Posted at 11:48 a.m., Wednesday, October 31, 2007
Boyd Gaming swings to profit in latest quarter
Associated Press
Boyd Gaming Corp., operator of Downtown Las Vegas casinos popular with Hawaii residents, said Wednesday it swung to a third-quarter profit, as a hefty charge on the sale of its South Coast Hotel and Casino hurt year-ago results.The Las Vegas-based casino company reported a profit of $31.8 million, or 36 cents per share, compared with a loss of $12.9 million, or 15 cents per share, in the previous year.
Income from continuing operations rose to $31.9 million, or 36 cents per share, from $28.1 million, or 32 cents per share.
Excluding pre-opening charges for the Echelon resort complex on the Las Vegas Strip and other items, adjusted earnings from continuing operations dipped to $38.4 million, or 43 cents per share, from $38.8 million, or 44 cents per share.
Analysts surveyed by Thomson Financial expected net income of 42 cents per share.
The prior-year's results included a $65 million impairment loss on the sale of South Coast in Las Vegas to casino magnate Michael Gaughan.
Quarterly revenue fell to $490.1 million, down 8 percent from $530.7 million in the prior-year period.
Consensus estimates put sales at $492.5 million.
The company said current period revenue results were hurt by the closing of the Stardust hotel-casino in November 2006, as well as lower gambling, room and food and beverage revenue.
