Boyd reports Q3 growth as the agreement with Pala Interactive gets closer.

 In addition to reporting year-over-year rise in revenue and net profit in its third quarter, land-based casino operator Boyd Gaming stated that it anticipates completing its acquisition of Pala Interactive in the upcoming "several weeks."

 In March of this year, Boyd agreed to pay $170.0 million to buy Pala Interactive, a provider of igaming software and services primarily owned by the Pala Band of Mission Indians.

 Boyd stated at the time that the purchase would probably be finished by the first quarter of 2023, but it appears that this closure date has been moved up, as the operator plans to complete the transaction next month.

 Boyd previously stated that its continued igaming growth goal would be supported by the inclusion of Pala Interactive to its operations.  Although its primary focus is on land-based gaming, the operator has recently expanded into igaming, especially in the sports betting industry.

 Boyd confirmed the anticipated closing date along with its third-quarter financial results, which showed a 4.1% year-over-year increase in revenue to $877.3 million.

 For the three months ending September 30, gaming operations accounted for $668.0 million of this total, with food and beverage and hotel income coming in at $67.8 million and $46.7 million, respectively. The remaining $94.8 million came from other sources.

 Geographically speaking, Boyd's activities in the Midwest and South, including its partnerships for online sports betting, generated $602.0 million in total revenue.  Local Las Vegas events brought in $225.8 million, while Downtown Las Vegas brought in $49.5 million.

 Pre-tax profit was $203.4 million, up 14.1% from the third quarter of 2021, despite operating costs and expenses being 3.2% higher year over year at $639.8 million, which also included $34.1 million in finance costs, which was down 24.1% from the previous year.

 Boyd's net profit for the quarter was $157.0 million, up 13.6% from the previous year after paying $46.4 million in taxes.

 EBITDAR, or adjusted profits before interest, tax, deprecation, amortisation, and rent charges, was $337.7 million, a 0.9% decrease from the previous year but still the second-highest amount in Boyd's history, second only to the record amount reported in the third quarter of last year.

 Boyd's Q3 success and the first half of the year's excellent numbers had such an impact that the operator was able to return about $500.0 million in capital to shareholders thus far this fiscal year.

 Keith Smith, president and CEO of Boyd, stated, "This quarter was another solid performance by our company, as we achieved third-quarter EBITDAR that was second only to last year's record quarterly performance."  Because our operational strategy is effectively addressing today's challenges and producing consistent outcomes, these results were fuelled by our ongoing emphasis on our core clients and sustained efficiencies throughout our organisation.

 "We have returned almost $500.0 million in capital to our shareholders so far this year thanks to our outstanding operating performance, which is generating substantial free cash flow.  All things considered, we are inspired by our company's resilience and continue to have faith in our approach and capacity to provide reliable outcomes in the current economic climate.