Yahoo Finance Boyd Gaming Corporation (NYSE:BYD) Q1 2024 Earnings Call Transcript
Boyd Gaming Corporation (NYSE:BYD) Q1 2024 Earnings Call Transcript April 25, 2024
Boyd Gaming Corporation misses on earnings expectations. Reported EPS is $1.51 EPS, expectations were $1.57. Boyd Gaming Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, and welcome to the Boyd Gaming First Quarter 2024 Conference Call. My name is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which is being recorded on Thursday, April 25, 2024. At this time, all lines are in listen-only mode. Following our remarks, we will conduct a question-and-answer session. [Operator Instructions] Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Executive Vice President and Chief Financial Officer. Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements.
Actual results may differ materially from those projected in any forward-looking statement. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results. During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today, both of which are available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Today's call is being webcast live at boydgaming.com and will be available for replay at the Investor Relations section of our website shortly after the completion of this call.
So with that, I would now like to turn the call over to Keith Smith. Keith?
Keith Smith: Thanks, David, and good afternoon, everyone. Following a record 2023 performance, the first quarter of 2024 was a challenging start to the New Year. While we knew our first quarter results in Nevada were comping to a record first quarter of 2023, our results for the quarter were also impacted by January severe winter weather in the Midwest and South and a softer Las Vegas locals market in the first quarter. However, beyond these challenges, there were encouraging trends during the first quarter. Both in Nevada and across the Midwest and South, play from our core customers improved as we moved through the quarter. In our Midwest and South segment, once January severe winter weather passed, the revenue growth trends that began in the fourth quarter returned in February and March.
In addition, both our online and managed businesses continue to produce strong results. And importantly, our management team stayed focused on maintaining operating efficiencies and a disciplined marketing approach as we achieved property level margins of 40% during the quarter, proving once again our ability to maintain a high level of efficiency. So now let's review each of our operating segments in more detail. In our Las Vegas locals segment, the EBITDA shortfall to prior year was a result of three main issues, each accounting for roughly one third of the decline. First, as I mentioned a moment ago, and as we discussed on our last call, our local segment was comparing to a record performance last year. While January was a particularly strong month last year, both February and March were also record months for the segment.
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