BYD - Earnings call transcript Q2 2024 | Boyd Gaming Corporation

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David Strow

Good afternoon, and welcome to the Boyd Gaming Second Quarter 2024 Earnings 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 we are hosting on Thursday, July 25, 2024. [Operator Instructions] The -- following our remarks, we will conduct a question-and-answer session. [Operator Instructions].

call Hirsberg, Smith, Chief Executive today's Executive and Financial for Josh Officer; Vice speakers are President Keith Chief Officer. Our President and

statements undertake disclosed forward-looking Litigation today the and forward-looking are statements as comments will materially the date, statements to may comments are from Our and update in those today's any differ we uncertainties, include in our Private with obligation Act. Reform Actual forward-looking Securities risks of All those no certain forward-looking may statements. our that results statements. within 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 earnings Form investors.boydgaming.com. to and our For available the which to release our to complete a of please historical press X-K reconciliation today, at non-GAAP are both SEC of measures, GAAP financial

certain our Relations being completion We due project call. be our special do this of and Investor boydgaming.com replay financial non-GAAP available and after shortly website not of Today's of a will provide for to in to inability live forward-looking at expenses. the call section measures reconciliation charges the webcast is

turn over the will Keith Smith. to Keith? With I that, now call

Keith Smith

good everyone. and David, Thanks, afternoon,

in Our our performed in as expectations. the company line solid delivered our a performance with quarter second nationwide operations

retail stability the the During customer core country. quarter, we saw play across in our and continued strength segment from

the results. we first In our and from Las our Vegas quarter improved the Locals sequential market improvement segment, achieved overall in year-over-year

segment also grew during in our the we market quarter. this Importantly, share

in produce quarter. results for from continued expectations growth and Vegas And quarter, Las with the a the downtown, steady our to our quarter. visitation Downtown segment delivered Midwest as the strong recovered South first during during Our segment temporary decline consistent

same business during the operations, a quarter nearly the as revenues last several of the managing prior the we continued achieved focus property even second consistent our X of performances of efficiently property year. solid quarters. with At with our their all successful time, operating on margins the As were across segments teams result these quarter XX%,

we at great during our double it casino land-based with quarter, is to the a is revenues Chest the June continue since opened. Also online And prior opened nearly on businesses new results while still produce performance strong off early, it year all, the start new And X. our we and quarter. we property second both our in were to with quarter. and our pleased in In during other the managed company's Treasure

the Vegas operating same-store In compared the competitive similar in Las with to performed and terms segment market. total Orleans continue The Locals both by we in of and improved, first Locals first the pressures on Las market performance to across conditions a quarter, during when line outlined quarter. the call. Absent Gold during these to Coast face our properties competitive those Vegas pressures, our quarter same-store basis

as segment business compared core the broadly, improved at first our play retail We quarter. customer grew quarter. saw we customers encouraging across during quarter, more trends achieved business maintain to our the hotel nearly And operating food of year-over-year. and X% EBITDA strong non-gaming revenues saw our efficiencies. we reflecting ability beverage during healthy XX% growth from our in while to Looking the in quarter, second approximately the Play trends and the Locals margins increased

and solid produced on Las core driving customers local play maintaining In efficiencies Vegas operating results. pleased from the our segment our of all, are as our we direction with focus

renovation in normalized expected levels the from significantly our investments and delivered in quarter. recovered expansion Vegas first to recently the completed And we continued improved occurred in Station remodel Street Fremont the benefit including as that Downtown while a growth traffic Hotel. downtown as the from quarter, Next, the over quarter. the first of Hawaiian visitation second their the year elevated we of our quarter this year-over-year and first the from Las strong visitation the pedestrian performance our improved also segment Main achieving area downtown, for

For the a Vegas strength for Nevada over visited the us million passengers Southern optimism. the Vegas XX period, the segments, city. setting year. same Las than last the up the people More X.X% continued traveled our record XX and months, Vegas gives economy Vegas Downtown of the Las both Airport XX prior reason Locals over from million for through Las Over Las

months, billion an $XX.X record. XX all-time Southern over the Nevada Gaming also revenues exceeded past

And the Of Clark employment than particular June been year-over-year to local in above $X months. the has on and for market XX Total fastest-growing for X% job in Las monthly months. Vegas the market country County have continues been metropolitan more job a note, basis consecutive the major last of gaming the strengthen. area mark XX the in revenues billion X increased

remain trends we in our Nevada, economic As stable Southern remained Southern prospects confident across the Nevada operations. long-term for

