International edition
September 29, 2020

While gamblers tighten spending

Boyd Gaming second quarter profit falls as revenue declines

(US).- Boyd Gaming Corp. informed this week that its second-quarter profit dropped 41 percent as revenue fell amid a pullback in spending by gamblers prompted by the recession. Its adjusted results met Wall Street's expectations.

T

he 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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