Boyd spends $610m on three new LV casinos

Boyd spends $610m on three new LV casinos

Friday, April 29, 2016 Totally Gaming
The company has extended its reach in northern Las Vegas

Boyd Gaming has announced the purchase of three new properties in Las Vegas as it revealed slight growth in the first quarter of the year.

In a trading update, Boyd revealed net revenue for the three months to March 31 of $552.4m (€484.2m), compared to $550.6m in Q1 2015. Adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) grew 7.5 per cent year-on-year to $160.4m, with Boyd also revealing that operating income expanded from $83.6m to $101.1m.

However, net income for the company was slightly down from $35.1m to $33.2m, with basic and diluted income per common share falling from $0.31 to $0.29.

On Tuesday Boyd paid $230m for Cannery Casino Resorts’ two properties, Cannery Casino and the Eastside Cannery, while last week it announced that it is to acquire the Aliante casino for $380m. The deals mean Boyd now has 11 properties in Las Vegas area and extend its reach in the north side of the city.  

President and chief executive Keith Smith said: “Our company continues to perform at a high level and deliver strong results, as the positive trends we saw in 2015 carried into the first quarter of 2016. 

“Thanks to a strengthening southern Nevada economy, growth accelerated throughout our Las Vegas Locals business, which achieved its best year-over-year revenue comparisons in more than a decade.

“Recent investments across our portfolio delivered strong returns, driving increases in both visitation and revenues. 

“And we used our substantial free cash flow to further deleverage our balance sheet, paying down nearly $125 million in debt during the quarter. 

“In all, this was another great quarter for our company as we continued to successfully execute our strategy, and we remain optimistic about our long-term growth potential.” says: “It’s been a busy few days for Boyd, which looks to be heading into the future with optimism despite looking dead and buried just a couple of years ago.”


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