Boyd Gaming reports 1Q 2016 results

First-Quarter 2016 Highlights

- Companywide Revenue, Adjusted EBITDA Increase for 7th Consecutive Quarter
- Companywide Operating Margins Improve Nearly 200 Basis Points
- Las Vegas Locals Posts Revenue, Double-Digit Adjusted EBITDA Growth for 4th Straight Quarter

Boyd Gaming Corporation has reported financial results for the first quarter ended March 31, 2016.  

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Commenting on the Company's recently announced acquisitions of Aliante Casino Hotel & Spa and the Las Vegas assets of Cannery Casino Resorts, Keith Smith, President and Chief Executive Officer of Boyd Gaming said, We are excited to add three more assets that will expand and further diversify our presence in this high-growth market.

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Boyd Gaming reported first-quarter 2016 net revenues of $552.4 million, up from $550.6 million in the year-ago quarter.  Total Adjusted EBITDA(1) was $160.4 million, up 7.5% from $149.2 million in the first quarter of 2015.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our Company continues to perform at a high level and deliver strong results, as the positive trends we saw in 2015 carried into the first quarter of 2016.  Thanks to a strengthening southern Nevada economy, growth accelerated throughout our Las Vegas Locals business, which achieved its best year-over-year revenue comparisons in more than a decade. Recent investments across our portfolio delivered strong returns, driving increases in both visitation and revenues.  And we used our substantial free cash flow to further deleverage our balance sheet, paying down nearly $125 million in debt during the quarter.  In all, this was another great quarter for our Company as we continued to successfully execute our strategy, and we remain optimistic about our long-term growth potential."

Commenting on the Company's recently announced acquisitions of Aliante Casino Hotel & Spa and the Las Vegas assets of Cannery Casino Resorts, Smith added: "The Las Vegas Valley's growth prospects are compelling.  We are excited to add three more assets that will expand and further diversify our presence in this high-growth market, and believe these acquisitions will deliver strong long-term returns for our shareholders."

Adjusted Earnings(1) for the first quarter 2016 were $34.0 million, or $0.30 per share, compared to earnings of $14.2 million, or $0.13 per share, for the same period in 2015. 

On a GAAP basis, the Company reported net income of $33.2 million, or $0.29 per share, for the first quarter 2016, compared to net income of $35.1 million, or $0.31 per share, for the year-ago period.  Settlements of previous years' income tax appeals reduced the first-quarter 2015 income tax provision by $23.2 million.  The impact of the settlements is not included in the prior year's Adjusted Earnings or Adjusted Earnings per share.