BYD - Earnings call transcript Q2 2021 | Boyd Gaming Corporation

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Operator

Good day and welcome to Boyd Gaming Second Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Josh Hirsberg. Please go ahead.

Josh Hirsberg

Thank you, Tom. welcome second and conference everyone afternoon, to quarter our call. Good

afternoon on Officer. Smith, the me is call Executive Joining Chief this Keith and our President

comments undertake disclosed forward-looking in our statements and forward-looking are are as Litigation statements materially the date will to may comments Act. from the and update in those today’s any differ we uncertainties, Reform statements Private Securities with obligation Our forward-looking Actual forward-looking All risks of today those no certain include may statement. our within results statements. that are SEC revise impact the There filings our in including projected that results. or

During measures. our to reference we non-GAAP make call financial today, will

refer furnished at non-GAAP earnings Form do this reconciliation boydgaming.com and in our to and a our For Today’s replay being are the the our of of to release our our website at live boydgaming.com. financial website and to complete section a of inability please webcast historical press Relations call be X-K of reconciliation is shortly today of Investors section available non-GAAP which We and SEC the both provide measures, GAAP available expenses. Investor charges not special measures completion in will for certain forward-looking call. of project also to to the after financial due

the to with over to call So Smith. like Keith I turn would that, Keith? now

Keith Smith

Thanks, and Josh afternoon everyone. good

our another by team. outstanding company was The performance our quarter and second entire

the our XX% EBITDAR quarter time over XXXX, margin with and more And all-time by margins margins Combined, than just grew Orleans, XX%, we properties EBITDAR the operating margins and second excludes with to XX% our in operating record revenues with of since Our pandemic delivered an by for XX% over XXX% the of South approached EBITDAR for rates. locals million, EBITDAR results EBITDAR segment, the each company-wide XXXX strengthen. the margins up over transformed our record set In X EBITDAR XXXX by surpassed continues more our On the nearly over as model XX%. a XX%. XXXX, EBITDAR Las from tourism-dependent XX during XXXX and they record grew exceeding than with achieved levels achieved business, of operating we at Vegas, business Las open in the XX%. Fremont, our properties, All record XX%. over levels California topped Downtown double-digit basis, of & And rose levels capabilities in second closed and XXXX Vegas core margins of and EBITDAR which EBITDAR XX% quarter XXXX Locals gaming the $XXX as levels. began, first segment, Midwest open the of properties growing of properties growth XX our nearly quarter. enhanced

execute initiatives levels continue to the confident surrounding to more direction above successfully ability pandemic, well our continue bit many continued of year, have and our performing is as more investment these has and valuable uncertainty driving results today from quarter has vaccination most marketing philosophy. year restrictions, to cost play second deliver targeted were the we our there operating streamlined, a the began implementation we of while stimulus, the pandemic. half last our first July. continued impact since but strong pre-COVID philosophy operating the And the by strengthened the our the government are before operating from real are results of in is This Today, more of COVID rates we the planning While of we significant our performance is and reopened easing of structure into our improving successfully customers.

reopened at aimed and more throughout operations. positive efficient capabilities been now, a across from and COVID, results EBITDAR best continue base, all maintain solid These business from have our long-term. why is year. understanding are growth creating our growth our region proven encouraging building and customers business optimistic model sequential in of the delivered improvements core The stronger these we were our much results operation. realize can and our of we new of to enhanced business. technology to margin margins our we relationships have last better We reopening, in in accelerate operating guests customer investing investments with for with gaining as Prior we consistent in play analytics this success Since a years visitation customer as we we several efficiencies our seeing

the we initiatives of operations, BoydPay, to growth our further is One to we new delivering to the ongoing implementation pursue our our area cashless enhance and core of continue that are improve continued of expand technology. focus Beyond the an wallet, business. experience. example from is customer technology digital

be which should slot and at properties is successfully at year capabilities. active After BoydPay, BoydPay our the pending out approvals. rolling to X progress wallet we focused are good now by its making now expanding are live regulatory end connecting floors, XX We properties on

BoydPay launching test in our core for in later has recognized been convenience cashless gaming program be non-gaming games a table a Nevada this year. customer amenities by The followed response customers encouraging experience. will this We week, of to with

focus will guests. BoydPay key we to building be on enhancement with that our ongoing As relationships believe a stronger result, our another

the are in an Turning our Pennsylvania and exceeding online casinos mid-April. revenues digital Jersey, since our off for excellent player launch branded to Stardust expectations start volumes our space, to New and gaming in

new are FanDuel are perform establishing to our Illinois FanDuel with on end sights of before that year. optimistic in Louisiana Our the Pennsylvania, and and FanDuel we Iowa, Indiana, successfully sports opportunities now sports the After state books Mississippi, we well. be mobile will betting setting to retail with able partnerships and in in partnership we continues also launch