We in performance segment. business the pleased this our overall second were Moving to quarter. the next with of and South Midwest

During our the core play to while was continue quarter, grow, retail customers stable. from play

were As April. the markets regional surprisingly noted country public revenue in in soft across reports,

However, a quarter. result, and levels were and during segment growth softness to June, was short-lived, we South the as able and this revenue business the recovered May Midwest in post in modest

a and with Casino project facility facility, June, a space Chest And replaced Casino land-based we meeting land-based level opened new casino a in improved early XX-year-old New Riverboat parking. at Treasure near floor restaurants, single for offering modern expanded This our Orleans. new

very year-over-year customer in is been demand on of it the our revenues month And has for the While new product early, June, a doubled still Chest nearly strong. basis. Treasure

expectations in and revenue with for our healthy continues result, results Our full partnership strong our achieved produce online the the a company. $XX to EBITDA second And we for year. are for as segment to in increasing online EBITDA $XX to FanDuel quarter industry-leading the million growth segment our Next, million

participate in in growth a we valuable noted betting as the that we've of equity grow strategic interest X% in our our asset company remains ongoing sports As value before, FanDuel nationwide. to continues for

strong finally, opening, demand -- from at in Finally, benefit business, Nearly we River in our and after years Casino Other California. to continue Northern exceptional Managed Sky sorry, our River in X the Sky of performance online I'm as growth. our through approximately EBITDAR expect year-over-year remained solid the in the and Sky year. now to With property $XX second continues million performances full Other River generate for to Managed quarter, business post we the

Building this on ground major Rancheria Sky of broke River's success, the tribe Wilton expansion recently continued on a property.

and XXX X,XXX-space phase First an garage. new floor Sky slots Rivers a will properties with expand access with Casino parking additional enhanced

share amenities, Following spa and a food additional significant entertainment first a the XXX-room property a will in next pride work River's beverage completion confident outlets, an of long-term summer, day X success on XXXX. River its the We in of center. early the Wilton help at Sky event this this Sky will phase tribes Rancheria continued of completion growth following non-gaming and hotel expansion drive including the are begin expansion and and

important the our the quarter to of the during So over long-term the the company. program continue trends investments balanced prospects our of solid drive for performance time, making same investments and to sequential business in our encouraging first was second promising demonstrate our the country. customer in this are the our We future are quarter operations capital part all, with saw a allocation our second quarter. in program. growth. of across we At improvement in we property results operations through confidence these An

projects Treasure is and beginning our levels, record at at performing growth incremental Having in now Chest baseline. early, business growth significantly previous next ability from while it is still we on demonstrated to the is through work capital now up our investments, Fremont pipeline. drive it's are

Charles, In us existing Missouri, our segments, the investment meeting significant allowing beginning St. to property in driving additional new renovation and of unmet to property's our next Ameristar We its capitalize on the we're and demand our year. will fourth at following expansion there. for customer combined at long-term this space Ameristar, with this quarter an completion at product appeal hotel of ongoing expand growth convention

Southern Nevada, Las southeast Casino, portion located the we in finalizing for new property in a Cross of Valley. And are Vegas the Cadence and design work

XXXX. Wild adjacent construction be the planned new completion expect on that and We built currently This directly project year Jokers community Casino hosts site a Cadence. will to expected property on with existing master to the begin by XX-acre of in late is our early this

have XXX slots, with will homes homes Crossing already XX,XXX In final options Cadence upon foot with dining initial square than X,XXX its build-out live community casino phase, XX,XXX several built. entertainment. more will This in feature a

casino designed space during While be and we are ability additional amenities property starting add as with a the modest for to future more investment, of grows hotel, a with development. phases future Cadence the will expansion

the projects. Cadence anticipate and we Ameristar $XXX investing million Combined, between Crossing

completion will across rooms Charles and renovating will across beverage Coast, Additionally, our program the at refreshing wrap Orleans, hotel many we these of continuing are next months. up the refreshed our over following new our Chip country. Forge. portfolio. Gold upgrading St. the rooms on and Valley the projects, IP and begin several and offerings of food the hotels our work at Ameristar properties of Renovations of This and hotel we program Blue and includes And our

committed we our stock $XXX our of we In second million million program. quarter, quarter, to repurchased our by addition, capital dividend repurchase properties, remain in we committed remain to program ongoing $XXX investing returning to shareholders. and per in the to our share supplemented In

committed balance a maintaining We also strong remain to sheet.

