Short answer
Boyd Gaming Corp (BYD) filed its fiscal 2018 10-K annual report with the SEC on Mar 1, 2019. It reported revenue of $2.6B (+9.4% year over year) and net income of $115M.
- Top risk flagged: Gaming licenses subject to state regulators, including the Illinois Gaming Board and Nevada Gaming Commission, with renewal or revocation risk
FY2018 key financial metrics · XBRL
- Revenue
- $2.6B
- +9.4% YoY
- Net income
- $115M
- −39.2% YoY
- Operating margin
- 13.5%
- −0.8 pp YoY
- EPS (diluted)
- $1.00
- −39.0% YoY
- ROE
- 10.0%
- −7.1 pp YoY
- Operating cash flow
- $435M
- +4.7% YoY
Source: XBRL data from the Boyd Gaming Corp (BYD) FY2018 10-K on SEC EDGAR. USD.
Boyd Gaming Corp FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Multi-jurisdictional gaming operator, generating 73% of 2018 revenue from casino gaming across 10 states
- Five Midwest & South properties acquired in 2018, including Valley Forge and four Pinnacle properties
- New online strategy: MGM market-access agreement spanning 15 states and FanDuel partnership for sports betting
- Distributed gaming platform added through Lattner acquisition, nearly 1,000 gaming units across approximately 220 Illinois locations
- Property footprint expanded to 1,765,144 casino square feet, 37,288 slot machines and 11,090 hotel rooms
Management Discussion & Analysis
- Revenue $2,626.7M, up $225.9M or 9.4% YoY, driven by Midwest & South acquisitions
- Operating income $355.3M vs $343.8M, food and beverage margin 5.5% vs 3.1%
- Best segment Midwest & South: revenue $1,505.1M, up $217.1M or 16.9% YoY
- Operating cash flow $434.5M, capex $161.5M, acquisitions $934.1M, dividends $24.7M, repurchases $59.6M
- Outlook: annual maintenance capex $150M to $170M, risks from financing availability and gaming-license approvals
Risk Factors
- Gaming licenses subject to state regulators, including the Illinois Gaming Board and Nevada Gaming Commission, with renewal or revocation risk
- Hawaiian customers exceed half of room nights at California, Fremont and Main Street Station properties
- Riverboat casinos require USCG or ABSC compliance, with certificate loss halting casino operations
- Illinois video lottery terminals added more than 30,000 gaming devices statewide, including nearly 5,000 near Par-A-Dice
- $97.2 million annual GLPI Master Lease rent, with building rent escalations up to 2% annually
Generated from the filing text; verify against the original. How to read a 10-K
Other Boyd Gaming Corp annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.