Boyd Gaming fourth-quarter profit rises
Boyd posted net income of us$ 56.3 million, or 64 cents a share, compared with us$ 22.9 million, or 25 cents a share, a year earlier.
The Las Vegas-based company reported adjusted earnings per share from continuing operations of 45 cents. Analysts, on average, had expected 38 cents a share, according to Reuters Estimates.
Revenue fell 4.2 percent to us$ 520.8 million after Boyd closed its Las Vegas Strip Stardust resort in November to make way for a new development and sold off another casino. Analysts had expected revenue of us$ 509.9 million.
Boyd said it expects to begin construction in the second quarter on its planned hotel, retail and casino project on the Las Vegas Strip. The development, to be called Echelon Place, is slated to open in the third quarter of 2010. The company said it had increased the budget for the wholly-owned components of the project to us$ 3.3 billion, due to additional scope, larger rooms and increased estimated construction costs.
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