Based equity EBITDAR as from and performance strong as this more of so significant million relationship arrangement X% Our FanDuel track remain year. for in our continues on on firmly our Group. value this year, value sports our well with the far betting to to generate our through than revenue FanDuel in we gaming generate both interactive sharing $XX shareholders, stake

opportunity pursuing While digital strategic also gaming our gaming an expand traditional attractive growth opportunity to company, for our we is operations. are

Our potential will the Casino we on River’s quarter is Sacramento, look which California is example. share at of the just next and near construction and with one River Wilton forward fourth to X,XXX this the table the resort, in team resort this member Tribe beverage Rancheria XX and the partnership time site, Sky Steel and is budget early with the XX We underway in ground are games of on year. the machines, excitement for food slot include of and tremendous Sky doors opening offerings. tribe’s recruitment

continues, River evaluating our operations. also reinvest As we are existing construction opportunities in on to Sky

of regional in opportunities is portfolio. Chest, One which these long our Treasure strong has a performer been

the facility which phase guest a land-based developing this Treasure We planning property. significantly are of will the enhance currently at in Chest, experience of

I tenants of to the And want initiatives. and Finally, ESG our with update were day important an founded. ongoing Sharing core others been communities as success before those the company’s company. on to remain us investing our as values our provide have stronger concluding, we always in

of struggling company we social help. we are also year’s this our fortunate the the closures, recover that impacts pandemic there aware to are stand after well with are to but in economic been communities ready have so and many and still We quickly last who

These food During year. the toward across in Boyd donations security, a million the donations last Gaming focused Majority quarter, of $X to which campaign communities and second follow organizations serve undertook cash and Midwest support Southern a similar Nevada provided went priority in South. we of Community in nearly the on contributions we strategic efforts. is charities ESG these the our of

the to and our we communities months assist years our to non-profit continue partners the We work neighbors step will need country up and are in ahead. for across proud with to our in

our second entire the quarter and our performance another remarkable conclusion, in was for team. So company

in Our hard continues Gaming difficult have margins $XX our thousands are these our late are performance. our great and producing of believe the highest largely without to of And past be to been levels take robust that focus them job have Boyd strong heights frontline entire meaningful Boyd on one-time would and million to work team done history. the of thank have team helped And sustainable. right over performances tight operating XX would the our nationwide cash a a that months more team. dedication in It achievements and June. in the members overstate reopening than way, customer what since members EBITDAR of awarded company bonuses possible to our strategy to These portfolio our generate new not Gaming we in

look is It your success hardworking Josh? dedicated, providing such best for team over part our an in to time to you team like Josh. guests. afternoon. the be a Thank to members business, We now memorable achieving have forward privilege continued the incredible and to to this and turn call of service I’d committed to the together.

Josh Hirsberg

Thanks, Keith.

from achieved efficient question company core delivering The that that our were customer consistency seen target second answer records our we we can we since our margin business these have as the the are whether company. we This – properties. during key more is we stems records sustainable. outstanding performances and our more ability we is the is property one recurring That established believe over of yes, and the have to individual strong was the months. EBITDAR fundamental all-time performance last maintain XX quarter but for as and noted and the EBITDAR the the base. been obviously Keith margin have the our of well an drivers know been in the customer have model, And that quarter, our that results effectively confidence much reopening we

in progress trends have out been year customer consistent While government last fundamental strengthened and trends part we have these restrictions stimulus, into July. of QX the vaccines, easing made was reopened continued and our since by rolling

operating As pre-COVID. stronger and a performance of strong today our careful we position are capital management expenditures, than a much result financial in of

more lower flow We have free less and cash leverage. debt,

second X.Xx. at and leverage leverage quarter of Our adjusted was X.Xx the end the was lease

capital by during During after $X.X of in generated us notes senior refinanced quarter nearly over combination cash, annualized expenditures $XXX We flow $XX allowing the million. to million basis with of second interest in a and million. $XX nearly billion cash notes excess quarter, on the free expense new an reduce we

capital capital a million. near-term, in use expenditures We respect maintaining to we our strong, to prudent cash be the while with balance sheet. flow, of year remain Due flexible with for the will expect free uncertainty $XXX to approximately continued and pandemic, our plans the the

we remainder to year. strengthen expect result, to a this continue our through of the leverage As

initial the normal and the we for into with QX, the of our established year insight we new completion So half believe business. the operating of first have

be higher in concludes a flexibility pre-COVID providing to to margins Going Tom, enhanced for value remarks forward, and than levels, to any our now we balance and sheet, long-term prepared expect company EBITDAR grow our much that ready we stronger are resulting create and questions. our take shareholders.

