Boyd Gaming Q2 Profit Surges

(RTTNews) - Boyd Gaming Corp.(BYD) Tuesday reported an increase in net income for the second quarter, reflecting higher revenues in most of its segments. The company also said the results mirrored the addition of the operations of Peninsula Gaming, LLC, which was acquired by the company last November.

Net income attributable to Boyd Gaming Corporation for the three-month period was $11.6 million or $0.13 per share compared with $0.97 million or $0.01 per share during the same quarter last year. Also, the company completed the sale of Dania Jai-Alai and realized a $18.9 million pretax gain.

On an adjusted basis, the company reported breakeven per share for the quarter. On average, eighteen analysts polled by Thomson Reuters expected the company to report breakeven per share for the quarter. Analysts' estimates typically exclude one-time items.

Boyd Gaming reported net revenues of $738.7 million, a 20.3 percent increase from $614.1 million during the comparable quarter last year. The Street estimated the company to report revenues of $740.33 million for the quarter.

Keith Smith, President and Chief Executive Officer of Boyd Gaming said, "...And Borgata posted year-over-year gains as well, after factoring out the impact of a tax charge. Our Company is moving in the right direction, and I am optimistic about the outlook for our business."