Boyd Gaming Reports Lower 3Q Profit on Softer Las Vegas Business

Dow Jones10-23

Boyd Gaming reported a lower profit and declining revenue in the third quarter, as the company grapples with softness in its Las Vegas destination business.

The casino company on Thursday reported a profit of $124.9 million, or $1.71 a share, compared with a profit of $1.44 billion, or $17.81 a share, a year earlier. The year-ago profit included a $1.4 billion after-tax gain from the company selling its stake in FanDuel.

Stripping out certain one-time items, adjusted earnings were $1.67 a share, in line with the expectations of analysts polled by FactSet.

Revenue fell to $990.5 million from $1 billion a year prior. Analysts had been expecting $1 billion in revenue in the most recent quarter.

Revenue in the Las Vegas Locals segment fell to $207.4 million from $210.8 million, while Downtown Las Vegas revenue declined to $47.4 million from $53.2 million. Online revenue also fell to $154.5 million from $165.6 million.

The company's quarterly results reflect softness in its Las Vegas destination business, particularly its Orleans property, Chief Executive Keith Smith said. The segment also took a hit from higher airfares and storms in Hawaii weighing on Hawaiian visitors.

In Boyd's Midwest & South segment, revenue grew to $540.5 million from $538.9 million. Still, the company said those results were impacted by the closure of one site and the sale of another, as well as higher property taxes at a third site in Kansas. Revenue in the segment would have grown 3% when adjusted for those items, the company said.

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The year-ago profit included a $1.4 billion after-tax gain from the company selling its stake in FanDuel. \n</p>\n<p>\n  Stripping out certain one-time items, adjusted earnings were $1.67 a share, in line with the expectations of analysts polled by FactSet. \n</p>\n<p>\n  Revenue fell to $990.5 million from $1 billion a year prior. Analysts had been expecting $1 billion in revenue in the most recent quarter. \n</p>\n<p>\n  Revenue in the Las Vegas Locals segment fell to $207.4 million from $210.8 million, while Downtown Las Vegas revenue declined to $47.4 million from $53.2 million. Online revenue also fell to $154.5 million from $165.6 million. \n</p>\n<p>\n  The company's quarterly results reflect softness in its Las Vegas destination business, particularly its Orleans property, Chief Executive Keith Smith said. 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The year-ago profit included a $1.4 billion after-tax gain from the company selling its stake in FanDuel. \n\n\n  Stripping out certain one-time items, adjusted earnings were $1.67 a share, in line with the expectations of analysts polled by FactSet. \n\n\n  Revenue fell to $990.5 million from $1 billion a year prior. Analysts had been expecting $1 billion in revenue in the most recent quarter. \n\n\n  Revenue in the Las Vegas Locals segment fell to $207.4 million from $210.8 million, while Downtown Las Vegas revenue declined to $47.4 million from $53.2 million. Online revenue also fell to $154.5 million from $165.6 million. \n\n\n  The company's quarterly results reflect softness in its Las Vegas destination business, particularly its Orleans property, Chief Executive Keith Smith said. The segment also took a hit from higher airfares and storms in Hawaii weighing on Hawaiian visitors. \n\n\n  In Boyd's Midwest & South segment, revenue grew to $540.5 million from $538.9 million. Still, the company said those results were impacted by the closure of one site and the sale of another, as well as higher property taxes at a third site in Kansas. 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