Boyd turns loss to income in FY15

Gaming’s full year 2015 report produced mixed results, with one of the more notable figures being income before income taxes of $40m, in comparison with a loss before income taxes of $40.9m the previous year.

Operating income was $344.6m, up 37%.

Revenues did not reflect so kindly however, with gaming revenues slipping from $2.3bn to $1.8bn, gross revenues declining 23% to $2.4bn and net revenues dropping 19% to $2.2bn.

Total pro forma adjusted EBITDA was $629.5m, an upturn of 15%, and adjusted earnings leaped from $1.3m ($0.01 per share) to $89.7m ($0.79 per share).

Borgata, which is part-owned by Boyd with MGM Resorts, saw its net revenues improve by 8% year-on-year to $193m for the fourth quarter.

The Las Vegas Locals segment produced net revenues of $158.8m, up 5%, and Boyd president and CEO Keith Smith said the operator was “particularly encouraged” by the results in that area.