Operator

And Joe from ahead. Instructions] Greff question Please the [Operator go first with comes JPMorgan.

Joe Greff

afternoon, afternoon, you hear Thanks I question. lot Josh. looking July Good June. for Keith. taking my Good a like on

anything was Nevada, here? If look seeing guess diminishing that in a any diminishing older From cases this for more maybe mandate short-term just, it at here, spiked. that diminished you has Delta demographic, then demographic, at that visitation recently you a or And wearing variant in last where mask you have Thursday, effective given looked short employees I older spend? are the overall, your and month the while are when

Keith Smith

larger I changes were of think to in and group continuing were customers see or customer was any trends haven’t for more seen demographic. continuing at more come we significant to as demographics, They – the seen numbers. meaningful continuing kind older from a build while. that in we haven’t look we We out to the

but still it’s terms we will in it, pay think obviously little attention a of I trends. but meaningful to early, nothing

of – the without last member accepted implemented it. I members we mask team Customers masks reaction, it’s terms only mandate. In any week, team have mean a

pretty fine, as much it, issues, usual. accepted it’s business members team created hasn’t any so And

Joe Greff

the more in think spent and levels, business given the at stock you free of sheet, free of improve balance with now? And your When you in where cash flow, time based strength you any the on could continuing you these price not flow to the not. use with leverage your Great. these share agree Josh, share lower about is where that a or Why talking improvement debt, or cash saying scenario lot more the are repurchases? right particularly and here sell just about whether

Josh Hirsberg

Yes.

in perspective, that that clearly to think still be our I the and get cautious pandemic, our from a we want mirror. rearview little around

us. for item really the that’s so And pacing

I the shareholders we continue in returns historically, consider investment. an that, will to, generate one-off have warrant that we need to form to past. At will But a then the capital reality have it’s of And defer we’ve consider Board beyond decision, we entity is that of projects and think and are to historically end we believe is, dividends done repurchases. as we it kind as to day, the the the we the have of that we share that in will talked about, group. or returning we and done – it have

Joe Greff

next And within that? it. after some sort size rough Chest. would year maintenance comment, $XXX a some CapEx that Treasure be on the you a up just us Got Can quick of million CapEx follow-up that? at budget of for you that annual brought year, included Josh, And give

Josh Hirsberg

Yes.

to in of the from still I for end this aside, the I sure of pencils make next it take would $XX items would months for the perspective return of be want an think cycle first it make would a it at type say million the maybe stages with size those are of the least we contemplate And project, construction. probably million project probably that XX we previously, start earliest the to $XXX year, setting consistent But they in what well. to I could we be now, we’re and toward So understand of have of year. would as planning XX Treasure say, pandemic out to and us where kind said Chest kind right sure

Joe Greff

Thank much thoughts. very your you Appreciate guys.

Josh Hirsberg

Yes.

Keith Smith

Greff. you, Thank

Operator

comes question go Please ahead. next Santarelli Deutsche from Carlo with Bank. The

Carlo Santarelli

in I XXX fourth and guys versus of point kind Good delivering I you on and the call, medium-term and range. savings? reasonable stuff. that South, that was ranges put kind guys. risen kind over side about XXX Has you’ve than Hi, and And to of XXX locals margin you given long-term? in for Has of the are afternoon. I have quarter to dating the efficiency is cost that. target the levels maybe time Josh, XXXX the the your parameters – it at the based what since that what range around just plus understand basis cost of expansion. changed back kind you expectation you higher Obviously, considerably was some of thought believe thought talked seen the on demand what over the of Midwest then

Josh Hirsberg

the Carlo, consistent very I business. – with think a our margin honestly comfortable and we’ve and it’s businesses, Yes, time, more passage more I execution that a observation high good higher of our question. at a do shifted think quite to execution level that with gotten with

of us confidence today. time, that the in where with model, out give I that operating – underlying the and business more with the think trends the we comfortable level comfortable higher some the were of also and were when with we’re But more dealing more coming business we with and customer passage more only reopening pandemic and but got of of not the the cautious uncertainty. we’ve

