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NEWS 27 July 2018

Boyd Gaming revenues on the rise due to locals market

By Caroline Watson

US casino operator Boyd Gaming reported revenues of $616.8m for the second quarter of 2018, up 2% year-on-year.

Operating income was up 8% to $96.2m, while net income dropped one fifth to $38.9m.

For the first six months of 2018, total revenue amounted to $1.22bn, compared with $1.21bn, and net income of $7.9m compared with $6.2m.

Strong growth in the locals and downtown markets had a big impact on the operator’s results, pushing the second quarter margins to a record high of 27%.

Boyd’s locals market segment consists of seven properties, including Aliante, The Orleans, and Gold Coast. The market posted EBITDA growth of 11%, with The Orleans storming ahead, posting record earnings for the quarter following investments in the property in recent years.

In the update to investors, Boyd also announced it expects to launch sports betting operations early next month in Mississippi, with continued plans for expansion in the long-term.

Boyd President and CEO Keith Smith said: “We further diversified our business by purchasing a distributed gaming operation in Illinois, and are actively preparing to participate in expanded sports betting across the United States."

“Based on the favourable trends we are seeing in both the downtown and locals markets, there is no reason to expect that our long-term Las Vegas growth story will change any time soon.”

 

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