Upgrades at Suncoast with projects ahead at The Orleans and Cadence Crossing are keeping the Las Vegas company on track with steady earnings as it enters 50th year.
Upgrades and renovations at Boyd Gaming Corp. properties helped drive the company to a record year financially in 2024, executives said Thursday.
Boyd President and CEO Keith Smith told investors during the company’s fourth-quarter earnings call that Boyd properties are holding their own against new competitors, thanks to refreshes that continue to attract customers.
“An example of this is the Suncoast, where we opened a new sportsbook, high-limit room, and premium steakhouse in 2024,” Smith said. “All of these new amenities have been well received by our customers, helping drive solid results of Suncoast over the last several quarters. Next to come to Suncoast is a complete renovation of the casino floor, a new food hall, and an expansion of the property’s meeting space. We unveiled the first section of the Suncoast Casino renovation earlier today (Thursday) and are on track to complete all property enhancements by early 2026.”
Smith said Las Vegas-based Boyd’s downtown properties continue to flourish with continued support from Hawaiian customers, one of the company’s steadiest customer pipelines.
Chief Financial Officer Josh Hirsberg said hotel room upgrades are coming next to the company’s Orleans property and the previously announced transformation of the Jokers Wild in Henderson to Cadence Crossing, on track for completion by mid-2026.
“The nearby master-planned community of Cadence is one of the fastest growing neighborhoods in the Las Vegas Valley and this development will position us to capitalize on the growth,” Hirsberg said. “Cadence Crossing will begin as a smaller property with 450 slots and several restaurants. But as the Cadence community continues to grow towards its full build-out of 12,000 homes, Cadence Crossing will grow with it with plans for a hotel, more casino space and additional amenities.
“Our initiative to upgrade our hotel rooms is scheduled to be complete in mid-2026,” he said. “In terms of our recurring property growth investments, we expect to invest approximately $100 million each year.”
Smith earlier remarked to investors that the Las Vegas Valley’s continual growth is helping the company sustain its increasing earnings trajectory. He cited local employment growth over multiple sectors for more than 45 consecutive months, average weekly wages increasing 6 percent during the fourth quarter, outpacing the national growth rate, the increase in Southern Nevada’s population surpassing 2.3 million residents, and 13 percent more home building permits in 2024 over the previous year. He also noted visitation to Las Vegas up 2 percent from the previous year and record airport traffic exceeding 58 million as reasons why Boyd is staying healthy.
Smith said Boyd’s attention to keeping its properties updated is what led to record performance as the company observes its 50th anniversary of operations.
In the fourth quarter, which ended Dec. 31, Boyd surpassed $1 billion in quarterly revenue for the first time, en route to full-year revenue of $3.93 billion, a 5.1 percent increase over 2023.
For the quarter, the company reported net income of $170.5 million, $1.92 a share, on revenue of $1.04 billion. In the same quarter a year earlier, it reported net income of $92.6 million, 94 cents a share, on revenue of $954.4 million.
Boyd shares, traded on the New York Stock Exchange, on Thursday climbed 2.7 percent, $2.08, to close at $78.57 a share in volume more than twice the daily average.
