Boyd Q2 revenue falls 75% after Covid-19 closures
Regional casino operator Boyd Gaming saw revenue for the quarter ending 31 June collapse by 75.2% due to the novel coronavirus (Covid-19) outbreak, as the business recorded losses of $108.5m.
Of Boyd’s $209.9m of revenue from the second quarter of 2020, $185.1m came from gaming, down 70.8% year-on-year. The operator made a further $10.7m from food and beverages, down 90.5% while room revenue collapsed 88.7% to $6.9m from rooms, and other revenue fell 77.8% to $7.2m.
Breaking revenue down by region, the vast majority of revenue came from Boyd’s midwestern and southern venues, which brought in $156.5m. However, this figure was still down 72.1%. Boyd’s Las Vegas local casinos saw revenue fall 78.0% to $48.7m, while revenue for its downtown Las Vegas properties came to just $4.7m, down 93.8%.
Boyd’s operating costs also fell sharply, by 58.9% to $296.2m, but not as drastically as revenue.