Boyd turns loss to income in FY15

By David Cook
Boyd 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.
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