• Boyd Gaming average gross margin for 2023 was 54.66%, a 3.58% decline from 2022.
• Boyd Gaming average gross margin for 2022 was 56.69%, a 0.56% decline from 2021.
• Boyd Gaming average gross margin for 2021 was 57.01%, a 15.78% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.