execute on providing X.Xx, allocation our today flexibility Our our total capital significant is plans. just leverage with to company

the second at we with pleased our country. performance prior business. quarter, even total results, throughout trends year with as of with the property look are So back customer revenues We level we the delivered encouraging

level Our our delivering to new leadership marking Chest property Casino in -- latest teams operations, property a our our of XX%. efficiently the managed investments. nearly start, great margins success is Treasure ongoing We off

share We the repurchases to $XXX to shareholders start of continue year. with over capital payments our dividend commitment million returning our and since the in

the hard their to to of company. members your Thank and for want leadership our service and you time thank contributions teams team success. guest to Their for our work memorable I to our today. bedrock for our their commitment

I'd call now the to like over Josh. turn to

Josh Hirsberg

Thanks, Keith.

performance quarter the for was solid noted, second As company. our a

and . the to we quarter expect second the regarding trends our year, remainder market commentary conditions For of customer continue.

segments our the stable. have of last expect those Las will similar the terms Coast and face rest competitive pressures remain market we to over expected X the in while Gold we operating Orleans are experienced year, continue overall of months. Vegas conditions Locals, the In to for to

positive expect we Downtown continue. business, to trends our In

remember, Downtown However, be this quarter quarter will year last comparing a record against year. fourth the fourth

stability expect to with incremental new for In off will several of revenue great property Chest. new before Treasure months start, segment, we our revenue the operating to we South same-store our what know from it is at realistically Treasure EBITDAR. Chest expect take Midwest and facility but continued and contributions in a

EBITDAR provided online to and of for year guidance of Keith's $XX he full million our million segment $XX earlier million. Managed remarks, approximately $XX

the of each X for million $XX approximately quarters. of contributions next EBITDAR expect we Managed, For

quarter Recall last good of a fourth the company, very business for very with each segment well. the our quarter year was performing

of will a So the last comparison that difficult the quarter create for year.

a from few quarter. turning the additional to Next, items

quarter, tax year $XXX For to our pass-through the in Online amount the last segment, quarter. the second million million, $XX was compared

the approximately margins margin have would basis for we this year pass-through points the about Excluding company-wide above the or XXX tax second quarter amount, been XX% reported.

terms of land-based expenditures, Chest Treasure million we year, our during $XXX In including invested this the project. capital in investments

We in have this of expenditures to expenditures capital project $XXX to total and $XXX year-to-date million million $XXX million continue for capital invested year.

thought of in program X capital annual can be buckets. Our

which maintenance year. is be to $XXX per first recurring approximately to is million bucket capital, million $XXX The expected

spending delayed maintenance due associated remodel bucket were not that is recurring. is second incremental The This with capital to COVID. room projects

approximately We each in these and be million XXXX. to XXXX of expect investments $XXX

capital maintenance-related for for XXXX, Center and In recurring finally, Ameristar bucket, complete $XXX third Cadence example, for starting this per to St. capital, the Convention Treasure And Charles both includes expansion Chest capital Casino. investments growth a $XXX allocated we as year as well have Crossing million projects. beyond million the

announce to we of per to renovations. $XXX we capital for Following million $XXX in $XXX of hotel recurring million set these of invest projects. and about stepping Think choose another this related X of Cadence Accounting in $XXX from Ameristar buckets, pipeline projects beyond the growth expect year following capital XXXX $XXX down both the of in million about and growth our before projects, capital. the completion million should to each XXXX you and a would total order to million completion that of year as each to of expect

price acquiring quarterly per X.X $XXX in the allocation property of quarter, million capital is capital at dividends in capital dividend our our of currently and pay of stock, allocation investments plan. component representing X returning Also Other per million average $X.XX a These shareholders quarter. the of an shares share, $XX.XX during of We repurchases. $XX philosophy element to we in second are million repurchased form share. share the

previously $XXX in shares we million As quarter. remain committed each to repurchasing stated,

flexibility our quarter. have we However, second to the during do in as the reflected financial actions more

important shareholders approximately through of capital per with XXXX, shareholders our share an $XXX When our Turning dividend $X repurchases on $XXX returned allocation capital have to to a is our million we part to or program, our nearly the of philosophy. are pace of share. year and total first half this million return combining

capital Since in we our overall and return the share by we -- share and returned repurchases, $X.X billion to began reduction dividends -- our in count a in $X.X XXXX, resulting program nearly late in million form shareholders have of XX%. sorry,

repurchase current million and XX.X As remaining actual there shares of June have we million $XXX our outstanding under XX, authorizations. were

of lease-adjusted quarters. consistent and our history. us to balance invest We ended capital agreement, total and borrowing a X.Xx, leverage is low we the us leverage, the with of provides near-term leverage strongest business the With quarter to X.Xx our sheet shareholders. in recent capacity credit important company's in strong while existing with flexibility our which returning balance maturities to sheet, continue -- to Also maintaining have ample no under

with a allocation. capital significant operations cash our flow generate, to has company free balanced foundation a the continue to Combined our approach strong

now that any take we're David, our to remarks, ready concludes and questions.

