Boyd Gaming reports fourth-quarter and full-year 2017 results

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Boyd Gaming finished a strong year with a record fourth-quarter performance, as every segment of our business delivered growth in net revenues, Adjusted EBITDA and operating margins. Our Nevada operations continued their long-term growth trajectory, with our 11th consecutive quarter of same-store Adjusted EBITDA gains in our Las Vegas Locals segment. Our regional operations showed further improvement, as our Midwest and South segment posted its best performance of the year. And we laid the groundwork for future growth, reaching agreements in December to acquire five properties in the Midwest and Northeast. In all, 2017 was an exceptional year for our Company, as we created significant value for our shareholders and positioned ourselves to continue delivering growth."

Boyd Gaming achieved record fourth-quarter net revenues of $590.8 million, an increase of 6.5% from $554.8 million in the fourth quarter of 2016. Income from continuing operations, net of tax, for the fourth quarter 2017 was $82.2 million, or $0.71 per share, versus $10.7 million, or $0.10 per share, in the prior-year fourth quarter. The Company reported net income of $82.2 million, or $0.71 per share, for the fourth quarter of 2017, compared to $12.2 million, or $0.11 per share, for the year-ago period.

Total Adjusted EBITDA(1) was a fourth-quarter record of $148.4 million, up 6.9% from $138.8 million in the fourth quarter of 2016. Adjusted Earnings(1) for the fourth quarter 2017 were $25.6 million, or $0.22 per share, compared to Adjusted Earnings of $44.3 million, or $0.38 per share, for the same period in 2016.

Results for the fourth quarter include the operations of Cannery and Eastside Cannery, acquired by the Company on December 20, 2016. The Company's fourth-quarter 2017 tax provision includes a $60.1 million noncash income tax benefit to recognize the impact of the recent federal tax legislation on its deferred tax liabilities. Results for the prior-year period included noncash intangible asset impairment charges of $36.9 million and $11.1 million of noncash income tax benefit resulting from the release of a previously recorded deferred tax asset valuation allowance. Discontinued operations for the fourth quarter of 2016 included $1.5 million in after-tax income for the Company's share of a property tax recovery realized by Borgata Hotel Casino & Spa, which was sold on August 1, 2016.

The complete report posted on the company's website can be found here.