Boyd Gaming meets expectations during third quarter

Boyd Gaming has reported that it was able to perform in-line with expectations during the three months to September 30, despite a slight drop in revenue.

Net revenue in the third quarter amounted to $531.9 million (€588.3 million), down from $546.3 million in the corresponding period last year.

However, income from continuing operations rocketed from $7 million to $161.9 million, with net income, which includes discontinued operations, hiking from $25.4 million to $342.6 million.

Boyd noted that its third-quarter results were significantly impacted by $109.4 million of non-cash income tax benefits, results from the release of a previously recorded deferred tax asset valuation allowance.

Results were also impacted by pre-tax losses of $41.5 million related to the early extinguishing and modification of debt during the quarter.

Net revenue for the year-to-date, to the end of September, stood at $1.6 billion, while net income amounted to $210.2 million for the same period.

Keith Smith, president and chief executive of Boyd, said: “Our Nevada operations continued their strong performance in the third quarter, as our Las Vegas locals segment delivered double-digit EBITDA growth for the fifth time in the last six quarters.

“Outside of Nevada, results were primarily impacted by continued softness at IP and Par-A-Dice, while the remainder of our regional operations generally performed in-line with our expectations.

“Looking ahead, the acquisition of Aliante positions us well for future growth, as we expand our presence in our top-performing market. 

“We also continued to strengthen our financial foundation with the completion of a major refinancing, simplifying the company's capital structure and significantly reducing interest expense.”

Related article: Boyd completes purchase of Aliante Casino and Hotel