David Strow

Josh. you, [Operator Thank Instructions].

comes Wieczynski Stifel. Our from question first Steve of

Steven Wieczynski

with question. So the let me start

mentioned M&A lot. obviously, to rumors And has out across name You're a a probably the space not gaming obviously going your been there's about lot there been answer. of But activity.

if appetite did ask in an give current a an from me you you would could just you'll us down maybe where let your type versus And feel go maybe large-scale wondering leverage me path. acquisitions? answer. So perspective this you comfortable maybe But give way, M&A for if a M&A one-off

Keith Smith

question. the for Thanks

I these -- majority great it. you we've at that how properties new know of to how if our the look to history arise. of take We part we've know over our obviously, right, a through And company, think companies look, of companies and obviously always has developed right, So come a . And It's growth, back the willing. look at we've once out been M&A. buy portfolio. not our they're news opportunities hard we value to look, extract expertise of

And continue so we'll to do that.

transaction. on the a facts around how particular transaction, totally it's In we and terms finance of circumstances may specific dependent the

we it's hard And might that. so to speculate how do on

Josh Hirsberg

transaction where I acquisition was a thing do whether opportunity, to be that development add of target are leverage extent to neighborhood of pursue to to the would we of some anything leverage of is Xx have in only were opportunity that, that traditional nature, we up long-term Steve, or below we it today. the that The a leverage to or some or sort sort of set

so objective And level the back getting that we have would to quickly. of very

So...

Steven Wieczynski

thought you answer Okay. That's give actually of I an would me. more

the kind mentioned locals market. Josh, couple promotional a I quarter, last to about maybe you know the So appreciate there if second from in call of seen the what players market And of those were ask, And nonpublic, down. environment were question, I would overly just on wanted promotional I that. so-called then front. essentially aggressive level just in the that we settled who wondering you've promotions of And guys bad,

Keith Smith

thanks. Yes, Keith. is This

Gold particularly in to used Coast similar second it quarter. the hoping it first the the was quarter, very term and nonetheless, the promotional but environment, bad surrounding actors, So Orleans the

the feel what and we And pressure rational, rest X market around much. they've operators kind of stable. pressure some historically, done but The to remain operating properties properties. of from the those very around so very continue companies doing those X didn't Properties continue we to see of private change

Steven Wieczynski

Understood. Appreciate it.

Operator

comes David question Katz Jefferies. of next from Our

David Katz

how about Orleans, your that you a of the looking I wanted seeing, period get talk time? mitigating do competition how you're The over even New sort can thoughts and much And [ grow that of Locals to and of on offset market, is ] sort you particular. the in for to expand? impact And just strategies right?

Keith Smith

it when the -- couple at to pressures patient. time. really we've Orleans been we say One, Gold being a -- market, and matter a of relates the as long around It's it of think competitive probably at this things. is Locals I look Coast. the a I'd the

can would is strategy We and program. be believe the not competitors don't profitable. it what patience. are a chase doing So long-term sustainable it We is

And so we and just it need wait to be out. patient

as because specific the time. so Look, to is In with the know members, -- and of new terms strategies do Locals at enjoy the our that our tools opening customers. facilities seen built of market. to long strategies, they've competition we'll we've this know recent most we've been they in The the enjoy and we a customers how team they kind a to and broader talk do compete reason and impact significant how have customers competitor we we doing. relationships our well. to our a we of We with additional and continue haven't to specific We what the result talk they products just been offer

to I'm to about go how there. Look, business, think any deeper any pathway as would stop providing competitors we further simply go to a be going so and the our

David Katz

wave flow fair I that may that it characterization what of a an trying want tell is sounds anything. is induce anybody. us And it? competition won't tell of there time? over you Okay. to initial ebb like But trial don't back We is an to and initial and that

