Boyd Gaming narrows fourth quarter loss

2 March 2010

LAS VEGAS, Nevada -- Boyd Gaming Corp. substantially narrowed its fourth quarter net loss from a year ago, the company announced this morning.

For the quarter that ended Dec. 31, Boyd Gaming said its net loss was $1 million, or 1 cent a share. The figures compared to a net loss of $220.8 million, or $2.51 per share, in the same quarter of 2008.

Net revenues for the quarter were $384.9 million, a decline of 8.9 percent compared with $422.6 million for the same quarter in 2008.

Boyd Gaming Chief Executive Officer Keith Smith said the company saw business trends in Las Vegas stabilize over the last three months of 2009, which helped results at its Las Vegas and downtown casinos.

"Visitation to the city continues to grow, reflecting the popularity of Las Vegas as a destination," Smith said in a statement. "As the economic recovery accelerates, consumer spending will increase, providing us the opportunity to capitalize on our more efficient business model."

In the locals market, Boyd's Coast Casinos brand saw net revenues decline from $176.8 million a year ago to $155 million in the fourth quarter of 2009. Adjusted cash flow was off 20.7 percent.

In a statement, the company said visitation stabilized, but depressed consumer discretionary spending hurt the properties.

Boyd's three downtown casinos reported net revenues of $58 million, compared with $60.8 million a year ago. Adjusted cash flow from casinos declined 7.7 percent. Any operating increases at the properties were offset by lower pricing and higher fuel costs associated with the company's charter service that bring in customers from Hawaii.

Net revenues and cash flow declined at Boyd's southern and Midwest casinos. Revenues from the two regions were $171.9 million for the fourth quarter 2009, compared to $185.1 million for the same quarter in 2008.

Revenues from the Borgata, the company's Atlantic City casino it owns with MGM Mirage, $175.4 million in the quarter, compared to $183.5 million recorded in the same quarter a year ago.


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