up 2.1% from $604.1 million in the second quarter of 2017.  Income from continuing operations, net of tax, for the second quarter was $38.6 million, or $0.34 per share, compared to $27.7 million, or $0.24 per share, for the prior-year second quarter. The Company reported net income, including discontinued operations, of $38.9 million, or $0.34 per share, for the second quarter of 2018, compared to $48.7 million, or $0.42 per share, for the year-ago period. Discontinued operations, net of tax, reflects income of $0.3 million in the second quarter of 2018 and $21.0 million in the prior-year second quarter for payments received related to a previously-sold interest in Borgata Hotel Casino & Spa.

Total Adjusted EBITDA⁽¹⁾ was $163.4 million, up 8.0% from $151.4 million in the second quarter of 2017. Adjusted Earnings⁽¹⁾ for the second quarter 2018 were $44.0 million, or $0.38 per share, compared to Adjusted Earnings of $30.4 million, or $0.26 per share, for the same period in 2017. 

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