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Boyd Gaming (BYD) Stock Up 28% in 6 Months: More Room to Run?
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Boyd Gaming Corporation (BYD - Free Report) is poised to benefit from the online sports betting expansion, FanDuel partnership and Pala Interactive platform. This and the focus on land-based operation expansions bode well.
Shares of Boyd Gaming have surged 27.9% in the past six months compared with the industry’s 27.6% growth. An upward revision in earnings estimates for 2023 reflects analysts’ optimism regarding the company’s growth potential. In the past 60 days, the Zacks Consensus Estimate for fiscal 2023 earnings has moved up 8.7% to $5.87 per share.
Factors Driving Growth
Since the coronavirus outbreak, Boyd Gaming has been witnessing a solid performance by its interactive gaming platform. Thanks to its strategic partnership with FanDuel, the company is optimistic regarding its future in the iGaming industry. During the fourth quarter of 2022, EBITDAR from online gaming came in at approximately $17 million, up more than 100% year over year. The upside was primarily driven by a strong football season, new FanDuel operations in Louisiana and Kansas and contributions from Pala Interactive.
The company remains optimistic about the long-term potential of its iGaming operations. It intends to leverage its nationwide portfolio and extensive customer database to create a profitable online casino business.
Image Source: Zacks Investment Research
Increased focus on the Pala Interactive platform bodes well. The platform allows the company to build a profitable, regional, online casino operation with the support of the latter’s technology, products and management expertise. BYD intends to acquire new B2B customers from Pala through the enhancement of the platform's products, features and capabilities.
Boyd Gaming focuses on expanding its portfolio by strengthening current operations and growing through capital investment and other strategic measures. During the fourth quarter, the company completed work on a significant property expansion at Fremont. The expansion includes a FanDuel-branded sportsbook, a new contemporary food hall and gradational slot capacity. Following the opening, the company generated robust growth in gaming and non-gaming volumes.
The company is evaluating opportunities to reinvest in its existing operations from its regional portfolio. To this end, it has started to develop a land-based facility at Treasure Chest. The company intends to complete the expansion project by late 2023. It emphasized enhancing its gaming and non-gaming offerings to boost the guest experience of this property.
Cedar Fair sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 64.5%, on average. The stock has declined 16% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for FUN’s 2024 sales and EPS indicates a rise of 2% and 6.5%, respectively, from the year-ago period’s estimated levels.
Hilton Grand Vacations currently sports a Zacks Rank #1. HGV has a trailing four-quarter earnings surprise of 12.1%, on average. Shares of HGV have declined 17.5% in the past year.
The Zacks Consensus Estimate for HGV’s 2023 sales and EPS indicates a rise of 7.1% and 10.8%, respectively, from the year-ago period’s levels.
Crocs sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 21.8%, on average. Shares of Crocs have increased 56.1% in the past year.
The Zacks Consensus Estimate for CROX’s 2023 sales and EPS indicates a rise of 12.5% and 2.5%, respectively, from the year-ago period’s levels.
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Boyd Gaming (BYD) Stock Up 28% in 6 Months: More Room to Run?
Boyd Gaming Corporation (BYD - Free Report) is poised to benefit from the online sports betting expansion, FanDuel partnership and Pala Interactive platform. This and the focus on land-based operation expansions bode well.
Shares of Boyd Gaming have surged 27.9% in the past six months compared with the industry’s 27.6% growth. An upward revision in earnings estimates for 2023 reflects analysts’ optimism regarding the company’s growth potential. In the past 60 days, the Zacks Consensus Estimate for fiscal 2023 earnings has moved up 8.7% to $5.87 per share.
Factors Driving Growth
Since the coronavirus outbreak, Boyd Gaming has been witnessing a solid performance by its interactive gaming platform. Thanks to its strategic partnership with FanDuel, the company is optimistic regarding its future in the iGaming industry. During the fourth quarter of 2022, EBITDAR from online gaming came in at approximately $17 million, up more than 100% year over year. The upside was primarily driven by a strong football season, new FanDuel operations in Louisiana and Kansas and contributions from Pala Interactive.
The company remains optimistic about the long-term potential of its iGaming operations. It intends to leverage its nationwide portfolio and extensive customer database to create a profitable online casino business.
Image Source: Zacks Investment Research
Increased focus on the Pala Interactive platform bodes well. The platform allows the company to build a profitable, regional, online casino operation with the support of the latter’s technology, products and management expertise. BYD intends to acquire new B2B customers from Pala through the enhancement of the platform's products, features and capabilities.
Boyd Gaming focuses on expanding its portfolio by strengthening current operations and growing through capital investment and other strategic measures. During the fourth quarter, the company completed work on a significant property expansion at Fremont. The expansion includes a FanDuel-branded sportsbook, a new contemporary food hall and gradational slot capacity. Following the opening, the company generated robust growth in gaming and non-gaming volumes.
The company is evaluating opportunities to reinvest in its existing operations from its regional portfolio. To this end, it has started to develop a land-based facility at Treasure Chest. The company intends to complete the expansion project by late 2023. It emphasized enhancing its gaming and non-gaming offerings to boost the guest experience of this property.
Other Key Picks
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are Cedar Fair, L.P. (FUN - Free Report) , Hilton Grand Vacations Inc. (HGV - Free Report) and Crocs, Inc. (CROX - Free Report) .
Cedar Fair sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 64.5%, on average. The stock has declined 16% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for FUN’s 2024 sales and EPS indicates a rise of 2% and 6.5%, respectively, from the year-ago period’s estimated levels.
Hilton Grand Vacations currently sports a Zacks Rank #1. HGV has a trailing four-quarter earnings surprise of 12.1%, on average. Shares of HGV have declined 17.5% in the past year.
The Zacks Consensus Estimate for HGV’s 2023 sales and EPS indicates a rise of 7.1% and 10.8%, respectively, from the year-ago period’s levels.
Crocs sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 21.8%, on average. Shares of Crocs have increased 56.1% in the past year.
The Zacks Consensus Estimate for CROX’s 2023 sales and EPS indicates a rise of 12.5% and 2.5%, respectively, from the year-ago period’s levels.