Carlo Santarelli

and And annual then out follow-up on fair of about one Thank the I the an some If it run basis. locals simple business could I That’s kind of as math, rate Okay. market. million taken helpful. on OpEx appears if you. though there $XXX of is do just

system talk into headcount what’s expense, of back to about you come next other months? levels, today back want just what over out the needs the XQ incremental versus to or number that XX do believe blush much kind guys and/or you If it come how as from

Keith Smith

Yes, Carlo, this is Keith.

while won’t level up will go I from seeing the operating significantly. go it think we’re it marginally today that expense here, think up I of that

And increase. don’t is think there significant so I

the One hiring bigger face members. we simply is of team challenges

staffed service that are so of today answer to we we And want our deliver truly fully No. to the to level question? guests

be will level, will bodies So but the few be it increased simply which that here hours proper could care be come will there with and at because come back they significant. of profits. some and there increased incremental incremental there that that will of If revenue guests non-gaming the and come be side, are back, to the increased on take not bodies

anything don’t overall, change. So any meaningful I see –

Carlo Santarelli

Great. Thanks, Keith. Thanks, Josh.

Josh Hirsberg

Thank you.

Operator

from The Securities. next Barry with Truist Please comes go Jonas question ahead.

Barry Jonas

you the this. go-forward clear Thank reason be Great. much. seasonality multiply high by to level at there some just four the just here? QX with annualized two a want rate number not even on I run of or any to Guys, so simply Is think to for by number XH the adjustments

Keith Smith

by stimulus out of and of the Well, as the as easing as well rollout COVID said was I benefited think was vaccines. our prepared QX we initial the that in remarks, like there things restrictions certainly

QX so build think it’s in will QX I is take four. not strong the – but and that so think QX multiply by take to little probably fair business continue a And grow peaky, – fashion. four. do to little long-term, to aggressive probably a that We it’s times a is But

Josh Hirsberg

said at continuing We in the to things Yes. QX – still rated recover, if his look alluded it peaky to but business Barry, of or have improve. that, will, continuing back. we And coming a you think is script, I little we’re in that’s way our the continuing to is business that Keith having is terms

more business level more the confidence we’re that and of have in We unrated seeing.

and business have We quite fully. business as that is we honestly, recover to midweek downtown have – so destination and and yet the

QX the when very business, that it and what today. think is, we level tell side fundamental we of know of you I that’s kind kind seeing opportunities think off kind the feel comfortable about with of of of best can’t customer the I the of we business. we’re So the where on mix but have, we

Barry Jonas

on the commentary Got it. BoydPay. appreciate Understood. I

using if the give increased if it cash far? any Just you play actually actually as think driving they just you so for if who’s product And curious a substitution color see can it’s or on levels?

Keith Smith

Yes.

I more I it’s of a front a has in it or They play here customer. see end all cash. much little don’t say, as me, statistics it not. on is convenient. higher core don’t whether our play but do the levels increased not levels So I would It’s the It’s early. commentary have customer. a substitute for of or sitting customer, any have today type

more question. and can’t I to gain have it answer more and out. we feedback roll as is that So clearly, gotten acceptance continuing continue But we to positive

So it. feel pretty about we good

Barry Jonas

much Thanks guys congratulations. and Perfect. so

Keith Smith

Thanks.

Operator

Steve comes ahead. question Please from with Wieczynski next go The Stifel.

Steve Wieczynski

Hey I the this, and guys. if I How remember you the but your hovering in prepared did I are you know unrated talked in remarks, close quarter? if And of it it quarter. first doing? to back in play like looked XX% about correctly, missed don’t out you what call volumes maybe was

you’ve that figure in to what help looked trying Just seen your changes kind of also second the us out within then And maybe like what quarter? database?

Keith Smith

this So is Steve, Keith.

So that’s XX%, be is XX% mid-XX% that in from it to It perspective, low range. is was the at where QX. It to the been kind and seems in an to stable It low in unrated it in range. there play level. QX fairly of mid-XX% not has

change at haven’t it July stable there, fairly be look – months seems early and so, real we as we over X least the So seen last or results. to any and at

with to the door stable good it a in playing So a coming a seems us. stable number, be customer and result, good good

the unrated is. where that’s So business

second a question? there was Sorry,

Steve Wieczynski

the couple Yes. as months last And you with database of have what like well? your over witnessed guys

Keith Smith

the database it saw to QX. perform continues look, as perform in So we

are the than customer, the higher core at play Our customer at levels higher levels, strong XXXX. levels worth to continues higher

We worth. sign-ups a be see at to new higher continue

tiers. the we frankly, is to, higher expected. there. which really away, that end are so at with new are And it And in than the were be QX is today database, as seeing we of tiers, in nothing continuing fall XXXX so perform that’s higher end growth was value to good and are the to lower marketing frankly, the they not but There sign-ups new the

Steve Wieczynski

look play what to the point? us Okay. of has at at And to a question question then there the side much is that about – and back help if how of not think play, I we And this flip that rated come rated that way hopefully around makes properties sense.

