Boyd Gaming reports 20pc Q3 revenue increase

Boyd Gaming’s wholly-owned operations reported third-quarter 2013 net revenues of $538.5 million, up 26.6 percent in the third quarter, while wholly-owned adjusted EBITDA was $108.7m, an increase of 54.7 percent. Borgata, the company’s 50 percent joint venture reported third-quarter 2013 net revenues of $200.1m, a rise of 6.9 percent in the year-ago period. “Our third-quarter performance fell below our expectations, as solid results in July and August were offset by significant weakness in September in many of our markets.  However, October year-over-year results have shown improvement in most of our operations,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming.  “Despite a challenging operating environment, we continued to make encouraging progress in many areas of our business.  Our Las Vegas Locals business grew EBITDA for the third consecutive quarter.  In New Jersey, Borgata generated strong results, and we are now finalising preparations for real-money online gaming in that state.  And we further strengthened our balance sheet, bringing our Company’s total debt reduction to more than $500m so far this year.”

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