Loading...
01/09 23:39
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights strong financial performance with record revenue and growing EBITDAR, a stable leverage ratio, and a commitment to shareholder returns through dividends and buybacks. Despite competitive pressures and some weather impacts, the company shows resilience and strategic planning. The Q&A section indicates management's confidence in growth and risk mitigation strategies. The increase in dividends and share repurchases signals a positive outlook, leading to a likely positive stock price movement in the short term.
Revenue $1,000,000,000, up from the previous year, driven by consistent play from core customers despite weather impacts and leap year comparisons.
EBITDAR $338,000,000, reflecting growth year-over-year, attributed to strong performance across segments.
Property Level Margins 40%, consistent with the prior year, indicating stable operational efficiency.
Locals Segment Revenue Even with the prior year, with EBITDAR down less than 4%, primarily due to competitive pressures at the Orleans.
Midwest and South Segment Revenue Grew during the quarter, with EBITDAR also increasing, despite a 28% increase in weather impacted days compared to last year.
Online Segment EBITDAR Grew by nearly 14% year-over-year, driven by stable performance from market access agreements and growth from Boyd Interactive.
Capital Expenditures $127,000,000 invested in the first quarter, with total projected capital expenditures for the year between $600,000,000 and $650,000,000.
Share Repurchases $328,000,000 in stock repurchased during the first quarter, with a commitment to $100,000,000 per quarter moving forward.
Dividends Paid $15,000,000 in dividends during the first quarter, with an increase to $0.18 per share starting in April.
Tax Pass Through Amount for Online Segment $130,000,000, compared to $116,000,000 in the year-ago period.
Weather Impact on EBITDAR Estimated at $5,000,000 for the quarter.
Leverage Ratio Total leverage of approximately 2.8 times and lease adjusted leverage of about 3.2 times, indicating a strong balance sheet.
Online Gaming Growth: Our online segment grew EBITDAR by nearly 14% year over year, driven by stable performance from our market access agreements and strong growth from Boyd Interactive.
Sky River Casino Expansion: The first phase of the expansion at Sky River is set for completion early next year, adding 400 slots and a 1,600 space parking garage.
Cadence Crossing Casino: We broke ground on Cadence Crossing Casino, which will replace Joker’s Wild Casino and is designed for future growth with plans for a hotel and additional amenities.
Norfolk Resort Project: Construction is underway on our $750 million resort project in Norfolk, scheduled for completion in late 2027.
Las Vegas Locals Business: Revenues in the Locals segment were nearly even with the prior year, while EBITDAR was down less than 4%, primarily due to competitive pressures at the Orleans.
Midwest and South Segment: Both revenues and EBITDAR grew during the quarter, despite a 28% increase in weather impacted days compared to last year.
Hawaiian Visitation: Hawaiian visitation to our downtown segment was temporarily impacted last year by higher airfares related to the Super Bowl, creating a favorable comparison this year.
Capital Expenditures: Invested $127 million in capital during the first quarter, projecting total capital expenditures for the year of $600 million to $650 million.
Share Repurchase: Repurchased $328 million in stock during the first quarter, with a commitment to $100 million in share repurchases per quarter.
Operational Efficiency: We are constantly looking for ways to reduce operating expenses and improve efficiency.
Expansion Strategy: We are committed to a $100 million annual recurring growth capital program to strengthen our long-term growth profile.
M&A Interest: We maintain an appetite for M&A, focusing on strategic acquisitions that can enhance our market position.
Economic Uncertainty: The company acknowledges an increased level of economic uncertainty impacting consumer behavior and spending patterns.
Competitive Pressures: The Orleans property continues to face competitive pressures, leading to year-over-year declines in revenue and EBITDAR.
Weather Impact: The Midwest and South segments experienced a 28% increase in weather-impacted days compared to the previous year, affecting performance.
Tariff Risks: The company has taken steps to mitigate potential tariff impacts on capital projects and operating expenses.
Regulatory Risks: The company is monitoring potential changes in tax policies, particularly regarding a proposed no tax on tips policy that could affect customer spending.
Supply Chain Challenges: The company has identified capital projects that can be deferred if needed due to supply chain uncertainties.
