Boyd Gaming
revenue soars 62%
Boyd Gaming on Tuesday posted
a 62% leap in quarterly revenue, helped by an acquisition
and steady growth at the company's existing casinos.
After the close of trading, Boyd (BYD: news, chart,
profile) said that it earned $48.6 million, or 54
cents a share, in the second quarter, more than
triple the $15.5 million, or 23 cents a share, in
the year-ago period.
Excluding some one-time items, Boyd would have
earned 56 cents a share, double last year's adjusted
figure and a penny better than the average estimate
of analysts polled by Thomson First Call.
Revenue came in at $554 million, up from $342 million,
due mostly to Coast Casinos' contribution to the
top line. At the same time, revenue from operations
that have been open at least a year rose nearly
5%.
The Borgata in Atlantic City, a joint venture with
MGM Mirage (MGM: news, chart, profile) , reported
gambling revenue of $170 million, up 13%.
Revenue away form the casino floor came in at $61
million, an increase of 7.8%. The resort's occupancy
rate was 96%, with average daily room rate of $132,
"both well ahead of the same measures reported
for last year," the company noted.
Shares of Boyd ended the regular session with a
gain of about 2% at $54.82.
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