Keith Smith

about to way a is That it. think good

Josh Hirsberg

strategy. We're we're what a Yes, what's mentioned terms also on underlying not staying on. is, in few our with being responding about aggressive add I of Keith dollar just dollar going would marketing. think for is things not focused to We're

revenue very overall our as of consistent. percentage has remained fact, marketing In a

we've a it's of competition think grow to head of been even that level share. to seeing. don't of see kind with We profitable to go can you consistent able And strategy to reinvestment, that head levels we're

our focused customer, even the to stay of when think face the on change pursuing how profitable business about in business starts our that's stay we And is environment we so forward, we going competitive focused core on dynamic. and and

Operator

comes question JPMorgan. Next from of Greff Joe

Joseph Greff

M&A view Maybe model can Keith, of have propco, the a about that asking And you way bit? optimize an large-scale looking model your way little And sort to of for view talk this question. just an M&A-related structure sort capital the have Board's respect it of utilizing opco you existing the has indirect the portfolio? to with as changed? Josh, is changed kind under that a versus of on at

Keith Smith

talk think about standpoint opco opco, Look, are is we to most buy more propco as we of propco, prefer or part that an holdco kind an from structure. because assets. difficult today still M&A of assets

And we're so We that we that. to several did assets with certainly it the Pinnacle do years bought willing back.

impediment And not opco assets. buying buying -- growing it's to to so an assets, acquire or impediment an not additional an

Look, if in real terms estate, we you existing have of will, the monetizing our view. same

always we've think had. I

We a estate. real think where by to trying have our owning transaction monetize flexibility were the enjoy think own sense. made there and can estate. it to We do our retain great than we expensive real finance less if We opportunity ways it we

again, to all at And any things look, of think looking M&A we opposed with respect once So to assets. about these opco we're not opportunity.

Joseph Greff

April things weather all for things with May June how And June May was much that? your you maybe that soft, talk you recovered. in year-over-year think and within or about me. And April to of that's be then Great. XQ, versus segment related like calendar mentioned Okay. Can and might and or what happened the then in you behaviorally South improvement and the before like and Midwest consumer

Keith Smith

Yes. a That's question. fair

Easter we and were that Sunday Easter probably and particularly we -- although in we turn had expected, and out. revenues year. a softer what line it's was didn't it I about move was the just Joe, April with We would April more this benefit the last Saturday March lost than of more growth June from anticipated. soft. it just and on May thought some We year, in I in was April. April which slight think in calendar, was we'd say

calendar with it was Easter, thought the but shift happening, pick of knew we'd We happen. we the move didn't it up just

had happened. So, but Joe, head than better that, for it over you, since a been explanation I I other our scratching April wish we've

Operator

Our from question next comes Truist. of Jonas Barry

Barry Jonas

negative still you $XX guided? to far that impact million million valid? the Durango that to impact What's relative so range the And $XX is from previously opening

Josh Hirsberg

Yes.

perspective. So we is I and Barry, kind from $XX more I would still we've of say, around from say coming Gold an changed because indirect impact about. Orleans the believe million to $XX that I the mix our million has would from intact the it's Coast that spoken think

Barry Jonas

perspective could Midwest as when it. curious Got and growth. guess And on Locals, outlook in to the Year-over-year it. you growth then you think return Got about segments? both get I South to for and just think your EBITDA

Josh Hirsberg

think So my we look, tried lay in remarks. to I out that

we around year. I of to of us, the in and year-over-year pressures this the of kind those and the of in competitive to that's end think think starting continuing Las with Coast lower market Vegas kind for declines database, lessening some so rest for the Locals see encouraging. Gold We're the deal of Orleans

flatlined, to late I by what in Then we up. -- that's think segment. XXXX of XXXX, late XXXX, frames in that it sorry, time XXXX. what different Midwest South, a before we late my maybe and and where in we in it similar was scale, and And terms XXXX and that's getting of the the are customer dealing was I were was kind -- in although from South on time throughout happening retail saw, a mixed Midwest think, with And particular

but of around growth stable the trends this kind point, hopefully we some So South on what to continue then pivot we're rest for in I and to bounce customer year based being seeing of would Midwest the the say start will next and at to that -- believe year.

see -- obviously, and a and kind still to then of Midwest stable excluding then before little starting South flattish at Treasure as we start I would flatline bit and this sometime think I to point, characterize more growth LVL, But next maybe early year. Chest and

Barry Jonas

Appreciate it. really That's helpful.

Operator

from of Deutsche Our next Carlos question Santarelli comes Bank.

