Boyd Gaming Corporation (NYSE:BYD) Q1 2019 Earnings Conference Call Transcript

Apr 25, 2019 • 05:00 pm ET

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Boyd Gaming Corporation (NYSE:BYD) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day. And welcome to the Boyd Gaming First Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Josh Hirsberg, Executive Vice President and Chief Financial Officer. Please go ahead, sir.

Executive
Josh Hirsberg

Thank you, Cole. Good afternoon, everyone. And welcome to our first quarter earnings conference call. Joining me on the call this afternoon is Keith Smith, our President and Chief Executive Officer.

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

During our call today, we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today, and both of which are available in the Investors section of our website at boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses.

Finally, today's call is also being webcast live at boydgaming.com and will be available for replay in the Investor Relations section of our website shortly after the completion of this call.

I'd now like to turn the call over to Keith Smith. Keith?

Executive
Keith E. Smith

Thanks, Josh. Good afternoon, everyone. First quarter was another strong quarter for our Company and a great start to the year, as the broad-based growth trends of 2018 continued in every segment of our business. Our ongoing initiatives to drive operational efficiencies and marketing refinements combined with the healthy consumer nationwide continue to drive growth in same-store revenues, EBITDAR and operating margins in every segment of our business. We are especially proud of our performance in our Midwest and South segment, as we overcame severe winter weather to deliver our fourth consecutive quarter of same-store EBITDAR growth. The underlying strength of our regional business was on full display late in the first quarter as weather conditions improved.

In March 16 of our 17 regional properties delivered EBITDAR growth. These strong March results included all five of our recent acquisitions, which posted strong performances in the first full quarter under our ownership. The integration of these properties into our Company is well underway and we are confident in the future potential of these new assets and in our ability to achieve that target level of synergies we previously announced. And here in Nevada, the regional economy remains strong and long-term growth trends are firmly in place. In Nevada, our Las Vegas Locals segment