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Boyd Gaming Corp. profits, revenues decline

1 August 2014

LAS VEGAS -- Boyd Gaming Corporation’s profits and revenue declined in the second quarter because of continued weakness in many regional markets.

The Las Vegas-based company said Thursday its net income for the quarter that ended June 30 was $700,000, or earnings of 1 cent per share. A year ago, the company reported net income of $11.6 million, or earnings of 13 cents per share, which included profits from the sale of a jai-alai facility in Florida.

Boyd Gaming’s net revenue fell 2.2 percent to $722.5 million in the quarter. The largest declines came from its Midwest and South regional properties — a drop of 6.8 percent — and the Midwest casinos the company acquired from Peninsula Gaming, down 5.9 percent.

However, the company's Borgata Hotel Casino and Spa in Atlantic City grew revenue 5.2 percent to $181.9 million, which included $6.7 million from its online gaming operations. Borgata also nearly doubled its cash flow, due in part to a $11.8 million property tax settlement with Atlantic City.

“Our second-quarter results were below expectations, principally due to continued weakness in casual play,” Boyd Gaming CEO Keith Smith said in a statement. “Despite a tough operating environment, we remain diligently focused on improving our performance and generating long-term growth.”

Revenue from Boyd Gaming’s Las Vegas casino fell less than 1 percent to $148.3 million in the quarter while the company’s downtown casino revenue was down 1 percent to $55.6 million.

In a statement, the company said the entire Fremont Street area saw unusually low visitation levels in May and June. However, Boyd Gaming increased its market share in downtown Las Vegas during the quarter and visitation had recovered.
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