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Here's Why Investing in Boyd Gaming (BYD) Stock Now Makes Sense
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Shares of Boyd Gaming Corporation (BYD - Free Report) have gained 4.9% in the past year, against the industry’s decline of 40.4%. Despite the industry grappling with coronavirus pandemic-induced woes and high costs, Boyd Gaming has managed to perform well. The company has been benefiting from robust demand for online betting, interactive gaming and portfolio expansion.
The company’s earnings and revenues in 2022 are likely to witness growth of 2.3% and 2.9%, respectively, year over year. In the past 60 days, earnings estimates for 2022 have witnessed an upward revision of 5% to $5.27. Fundamentals appear solid for this Zacks Rank #2 (Buy) stock. There is enough scope for the stock’s price appreciation in the near term.
Key Drivers
The company’s efforts to expand online betting offerings buoy optimism. During fourth-quarter 2021, the company opened FanDuel Sportsbooks at its Louisiana properties and launched mobile sports betting in the region. Going forward, the company remains optimistic about online gaming prospects in Ohio. It anticipates launching FanDuel retail and mobile sportsbooks in the state by 2022-end.
Given a high promotional capital-intensive and competitive landscape, we believe that partnership with FanDuel is likely to drive positive cash flows in the days ahead. This, along with the legalization of sports betting in additional states, is likely to add to the positives. Apart from FanDuel, the company continues to focus on the Stardust brand to expand its online gaming presence.
Image Source: Zacks Investment Research
Since the outbreak of coronavirus, 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. Given the growth opportunities with respect to expansion in new markets and digital opportunities in online casino gaming, the company anticipates EBITDAR (from its online operations) to exceed $30 million in 2022.
Boyd Gaming continues to expand its portfolio by strengthening current operations and growing through capital investment and other strategic measures. The company extensively depends on acquisitions as a strategy to expand its brand presence.
Currently, the company is working on Wilton Rancheria resorts, which is positioned as the closest Class 3 casino to Downtown Sacramento in the South Bay area. It expects to open the property by the second half of 2022. Boyd Gaming is stated to have made substantial progress with reference to the construction of the Sky River Casino site. The resort comprises 2,000 slot machines, 80 table games and 12 food and beverage offerings. With steel in the ground, the company expects to open doors by the fourth quarter of 2022.
Other Key Picks
Some other top-ranked stocks in the Consumer Discretionary sector, which are worth considering, are Funko, Inc. (FNKO - Free Report) , Corsair Gaming, Inc. (CRSR - Free Report) and Bluegreen Vacations Holding Corporation .
Funko sports a Zacks Rank #1 (Strong Buy) at present. FNKO has a trailing four-quarter earnings surprise of 96.2%, on average. Shares of the company have declined 21.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Funko’s current financial-year sales and EPS (earnings per share) suggests growth of 22.6% and 26.8%, respectively, from the year-ago period’s reported levels.
Corsair Gaming presently flaunts a Zacks Rank #1. CRSR has a trailing four-quarter earnings surprise of 7.5%, on average. Shares of the company have declined 2.3% in the past month.
The Zacks Consensus Estimate for Corsair Gaming’s current financial-year sales and EPS indicates growth of 7.6% and 8.3%, respectively, from the year-ago period’s reported levels.
Bluegreen Vacations presently carries a Zacks Rank #2. BVH has a trailing four-quarter earnings surprise of 425.1%, on average. The stock has surged 34% in the past year.
The Zacks Consensus Estimate for BVH’s current financial-year sales and EPS indicates growth of 8.3% and 20.8%, respectively, from the year-ago period’s reported levels.
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Here's Why Investing in Boyd Gaming (BYD) Stock Now Makes Sense
Shares of Boyd Gaming Corporation (BYD - Free Report) have gained 4.9% in the past year, against the industry’s decline of 40.4%. Despite the industry grappling with coronavirus pandemic-induced woes and high costs, Boyd Gaming has managed to perform well. The company has been benefiting from robust demand for online betting, interactive gaming and portfolio expansion.
The company’s earnings and revenues in 2022 are likely to witness growth of 2.3% and 2.9%, respectively, year over year. In the past 60 days, earnings estimates for 2022 have witnessed an upward revision of 5% to $5.27. Fundamentals appear solid for this Zacks Rank #2 (Buy) stock. There is enough scope for the stock’s price appreciation in the near term.
Key Drivers
The company’s efforts to expand online betting offerings buoy optimism. During fourth-quarter 2021, the company opened FanDuel Sportsbooks at its Louisiana properties and launched mobile sports betting in the region. Going forward, the company remains optimistic about online gaming prospects in Ohio. It anticipates launching FanDuel retail and mobile sportsbooks in the state by 2022-end.
Given a high promotional capital-intensive and competitive landscape, we believe that partnership with FanDuel is likely to drive positive cash flows in the days ahead. This, along with the legalization of sports betting in additional states, is likely to add to the positives. Apart from FanDuel, the company continues to focus on the Stardust brand to expand its online gaming presence.
Image Source: Zacks Investment Research
Since the outbreak of coronavirus, 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. Given the growth opportunities with respect to expansion in new markets and digital opportunities in online casino gaming, the company anticipates EBITDAR (from its online operations) to exceed $30 million in 2022.
Boyd Gaming continues to expand its portfolio by strengthening current operations and growing through capital investment and other strategic measures. The company extensively depends on acquisitions as a strategy to expand its brand presence.
Currently, the company is working on Wilton Rancheria resorts, which is positioned as the closest Class 3 casino to Downtown Sacramento in the South Bay area. It expects to open the property by the second half of 2022. Boyd Gaming is stated to have made substantial progress with reference to the construction of the Sky River Casino site. The resort comprises 2,000 slot machines, 80 table games and 12 food and beverage offerings. With steel in the ground, the company expects to open doors by the fourth quarter of 2022.
Other Key Picks
Some other top-ranked stocks in the Consumer Discretionary sector, which are worth considering, are Funko, Inc. (FNKO - Free Report) , Corsair Gaming, Inc. (CRSR - Free Report) and Bluegreen Vacations Holding Corporation .
Funko sports a Zacks Rank #1 (Strong Buy) at present. FNKO has a trailing four-quarter earnings surprise of 96.2%, on average. Shares of the company have declined 21.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Funko’s current financial-year sales and EPS (earnings per share) suggests growth of 22.6% and 26.8%, respectively, from the year-ago period’s reported levels.
Corsair Gaming presently flaunts a Zacks Rank #1. CRSR has a trailing four-quarter earnings surprise of 7.5%, on average. Shares of the company have declined 2.3% in the past month.
The Zacks Consensus Estimate for Corsair Gaming’s current financial-year sales and EPS indicates growth of 7.6% and 8.3%, respectively, from the year-ago period’s reported levels.
Bluegreen Vacations presently carries a Zacks Rank #2. BVH has a trailing four-quarter earnings surprise of 425.1%, on average. The stock has surged 34% in the past year.
The Zacks Consensus Estimate for BVH’s current financial-year sales and EPS indicates growth of 8.3% and 20.8%, respectively, from the year-ago period’s reported levels.