Boyd Gaming Reports Third-Quarter 2018 Results

-- Las Vegas Locals Delivers Adjusted EBITDA, Margin Growth for 14th Straight Quarter

-- Midwest & South Continues Same-Store Revenue, Adjusted EBITDA Growth

-- Company Acquires Five New Properties; Enters Missouri, Ohio, Pennsylvania

-- Company Expands Sports Betting Operations, Strikes Partnership with FanDuel Group

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Over the last several months we significantly bolstered our Company's long-term growth prospects with the acquisition of five new properties in four states, further expanding our geographic reach and significantly strengthening our robust free cash flow.  In addition, our recent strategic partnership with FanDuel Group puts us in strong position to take full advantage of emerging sports-betting and interactive gaming opportunities that will expand our appeal to new groups of customers nationwide."

Commenting on the Company's operating performance, Smith added: "Positive operating trends remained firmly in place throughout our business in the third quarter.  As a result of our ongoing efforts to drive marketing and operational efficiencies throughout the business, we continued to deliver same-store Adjusted EBITDA growth in both the Las Vegas Locals and Midwest and South segments. In addition, Companywide operating margins reached their highest third-quarter levels since 2005. This was yet another great quarter for our Company, and I remain confident in our future prospects as we successfully execute a well-balanced strategic plan to create long-term value for our shareholders."

Boyd Gaming reported third-quarter revenues of $612.2 million, up 3.5% from $591.5 million in the third quarter of 2017. The Company reported net income of $11.8 million, or $0.10 per share, for the third quarter of 2018, compared to $23.2 million, or $0.20 per share, for the year-ago period.  Project development, preopening and writedown expenses increased $15.6 million over the prior-year period due to acquisition and development-related activities and the launch of the Company's redesigned player loyalty program.  Interest expense increased $11.4 million, largely due to debt incurred to fund the Company's recent acquisitions.

Total Adjusted EBITDA⁽¹⁾ was $148.8 million, up 5.8% from $140.5 million in the third quarter of 2017. Adjusted Earnings⁽¹⁾ for the third quarter 2018 were $26.7 million, or $0.23 per share, compared to Adjusted Earnings of $25.7 million, or $0.22 per share, for the same period in 2017.