Q3 boosts long-term growth plans at Boyd Gaming

Q3 boosts long-term growth plans at Boyd Gaming

Friday, October 31, 2014

US casino operator Boyd Gaming has insisted that its long-term shareholder value and profit growth plans remain on track after it posted flat, but "solid" revenue figures in the latest quarter.

Revenue over the three-month period through to September 30 amounted to $738.8m ($587.6m), slightly higher than the $738.6m achieved in the corresponding period last year.

Boyd Gaming also reported that total adjusted earnings before tax, interest, depreciation and amortisation (EBITDA) grew to $163.9m, up approximately 5.5 per cent on the $155.3m generated in the third quarter of 2013.

In addition, adjusted earnings in the latest quarter jumped from a loss of $8.3m last year to a positive figure of $300,000. 

Keith Smith, president and chief executive officer of Boyd Gaming, described the operator’s performance in the quarter as “solid” and expects to experience further growth on the back of these results.

“This was a solid quarter for our operations, as we improved operating margins in every segment of our business,” Smith said.

“Growth resumed in our Nevada business, as our Las Vegas Locals and Downtown Las Vegas operations both achieved positive EBITDA comparisons. We saw initial signs of stabilisation in our regional business as well.

“We paid down an additional $70m in debt in the quarter, bringing our total debt reduction to more than $165m so far this year, as we continue to use free cash flow to deleverage the balance sheet. And we began work on several projects in our long-term initiative to reposition and enhance select non-gaming amenities in our portfolio.

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