Boyd loses money in 3Q as expenses rise
LAS VEGAS (AP) — Boyd Gaming Corp. said Thursday that it lost money in its third quarter as it dealt with higher expenses. The results missed Wall Street's expectations and the company's stock fell more than 4 percent.
For the three months ended Sept. 30, the casino operator lost $15.8 million, or 18 cents per share. That compares with a profit of $3.1 million, or 4 cents per share a year ago. The prior-year period included a favorable property tax adjustment.
Excluding one-time items Boyd lost 11 cents per share.
Revenue rose 4 percent to $613.3 million, as Boyd made more money from lodging, food and beverages and gambling.
Analysts predicted a loss of 2 cents per share on $630 million in revenue, according to FactSet.
Total costs and expenses climbed to $564.9 million from $522.1 million. Interest expense increased to $74.1 million from $60.1 million.
Results continued to strengthen in the Midwest and South, the Las Vegas company said. Revenue fell at the Borgata, a joint venture in Atlantic City, N.J. Revenue also declined at some Las Vegas properties. Revenue from its downtown Las Vegas business rose slightly.
Boyd has 17 properties in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana.
Boyd shares fell 45 cents, or 7.3 percent, to $5.72 in afternoon trading. Over the past 52 weeks, the shares have traded in a range of $5.17 to $9.75.