Boyd Gaming, a Las Vegas-based company, reported its fourth-quarter earnings today.
Company: Boyd Gaming Corp. (NYSE: BYD)
Revenue: $681.5 million (up 9.1 percent from the fourth quarter of 2012). The company attributes the uptick to its acquisition of Peninsula Gaming in November 2012.
Earnings: The company lost $47.3 million, or $0.43 per share. That’s an improvement compared to the $899 million loss suffered a year before.
Earnings per share: Loss of $0.43 cents per share, narrowing losses from $10.24 in the fourth quarter of 2012.
What it means: While Boyd showed a minor revenue increase at its downtown Las Vegas properties, the company took at hit in its Midwest and South markets: the company logged $196 million in net revenues in the final quarter of 2013, compared to $213.8 million the year before.
The company said revenues were impacted by “continued softness in consumer spending in many markets, as well as severe winter weather in December.”
At the Borgata, Boyd’s 50 percent joint venture in Atlantic City, the company generated $157.1 million in net revenues — a 6.5 percent increase from the year before — which included $2.2 million from its online gaming operations. Severe winter weather hurt the property’s December results.
Quote: “We made great progress executing our strategic plan in 2013, despite some external headwinds that we faced over the course of the year. We made significant refinements to our marketing and operations, launched a market-leading online gaming presence in New Jersey, and introduced four Penny Lane initiative across the country...Our Las Vegas locals business returned to consistent growth, with four consecutive quarters of gains.” — Boyd President and CEO Keith Smith