Boyd Gaming Corp. Exceeding Wall Street Expectations in Third Quarter

When financial numbers are released quarterly by companies that own casinos, they are not as cut and dry as they appear, but the numbers for Boyd Gaming Corp. in the third quarter exceeded expectations.

According to Reuters estimates, Boyd Gaming surpassed the adjusted earnings that Wall Street predicted for the third quarter.

Wall Street had expected that Boyd would come in at 42 cents per share in adjusted earnings, but when the numbers were released, it shows that the corporation actually reported 43 cents per share.

The net income for Boyd was reported at $31.8 million in the quarter, that is up from a loss of $12.9 million in the same period last year. The cause for the difference in part had to do with the company taking charges having to do with a casinos pending sale.

Boyd owns seventeen casinos spread out across seven states, and is currently in the process of building a new casino, which will be called the Echelon and will replace its old casino which was shut down last year, the Stardust.

Boyd did see some decrease in their revenues in several states, and they attribute that to increased competition, as more and more casinos have been built in some of the states that the company operates in.



2007-10-31