Market Conditions: The company is cautious about M&A opportunities in the current environment, emphasizing a disciplined approach to acquisitions.
Hawaiian Sports Betting Bill: The potential introduction of sports betting in Hawaii is viewed as a risk, but the company believes it will not significantly impact their business.
Local Market Dynamics: The locals market in Las Vegas has shown signs of shrinking, and the company is cautious about future performance amid competitive pressures.
Infrastructure Issues: The ongoing Tropicana and I-15 interchange project has created access challenges for customers at the Orleans property.
Capital Expenditures: Projected total capital expenditures for the full year are between $600,000,000 to $650,000,000, including $250,000,000 in maintenance capital and $100,000,000 in growth capital for various projects.
Expansion Projects: Ongoing expansion at Sky River Casino, with a first phase completion expected early next year, adding 400 slots and a 1,600 space parking garage.
New Developments: Groundbreaking on Cadence Crossing Casino in Las Vegas, set to open mid-2026, designed for future growth with plans for a hotel and additional amenities.
Virginia Resort Project: Construction underway on a $750,000,000 resort project in Norfolk, scheduled for completion in late 2027, including a casino, hotel, and various amenities.
Share Repurchase Program: Repurchased $328,000,000 in stock during the first quarter, with a commitment to $100,000,000 in share repurchases per quarter, but will be more conservative in the current economic environment.
Revenue Expectations: Revenues for the first quarter were nearly $1,000,000,000, with EBITDAR at $338,000,000, maintaining property level margins of 40%.
Future Outlook: Management remains confident in the long-term prospects of Southern Nevada operations, with strong fundamentals in local population, employment, and tourism.
Economic Uncertainty: While customer trends have remained consistent, there is recognition of increased economic uncertainty impacting future performance.
Customer Trends: Core customer trends have shown growth, with no significant shifts in consumer behavior or spending patterns observed.
Capital Return Strategy: In addition to capital expenditures, the company remains committed to returning capital to shareholders through dividends and share repurchases.
Quarterly Dividend: Paid a regular quarterly dividend of $0.17 per share during the first quarter, increased to $0.18 per share beginning with the April distribution.
Share Repurchase: Repurchased $328,000,000 in stock during the first quarter, acquiring 4,500,000 shares.
Future Buyback Commitment: Committed to repurchasing $100,000,000 in shares per quarter, with a more conservative approach due to current economic uncertainty.
Total Capital Returned: Returned over $2,200,000,000 to shareholders since the capital return program began in October 2021.
The earnings call reveals strong financial maneuvers, such as the FanDuel transaction improving leverage and financial flexibility. The expansion plans in Nevada and Virginia, alongside increased shareholder returns, show growth and confidence. The Q&A section highlights steady performance and strategic partnerships, with some minor uncertainties, but overall, the optimistic guidance and proactive strategies suggest a positive outlook for the stock.
The earnings call reflects strong financial performance with $1 billion in revenue and $338 million EBITDA, maintaining a 40% margin. The company is in excellent financial health, with robust free cash flow and no near-term maturities. Shareholder returns are substantial, with $105 million in stock repurchased and a $15 million dividend paid in Q2 2025. The Q&A section reveals a stable promotional environment and disciplined cost management. Although management avoided specifics on tax changes, overall sentiment remains positive, with strategic focus on growth and capital allocation.
The earnings call highlights strong financial performance with record revenue and growing EBITDAR, a stable leverage ratio, and a commitment to shareholder returns through dividends and buybacks. Despite competitive pressures and some weather impacts, the company shows resilience and strategic planning. The Q&A section indicates management's confidence in growth and risk mitigation strategies. The increase in dividends and share repurchases signals a positive outlook, leading to a likely positive stock price movement in the short term.
The earnings call reflects a generally positive sentiment with record revenue, strong EBITDA growth, and stable margins. Shareholder returns through increased dividends and share repurchases also contribute positively. The Q&A section highlights cautious optimism, with management addressing competitive pressures and capital allocation prudently. Despite some uncertainties, such as competitive pressures and economic environment, the overall financial health and strategic initiatives suggest a positive outlook for the stock price.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
