eparately, the firm also said it will not exercise its right to match the offer MGM Resorts International got for its non-controlling 50 % interest in their joint-venture Borgata resort in Atlantic City, New Jersey.
Earlier this month, casino operator MGM Resorts said it received an offer for its 50 % stake in the Borgata casino hotel. It valued the offer at just over us$ 250 million. Boyd reported third-quarter net income of us$ 5.6 million, or 6 cents per share, down from us$ 6.3 million, or 7 cents per share, a year earlier.
Excluding special items, the profit was 2 cents a share, compared with the average analyst estimate of 5 cents a share, according to Thomson Reuters.
Net revenue at Boyd, which runs Las Vegas properties that cater mainly to local residents rather than tourists, fell 4 % to us$ 595.4 million. Analysts had expected revenue of us$ 589 million. The company owns and operates 16 casinos in six states, including a 50% stake in Borgata.
The Las Vegas, Nevada-based company's shares have lost nearly 39 % of their value since reporting first-quarter results in May. They closed at us$ 7.99 Friday on the New York Stock Exchange.