Boyd Gaming sees slight dip in quarterly revenue

Boyd Gaming

Las Vegas-based Boyd Gaming, whose local properties include Main Street Station, Gold Coast and the Orleans, announced its second quarter earnings today.

Company: Boyd Gaming Corp. (NYSE: BYD)

Revenue: $722.5 million, down about 2.2 percent from the same quarter last year.

Earnings: $700,000, down 93.9 percent from the same time last year. The company’s earnings last year were heavily influenced by the sale of the Dania Jai-Alai in Florida. Adjusted earnings broke even on a per-share basis last year.

Earnings per share: One cent, compared with 13 cents per share last year.

What it means: Las Vegas locals and downtown properties both showed slight declines in revenue. Locals revenue was $148.3 million, down .09 percent year-over-year, while downtown revenue was $55.6 million, down .08 percent year-over-year. Boyd said business was unusually low throughout the downtown area in May and June, but appears to have rebounded in July.

The company’s 50 percent Atlantic City joint venture, the Borgata, saw better results. Its second quarter revenue was $181.9 million, of which $6.7 million came from online gaming. That’s about a 5 percent increase from the year before.

Quote: President and CEO Keith Smith said: "Our second-quarter results were below expectations, principally due to continued weakness in casual play. We are actively addressing this on several fronts, including strengthening our senior management team, refining our marketing strategies, and repositioning targeted nongaming amenities. We also continue to strengthen our balance sheet, and are on track for $200 million in additional debt reduction in 2014. Despite a tough operating environment, we remain diligently focused on improving our performance and generating long-term growth."