Boyd Gaming toasts double-digit earnings hike

Boyd Gaming toasts double-digit earnings hike

Friday, July 28, 2017 Posted by James Walker
New York-listed Boyd is one of the largest casino companies in the US

Boyd Gaming Corporation has reported a strong increase in profits for the second quarter of the year, as the addition of three newly acquired properties in Nevada and strong performance across its Las Vegas Locals business offset declines in Louisiana.

In the three months to June 30, Las Vegas-based Boyd – operator of 24 casinos in Nevada and six states across the Midwestern and Southern US – reported earnings of $48.6 million up 61.8% on the $30 million in the prior-year period.

Revenues for the group in the second quarter of 2017 were up 10% year-on-year to $600 million.

Discussing Boyd Gaming’s latest results earlier this week, president and chief executive Keith Smith said: “Strong performances continued throughout our operations during the second quarter, reinforcing our confidence in the long-term direction of our company.

“Our Las Vegas Locals business achieved its best second-quarter results in nearly 10 years, driven by ongoing improvements to our operations and a strong regional economy. Our three newly acquired Nevada properties delivered another great quarter as well, as we continued to successfully execute on growth and synergy opportunities.”

Founded in 1975, New York-listed Boyd Gaming is one of the largest and most successful casino entertainment companies in the US.

The group completed the acquisition of the Las Vegas assets of Cannery Casino Resorts in December 2016. The transaction included the Cannery Casino Hotel, located in North Las Vegas, and Eastside Cannery Casino and Hotel in the eastern part of the Las Vegas Valley. 

The acquisitions followed Boyd’s $380 million purchase of Aliante Hotel in North Las Vegas two months earlier.

Totally Gaming says: Boyd Gaming’s robust second-quarter performance acts as a clear indication that the company’s two-pronged strategy is working well. Not only has the group been purchasing casinos to complement its existing portfolio, the company continues to bolster the entertainment on offer at its existing properties across the US.

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