Published
Land-BasedCasinoFinancialIndustry

Boyd Gaming revenues suffer at the hands of Hurricane Harvey

Boyd

BoydKeithSmith
Gaming reported third-quarter 2017 net revenues of $588m, an increase of 10.5% from $531.9m in the year-ago quarter, driven by gains at its newly acquired properties in Las Vegas.

Results for the current year include the operations of Aliante, acquired by the Company on September 27, 2016, as well as Cannery and Eastside Cannery, acquired on December 20, 2016.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "We were pleased with our performance in the third quarter, and the continuation of positive trends throughout the business.

“Every Las Vegas Locals property grew Adjusted EBITDA at a double-digit pace, and on a same-store basis we reported our best third-quarter results in nearly a decade. Our newly acquired properties once again delivered strong growth, and each has achieved double-digit Adjusted EBITDA increases during every quarter under our ownership.

“We saw encouraging results throughout our Midwest and South segment, which would have produced year-over-year Adjusted EBITDA growth had it not been for disruption from Hurricane Harvey.

“This strong operational performance is further enhancing our free cash flow, allowing us to continue to re-invest in our business, deleverage our balance sheet, and return capital to our shareholders."

However, despite the promising results, the company said it has seen a greater effect on its business from Hurricane Harvey than from the tragic Las Vegas mass shooting.

Boyd casinos near the strip experienced a slight uptick in cancellations directly after the shooting. Although Smith told Wall Street analysts that business at the properties quickly returned back to normal, saying: “We are not really seeing an impact to the overall business.”

However, Boyd’s Delta Downs Racetrack Casino in Louisiana was shut for several days as Hurricane Harvey dumped several feet of rainfall on the Gulf region.

Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
Premium
 
 
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Evolution
Crown Resorts
Relax Gaming
Gaming and Leisure Properties
Follow Us

Facing Facts: Analysing figures from emerging gambling markets

Where is the gambling market on the rise, and are there any...

Taking Stock: A guide to lottery/iLottery operator and supplier prices

Gambling Insider tracks lottery/iLottery operator and suppli...

New Horizons Cover Feature: United Arab Emirates

With its first land-based casino set to open in 2027 and a n...

New Horizons Cover Feature: Brazil

Brazil performed quite the feat by getting its heavily delay...

The best of Malta at the Global Gaming Awards

Powered by Gambling Insider, the Global Gaming Awards are th...

Preview: SiGMA Malta 2024

A place in the winter sun: SiGMA returns to the home of iGa...

Company profile: Soft2Bet

Bill 55: Advantages and challenges for Maltese operators in...

Company profile: DS Virtual Gaming

DS Virtual Gaming is a leader in the gaming industry, utilis...