Carlo Santarelli

you Keith, up asking been just said about Josh, as as you market. what I And Davis something think follow have Locals earlier I to pertains well. earlier on partially it wanted might your to

you guys and Coast, out the rest kind I you if is think, revenue statement question Orleans in was I the line? guess the that is said market Gold take the the do way of If performing? -- with see line, my of Keith, What as in market. line you portfolio EBITDA is, performing in like you kind of the

Josh Hirsberg

a Vegas correct Keith I'll or take Yes. can on we at the down and about. Basically, market to Las we add estimate that, as think little. think slightly, very best a shot then Carlo, can depending is me I what it

could about describe kind so. X% but down almost of You flattish, as it or

were to of was with going was generally. close that's estimate overall And on there and competitive say how honestly, the at of trying and you how how what with rest those portfolio, are the pretty and kind words. Coast, you to what's the was to to and Gold that the what much competitive in in And impact, impact related what we was performed that's That's something few what's to get we market try some take and of dissect including we much on overall when so we business in we Orleans start going left -- saying Coast that's we of with our Orleans and look level the the market. quite line the out -- at the are Gold we that's

Carlo Santarelli

Josh, now in XXXX, -- lapping second of should of are year we Okay. And expense of occurred see perspective? terms I reduce to year-over-year of half growth is OpEx in that we then a kind start this in kind where increases if could, there from some that the

Josh Hirsberg

happened I'm certainly say changes lot affected. of -- that a it's going during QX to the

So the little can do extent bit we've it this past, a of disaggregated in remember. I I'll to the and

last wage of year. increased last in Las really during The Vegas QX wage -- growth

and through the need largely with to comparable get across QX a So are we're portfolio. basis. That and to -- before and things that. we Same going comment a property base was property like utilities on broader taxes thing entire

period move make in you kind would a when say QX be on the apples-to-apples to I'd as we start basis. QX Does So that of sometime into sense? is

Carlo Santarelli

absolutely. Yes,

Operator

Our JMP next Securities. question comes from Jordan Bender of

Jordan Bender

But a out you not this get rumors bigger terms for more through of yourself investing in business, Boyd's last few kind stepping over and Interactive that question. the a in now M&A asking with within just years, ramping could there, see just the to or of quarters years? given learnings strategic I'm of the either more

Keith Smith

that to where the we're fashion. grow say in see Yes. our growth that of would is and significant sudden growing very horizon in all kind of is Interactive I terms Look, with New a it expectations, well Jersey any pleased Boyd and business. where I of in Pennsylvania have its material the and operating don't any M&A on

couple us surrounding in how business. with business the move our once states point it's Once anything That And strategy. out and not significant regional customers. the we states allowed pretty need to having and a that ago, when that where to really rolling strategy, portions about to pleased of large we to our of remains we're we it the of again, a draw started strategy don't importantly, we national at talked a but do some this strategy, years along. do see speak a where a customers in again, regional

Josh Hirsberg

building the in investments of of not may That's draw the from. our TAM kind just different our expect to going to of not that margin. We're our Others not and from just percentage existing strategy. making That's Keith customers apply add approach of to bottom-up get philosophy. a we're markets market a customers a and and kind that is bring mentioned, we would share. and -- money It's where I lot get our estimate really, losing strategy. have we big or a not business our of as

Jordan Bender

just a then allocation Great. And on the second. piece here touching capital on the Okay. for follow-up,

My we of million. that given target share quarter of CapEx up up in years? still here your on just the of million stepped you number that couple that of the $XXX visibility have question the could some why here, next is kind go You the repurchases see above for is do here your $XXX just obviously some spend

Keith Smith

million maybe least to now on really we're XX been investment or at to. it's for The what the anchor that we've community going meant years committed $XXX X months, and using

higher As expect Josh $XXX say, the point have expectations at number. you and his not look, certainly quarter, want more, going where we're million level, to we're to prepared expectations do we to us this reset just certainly can to in do a we a financial we to drive not different do a to said remarks, flexibility and so continue

Operator

John Our next CBRE. question DeCree comes from of

John DeCree

clarity, you Coast other -- could and maybe of made far? some Maybe remarks, point prepared in in on maybe think seeing market, little gaining Locals Gold if comments I heard at at correctly that correctly. a reference think wondering that if Orleans promotional what I if competitive correctly, I Locals a mentioned or pressures so heard you've just of the and could you I the share a I to in if follow-up I was you're the of the the context hear put it on

Keith Smith

Sure.

in first not new So of addition We share to grow to we quarter be the to with competitor, grow quarter, share it was very were second in a the year-over-year. heard it Locals grew Vegas Obviously, but difficult be year-over-year. over you clear correct. share Las able would the crystal the market,

QX but quarter-over-quarter, it it grew versus we did QX, So grow.

