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Get Four
|  | APRIL 2, 2004
 WORD ON THE STREET Thomas Weisel Upgrades Boyd Gaming to Outperform Analyst Jake Fuller says the casino operator has turned a corner Thomas Weisel upgraded Boyd Gaming (BYD ) to outperform from peer perform. Analyst Jake Fuller says after mid-2003 disappointments, Boyd has turned a corner. He believes same-store EBITDA comparisons are at the inflection point. On the heels of four straight declines, he sees second-quarter EBITDA flat to up 1%, and third-quarter EBITDA up 20%. Fuller notes he downgraded in July, 2003 with soft start-up margins at Atlantic City casino Borgata. Margins beat estimates in the fourth quarter of 2003, and should ramp towards 25% this quarter. Fuller also notes several casino projects in the works, including Delta Downs, Blue Chip, Orleans, and Southcoast. After these acquisitions are completed, Boyd Gaming will rank No. 5 in the industry, and be a leader in the appealing Vegas locals market.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | |
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