Keith Smith

Yes.

come would at they no. you demographics customers and that played back, don’t all I a me. in I at today. the back of information that our if is many again, to look have say the how all still back group yet. to were that older We Once that answer front are Are haven’t have of So, ‘XX some of that

since April, it’s Although, again, once been the May timeframe. building

And expect right. see We that continue customers customer always to so base, always that we to turnover in we lose But gain some and new build. customers. would

So, certain there. there a is always of churn amount

Do think outside we expect of look don’t it’s I yes. the But we them have all forward. churn, different significantly so that will is going come will – normal the them ultimately And back, of seen answer the majority no.

Josh Hirsberg

just Yes. the segments. things, improvement the across the things segment And I kind of gotten I I have down couple customers add segments are if of I to and continual recovery. that just when across that would seeing. a say level a that up have still are we of still is more all That We those and the way outsized – of just really have business really reflection the coming to unrated back. relative we come comfortable of back, more opportunities look changed age side more others. opportunities think that we – to that, and a segmentation, since that It’s is kind are would more will, the you of none in really really age at the business

they were customers customers unrated pre-COVID these of coming and are back consistently. Some

customers rated unrated. Some of kind were are before now that

the rated back and continuing business level to just extent improve largely that we can customer is unrated the with is who that. the understand And come and more so of just have got we comfortable really. to customer And

Steve Wieczynski

color. Thanks I great. the it. for guys. Thanks Okay, appreciate

Operator

Please America. The next Bank Kelley ahead. question comes from go of with Shaun

Shaun Kelley

you the hoping little obviously, sort give beyond Locals is was segment. mean, I just us wanted everyone. bit Las afternoon parallel. good more Vegas into itself could basis And little Hi, if the color. performance drill an of to of I on margin in a I absolute a Josh, kind

mix start So, we some the shift move factor do relative amenities. through really of amenities back, the year, non-gaming becomes margin cost back certain to business structure lower and wondering, group-centric more quarter come of the back, gaming the coming new you I a locals was saw even the really when given just question to just the a And is norm or lower of piece this the a as within it’s like maybe or hotel nature tourist-centric there am as in like coming well?

Keith Smith

is So Shaun, this Keith.

I is think it the cost a which just overall. comment probably last true, structure your most is lower is

in we do XX% continue that, again, it’s but structure. the lower market, or run cost probably an definitely a lower overall once than to is locals little there Now XX%

business gaming locals Our is centric. largely

of our many minority open. amenities coming a from have revenue We and non-gaming of are those

of days maybe I or in full or days functioning six are a As running terms said fully week or earlier, not not five restaurants capacity. they

should but in maybe grow, a that lower profitable to So, will continue at it grow margins. albeit way,

and the is margin have business. continue side, to that as and grow to and conventions, up good business, high-margin that our business when that comes will meetings midweek continues incrementally hotel is that good fill rates, On the and as we room be profitable hotels back,

don’t changing anticipate not specifically while the think structures sustainable dramatically. on I I really margins, to cost in mid the based the high-XXs largely sustainable that are current So,

Shaun Kelley

sort of the weren’t much like some can of Downtown. that the still meeting you normal, either some at you Can if a larger still the maybe point, the being particularly June. what at Orleans? of not, of you But obviously, fully to this for alluded not across And bit above the I one restrictions, property know, follow-up give about was held capacities be, you Keith. little believe group until would us I sense And well at that normal? portfolio, back lifted to offline how just back talk a actually Thanks of and

Keith Smith

Sure.

and not Hawaiian meeting little out the at the and is and midweek Main to do really is about in business business Street the the next Downtown it kind of volumes. market. properties, business properties, once two We So, again. Downtown a bit conventions, Cannery that. in the our Sam’s on just on portion will Suncoast the the in returning of Station, significant all of closed But Town Eastside about Street’s terms other depend significant Sam’s Eastside Main Orleans. They the locals of most Town, get have but that is and business future it