I've on aggressive disciplined, stepping stable. environment, have of remain competitive Gold environment, prior anything odd those aggressive, that the Orleans. again, in over hasn't fashion, terms and absent disciplined around Orleans nobody And years, remained particular out the discussed around as you doing COVID changed got In what the last happening Gold promotional of have call post couple Coast Coast, what's that any could remained remains and calls, those said it rational relatively we've of and stable, outside really once really,

John DeCree

but XQ, but it. it's the couple locals share have We've or Got of XQ locals couple a It's thoughts particularly a from in for guess, your market. sequentially. into Josh, seasonality where to read in prepandemic, Las the the Or only gain helpful. Keith that's some given on me. various we're expectations years for have Vegas, do been know would hot into normal assets expect of Do harder more, seasonality? Maybe all little there last market. And for be seasonality? weeks are. you I I one noticed on reasons. July, historically, any you clarity been

Josh Hirsberg

Yes, we the I question good to it's do. seasonality. answer we Yes, is, mean, John, question. expect short a

or if to what's want we're -- however couple back seen XXXX. I from last that pretty over And are trends And what at -- QX and years think, I seasonality, that's what kind think look analyze going that, it's today. the you even of what consistent trend to back largely going so QX you it, been we've that's since or I expecting. you pre-COVID think can seeing is of into the the we're

Operator

question Next comes of Barclays. Brandt Montour from

Brandt Montour

you I'm called inexplicably. you guys ago, I can't was in -- guys didn't quarter learn you on out that wondering it And -- more or Las has explicably the if just there Curious it sort out about quite soft. of an I hurt it have you that. you to of trip why didn't Vegas simply mean, Downtown back if Las Vegas. back -- then, strong. There's think some came of coming the for area Downtown been really about have how you And Thanks. idea then imagine foot had soft traffic. A that, strip.

on curious that just update part an that business. So of

Keith Smith

Sure.

that we a we quarter, most portion by rebounded in that Bowl driven typically first play big mostly talked that less as visit our a about. with the from call airfares -- the That demand drove Hawaiian the first look business significant Downtown we at in price in of quarter some our we Hawaiian We talked pent-up one, our than had and we the Super probably QX rebound one, first increase saw QX, that So in in of on do. that occupancy guests typically us.

more think in it generally I than the robust on Downtown in street QX did traffic traffic or the seemed in QX. the

articulate, why didn't the versus And of any area -- QX see versus traffic else. much QX or see going a think, I say, was I in should again QX. of there Historically, result traffic QX. there more but Downtown Downtown the that QX detail We strip, can't more better activities we I who somewhere Downtown. there's is a -- Bowl once flow that in the in just flow didn't in And downtown. and in was, right. enough Downtown, in traffic Super You're people large visit percentage whether just that occurring and visit the the not as on

Brandt Montour

square That's Locals on circle to just to Okay. I sorry I'm also back helpful. was then going comments. the because And split trying Great. question here. share -- to your

that So even -- I I imply overall, that fought bit then line if X about the the you but market you were those guess you right? that same? back on about those grew though is with share properties does thinking properties, little you a that ex mentioned, that gained am X promotions in

Josh Hirsberg

you you bounce -- did What was to say the -- back?

Brandt Montour

X promotions a Well, though you fought back, bit share you those properties, little were the of even gained on same.

Josh Hirsberg

Yes.

it with relative think we just overall. rest the of assets right. a we the better it much you're in -- of of pretty rest happened. of also we're that's a estimates of in all. performed I basically or exactly better, -- competition, line kind bit Maybe all but kind little little our this. There's market calling but was was the to The what did yes, market that

I really. best that's you, the So can tell

Operator

Our comes Fargo. of Politzer next from Dan question Wells

Daniel Politzer

here forward? strong of started it's this the know very going property Was I ramp of out outlier gate. but in Chest. we expecting? June strength? in an you're kind maybe Treasure How what still should early, of the terms think of question, Or just was about First we getting are June

Keith Smith

look, So first I July, last beyond doubled. of over would or so, doubling X said revenues prepared early as X or revenues operation. have that weeks with pleased in say it's weeks remarks, opened since my the X we're And I the in

double. ecstatic settles be it expecting not if we'd it We're in, it stayed fully Where look, to stay double.

