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Boyd Gaming Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 4, 2012 04:32PM

Boyd Gaming Corp. (BYD) filed Quarterly Report for the period ended 2012-03-31. Boyd Gaming Cp has a market cap of $686.7 million; its shares were traded at around $7.265 with a P/E ratio of 61 and P/S ratio of 0.3. Boyd Gaming Cp had an annual average earning growth of 3.9% over the past 5 years.



Highlight of Business Operations:

Net revenues were $633.1 million for the three months ended March 31, 2012, compared to $564.9 million for the comparable period in the prior year. We saw the strongest growth in our Midwest and South regions, as a result of the operations from IP which contributed $49.0 million in net revenues during the three months ended March 31, 2012. Our other properties in the Midwest and South region reported increased revenues of approximately $10.6 million for the three months ended March 31, 2012, compared to the three months ended March 31, 2011, representing growth of 5.8% during these periods. We also saw favorable growth in Atlantic City, with net revenues increasing $7.1 million or 4.2%. Our Downtown Las Vegas market showed a modest increase in net revenue growth of 2.4%, while our Las Vegas Locals market remained flat.

Gaming revenues are significantly comprised of the net win from our slot machine operations and table games. The $53.8 million, or 11.2% increase in gaming revenues during the three months ended March 31, 2012 as compared to the corresponding period of the prior year, was due primarily to $41.1 million of gaming revenues from IP. Additionally, we experienced a 9.6% increase in slot win driven by an 8.9% increase in slot handle. Table game drop increased 7.7% and table game win increased 14.4% respectively, with less than a 1.0% increase in table game hold. Although gaming costs increased $22.4 million, or 9.9% , due to the addition of IP and increased gaming volume, the operating margin slightly improved due to cost containment initiatives and targeted marketing spend.

Food and beverage revenues increased $14.1 million or 15.3% during the three months ended March 31, 2012 as compared to the corresponding period of the prior year, and included $9.7 million earned by IP during the three months ended March 31, 2012. The remaining increase was due to a 1.2% increase in the number of guests served and a 3.2% increase in the value of the average guest check. The slight increase in food and beverage cost is due to a 2.9% increase in cost per guest served. Excluding IP, the number of guests served increased 2.4% and the average guest check increased 2.9% during the three months ended March 31, 2012 as compared to the corresponding period of the prior year.

Room revenues increased by $9.4 million, or 16.6% during the three months ended March 31, 2012 as compared to the corresponding period of the prior year of which $8.2 million relates to IP. Remaining increases were due to an increase in the average daily rate (" ADR") of 2.4%, slightly offset by a decrease in the occupancy rate of 1.8%. The increase in the ADR is driven largely by improving tourism industry trends and convention business. Excluding IP, the ADR increased 2.5%, offset by a 1.6% decrease in

Borgata's net revenues increased by 4.2% during the three months ended March 31, 2012 as compared to the three months ended March 31, 2011, and Adjusted EBITDA increased 22.7% during the same respective periods. Table game win increased 11.8% coupled with a table game hold increase of 11.2% respectively. Borgata continues to be the leader in table games and slot market share and held 24.5% of the table game drop and 20.3% of the slot handle market share respectively, as of March 31, 2012. Additionally, increases in non-gaming revenues drove additional contributions. Adjusted EBITDA was positively impacted by operating efficiencies, due to lower customer reinvestment and improved profit margins.

Read the The complete Report



Stocks Discussed: BYD,
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