US casino operator Boyd Gaming said that despite having suffered a year-on-year fall in net revenue during the three months to March 31, 2014, it was still able to make “steady progress” in the period.
The firm reported net revenue of $708.3 million (€510.1 million) for the first quarter of 2014, a drop on the $735.6 million achieved in the corresponding period last year.
Adjusted earnings before interest, tax, depreciation and amortisation also fell from $163.5 million in Q1 of 2013 to $144.5 million this year.
Boyd Gaming said that adjusted EBITDA was negatively impacted by an estimated $10-12 million due to “unusually severe” winter weather across its operations in the US state of Nevada.
The company also reported that Borgata, its 50% joint venture, was hit with an operating loss of $3.2 million after the launch of its online gaming operation.
Boyd Gaming said that this loss was primarily down to non-recurring marketing and advertising expenses, which totalled approximately $2 million.
Despite the negative results, Boyd Gaming president and chief executive officer Keith Smith remains upbeat about the company’s progress.
“Boyd Gaming continued to make steady progress in the first quarter, delivering results at the high end of our guidance,” Smith said.
“The refinements we have made to our operations are paying clear dividends in all segments of our business, and we expect additional benefits as the economy recovers.
“We further strengthened our financial position as well, repaying an additional $55 million in debt in the first quarter.
“We are diligently focused on building long-term value for our shareholders, and I remain confident about our future prospects.”
source : www.igamingbusiness.com