as about, through completely. inefficiencies a talked And Josh the so property opening -- new the then to EBITDA dial we normal have to in work and of

I less think the we're double. would that was not expectation So here. It probably when success. to never at double. going than XX% settle up even a it our going year, if that in ramp settles -- forecast of But we're above I I property, in it don't beyond we from or prior go will it's think XX% great built to the something we'd all see as

Daniel Politzer

the mean, M&A just activity I like and it of maybe the there's And in availability a does it. market. is improving? been some feel Obviously, the Got of then financing questioning. maybe environment more up in bit line loosening terms the little is

may just what kind could us maybe leverage any or your remind you that would if transaction pursue. you be for of then maximum not And may

Josh Hirsberg

Yes.

say, our would execute really come the I would about sure it's ability to I it point, financing some on -- when So not that we us, that. at the transaction. for to market could drives I'm

free It's for sense the really talked is it's things makes us, -- have think cash the that same flow we've I acquiring generates and strategic rationale rationale for an about that about us. before. valuation a assets acquisition

things. through those that about alternatives filter, and And then start of so think once gets to we leverage can and financing all it

I we determine together really, that things should think whether forward all mixed it's that then get move those not. or And

maximum creation be to it's there's that say based that because -- from leverage or say going acquisition. going on not to on to be we it's a the an on I'm see to able level, based to value So be opportunities conditions, the going market

be question as done And about terms that's acquisitions to to around can kind and your think framework historically, it how we about disciplined think you in we so we've of execute as I all how give on answering a we've them. tried of very just in And leverage.

Operator

of from Chad Macquarie. comes Our last Beynon question

Chad Beynon

the mentioned development and continues there in community, to sub Henderson that you Cadence With Crossing be up. to announcement, that going rooftops respect

in with it's how size separate a, given then number region? any homes market, bit market and terms a Eastside in the did of Cannery So, from scope grow? of you the little of in take that of up might opportunities to update that the of And that -- come going and that, time

Keith Smith

changed is our once product, which Cannery to therefore, further when any again, really our in the Las happen just something And Eastside there. Town, hasn't around views significantly. thinking On property particular we that what on don't have no next that and change may right around Sam's market Vegas

property been our it's to because Crossing, respect for develop With in watching community backyard. a we've that Cadence time long

slightly The slightly Our Jokers Jokers a footprint site Casino existing Casino building sits smaller is Wild we're Wild on the operation. where today. Crossing smaller to Cadence

we going have can a And how of so that build forward. sense we business

with the what I slots modest footage outlets opening investment And and food we're the described. a square so and call I the that

a it it. with new we We'll to keep expand be be to while the clearly new to able property, But property, Jokers we'll open we and opportunity Wild then shut build a down. able when open

with based the So have that grows, clearly we process. grow EBITDA won't lose demand. any as on we opportunity can but in it the expansion community

pretty about opportunity we feel opportunity, future. once investment the into again, day on good grow the modest So to X

Chad Beynon

that. on And just follow-up a

opportunities bucket center. else, focus that could would an third be third it or view that additional this are again, third LVL hotel of So convention land adjacent that in of geographically? on be CapEx, Any CapEx bucket or there entitled somewhere is opportunities bucket, other for where

Keith Smith

in that several X start we the life. continue of And at Josh to projects we'll line, important we the moment that. described prioritized highest projects these as start the ROI most review those. down have, X once a more next We the got company's behind kind get evaluate We've come this we to the and to X. further list those line, next of believe We have that they have in are

expand opportunities those existing all if lot properties a or Gold operations the the Vegas, our there adjacent To footprint whether land to we have to Las at here your point, Coast it Town or we be look, warranted continue have Aliante, the demand on Orleans in of or to do that. Sam's

St. outside demand plenty what properties we like we again, have of of extremely Ameristar strong once are extremely producers, opportunities have, Charles, And that strong into. that can build Nevada,

a lots of but pipeline. the have than to anything So in what we disclosed projects, not other number of already, opportunities additional ready disclose we

Josh Hirsberg

those than enough is the that and need out more we we is have returns just projects generate thing kind pacing -- would add finding of then ones the and them. The pacing only spreading I

Operator

I'd question-and-answer the This Josh to session. for call remarks. to like our concluding now over concludes turn

Josh Hirsberg

today. in Thanks, everyone, for dialing

have feel to disconnect any free to now. reach feel other questions, out If free to you you and company. can the

Boyd Gaming (BYD) 25 Jul 242024 Q2 Earnings call transcript