Boyd Gaming Corporation (NYSE:BYD) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 05:00 pm ET

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Boyd Gaming Corporation (NYSE:BYD) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day and welcome to the Boyd Gaming Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

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, operator. Good afternoon, everyone, and welcome to our second quarter 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 and 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.

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.

So, with that, I would like now to turn the call over to Keith Smith. Keith?

Executive
Keith E. Smith

Thanks, Josh. Good afternoon, everyone. Thanks for joining us today. A lot has changed for our Company since our last call in April. It's only 90 days ago that all of our properties across the country were closed, and we did not have good visibility as to when we could reopen. But here we are 90 days later, we have returned to business across the country.

Over the course of six weeks starting in late May, we successfully and safely reopened 26 properties in 10 states. This is a real tribute to the skill and leadership of our management teams across the country. I'm grateful to them for all their hard work and dedication for getting our properties reopened in a safe manner. I also want to thank all of our team members who stuck with us through these very difficult times. When the time came to return to work, our team members were ready to answer the call. They work hard to get our properties reopened in just a matter of days, dealing with many new safety and sanitation procedures, and they greeted our guests with as much enthusiasm and friendliness has ever. Thanks to the efforts of the entire Boyd team reopening of our properties has been a remarkable success.

Since reopening every one of our properties except for the California and Downtown Las Vegas have produced positive EBITDAR and free cash flow. And overall,