Boyd Gaming second quarter profit falls as revenue declines
The Las Vegas-based company earned us$ 12.8 million, or 15 cents per share, for the three months ended June 30 compared with us$ 21.7 million, or 25 cents per share, a year earlier.
Excluding preopening expenses and other items, profit was us$ 10.4 million, or 12 cents per share. Analysts forecast earnings of 12 cents per share, according to a Thomson Reuters survey. Analysts' estimates generally exclude one-time items.
"The uncertainty which exists in the economy today continues to negatively impact consumer spending," President and CEO Keith Smith said in a statement, but added that the company is continuing to see signs that its business is stabilizing.
Revenue fell 8 % to us$ 423 million from us$ 460.8 million. The results missed Wall Street's estimate of us$ 431.6 million. Revenue in Las Vegas continued to fall, while revenue for the Midwest and South was down slightly. Borgata revenue slipped to us$ 191.5 million from us$ 205.1 million.
Boyd Gaming owns and operates 16 gambling properties in Nevada, New Jersey, Mississippi, Illinois, Indiana and Louisiana.
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