International edition
September 29, 2020

Adjusted net income slipped to 39 cents per share from 45 cents per share

Boyd Gaming dips on adjusted fourth quarter results

(US).- Boyd Gaming's stock climbed, then slid Wednesday, even after the casino operator's adjusted fourth-quarter results topped analysts' estimates. Earlier, the firm said its earnings fell 45 percent on slowing gaming revenue and preopening expenses.

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djusted net income slipped to 39 cents per share from 45 cents per share, but the results managed to beat the 37-cent-per-share estimate of analysts polled by Thomson Financial.

Robert LaFleur of Susquehanna Financial Group said in a client note that the company managed to record increased gaming revenue at the Borgata Hotel Casino & Spa in a challenging operating environment. He expects the Atlantic City, property, which is a joint venture of Boyd and MGM Mirage, will get a lift when the Water Club hotel expansion opens in June.

The analyst also expressed optimism on the company's casinos that cater to Las Vegas locals, which reported increased earnings before interest, taxes, depreciation and amortization on better-than-expected margins even as revenue slipped.

Citi Investment Research's Joshua Attie was impressed by cost-control efforts for Las Vegas locals properties and better-than-expected EBITDA results from all casinos except the Blue Chip riverboat in Michigan City.

Shares of Boyd Gaming lost 22 cents, or almost 1 percent, to us$ 24.28. Earlier, the stock had risen as high as us$ 26.25. The stock has traded in a 52-week range of us$ 23 to us$ 54.22.

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