So, it Orleans. about is the really

destination. was Now strong pre-COVID. results, the state, even play, posted in of the was not in Orleans here business, largely that living the but back over it people not play back on to very it locals from without from building Destination up QX where QX, was

remember, we space arena a the and think have, the upside that occupied at plus have Orleans I conventions convention So, as able back was days most year. seat X,XXX of is arena, there meeting great meeting that return, in we largely are to the we that the utilize

Las I at anything It where still of properties. but most that is Orleans, won’t there think is great upside Vegas other you see the the be – occurs. won’t So, significant at upside the

Shaun Kelley

And on just of one things grade it the point, mean, last broader small sneak one across in, Vegas to I Meetings follow-up and know important scheme pretty Could Keith. but last you a Las you, strip could maybe segment? I us give would be the and I in it’s if it’s that market. broader Conventions Understood. on any on color that

half? the in the Just second to seeing either it your relates willingness move to of beginning you as are how what kind fill to So, the does you into book mid-weeks? as return of look business

Keith Smith

well data. for that in to a meeting when our The are of phones the you forward. will a what are book have say be at if just the he has lot don’t both do beginning were ringing may some of and I how lifted, business. ringing be I that to month going Josh know to so bookings, look phones growing. the able of of were and forward Josh to clearly in I data, statistics anything were I defer hotel meeting kind front reservations as conventions But lot the me hotel as I may occupancy have June, additional. – we see as to restrictions that the have don’t

Josh Hirsberg

the and in Yes. from a and The are Blue and and convention of big with but our kind We do guys the and already in speaking of restrictions we obviously, have meeting drive say, significant Shaun, were Missouri some isolated you there. can is, lifting portfolio. of meeting would even only all South thing benefit destination of properties kind about such I Midwest the as Chip, IP assets all not business particular, and Orleans,

think thing to seen we is may started I hotel XXXX have be to levels. form applicable of have other bookings that our forward largely of peers match one in the our that

So, us. up gradually And book of hotel have pick those much are kind more look seen booking start channels Meetings of and forward a more for has XXXX. demand to been we to driver like up. starting

and that point. just so information have relative And just at on pick given to limited that starting is we up, this its contribution

Shaun Kelley

Thank all. you

Operator

with The ahead. Morgan Stanley. go comes next Allen question Please from Thomas

Thomas Allen

you driving on detail little Hi, good cost you. afternoon. on Can you bit Thank with seeing creep, just Are are are dealing get into labor labor side? what how shortages? the the shortages more you a

Keith Smith

Sure.

our of these staff So level once the of customer being fully to is able bigger right one it service. is again, challenges provide to operations

If at wage not at the hourly like impacting everybody and not I country. it’s and bit the inflation, significantly it’s the a wage so else and of hospitality industry, it’s around it really team little margins. and for in everybody significant. like fourth look look our in quarter back the else today, other and different, We food industry There is industries but beverage not average are in members fighting frankly,

to to are it’s all we not staff this need we days doing are able five continue significant do the things fully at would where We join that people work point. being to to really us. to like, restaurants open on a but we we increases to or cost able but try incent driving But week to certain not it,

Thomas Allen

sense Thanks. are follow-up, to my And two it sell them? just as closed. Would the make still properties

Josh Hirsberg

question. has that will demand approach will we them this our to what catch demand. answer that guess, I to been open will and philosophy up, say point to to response I we point me to would this Keith in that’s believe and wants our –

I that of continues to think point view. be our

making Street process of growing expect the locals to Downtown Main the our demand product there. Cannery. time thing for And potentially Station in are reopen with Eastside think on in we I based the happen plans we would over market to same

level we spoken still that have that with gives of business are demand I so and business, still we come, on sustain of not all quite what that we been have so the we this different in consistent need the that’s in – our will far, supply mode but in perspective, we And us that only to speak, eventually we able So, to have saying from the kind of as level that of to recovery about. confidence honestly, being think well. and potentially, still are seeing have areas

Thomas Allen

Thanks.

Operator

I the session. question-and-answer conference our concludes over for this questions, closing remarks. back to further no would have turn like to any we now Josh As

Josh Hirsberg

Thanks, follow-up Tom, will questions, Since follow-up call should if to with again, and for thanks end free the or is the company, out to for But thanks reach go we anything participation. anyone no joining. of questions the everyone your other please feel any to ahead us. there call. And have and

Operator

Thank concluded. attending you now today’s has conference presentation. for The

disconnect. now may You

Boyd Gaming (BYD) 28 Jul 212021 Q2 Earnings call transcript