{"id":143117,"date":"2020-07-28T16:12:16","date_gmt":"2020-07-28T23:12:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=143117"},"modified":"2020-07-29T08:14:41","modified_gmt":"2020-07-29T15:14:41","slug":"boyd-gaming-q2-results-shattered-low-estimates","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/","title":{"rendered":"Boyd Boosted by Buoyant Results, Stock Soars"},"content":{"rendered":"

Shares of Boyd Gaming (NYSE:BYD) surged more than five percent in Tuesday’s after-hours session, after the Orleans owner reported second-quarter results that easily topped Wall Street expectations.<\/p>\n

\"Boyd
Boyd’s California Casino in Las Vegas. The company’s Q2 numbers were surprisingly strong, with help from regional reopenings. (Image: Las Vegas Review-Journal)<\/figcaption><\/figure>\n

The Aliante operator said it lost 96 cents a share on revenue of $209.68 million during the April through June time frame. Analysts expected a loss of $1.45 a share on turnover of $199.61 million. While those results are far cries from the year earlier period — in which Boyd earned 43 cents on revenue of $846.1 million — the operator issued what is one of the better set of numbers to this point in gaming industry earnings season, confirming it’s experiencing some reopening tailwinds<\/a>.<\/p>\n

And since reopening began, we are off to an excellent start,\u201d said Boyd CEO Keith Smith in a statement. \u201cOn a comparable basis at our reopened properties, we achieved company-wide earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (<\/span>EBITDAR) growth, and significant margin improvement.\u201d<\/p><\/blockquote>\n

Boyd runs 29 casinos in 10 states, including a dozen in its home market of Las Vegas.<\/p>\n

Confirming Regional Thesis<\/h2>\n

With 12 Las Vegas venues, Boyd is clearly exposed to demand trends in Sin City. But the company’s footprint there is downtown, not on the more economically sensitive Strip.<\/p>\n

Additionally, Boyd is viewed by the analyst and investment communities as a regional operator, the segment of the gaming industry being favored<\/a> in the current environment due to companies’ lack of dependence on destination markets.<\/p>\n

While overall visitation and revenues are down, spend per visit is robust, and we have successfully streamlined operating and marketing expenses to drive margin gains of more than 1,000 basis points in both the Midwest & South and Las Vegas Locals segments,\u201d<\/strong> said Smith of Boyd’s performance since reopenings commenced in mid-May.<\/p><\/blockquote>\n

The company runs a combined seven casinos in Louisiana and Mississippi<\/a>, which have been among the better-performing regions since gaming properties started coming back online following the COVID-19 shutdown.<\/p>\n

Smith said Boyd venues in the Midwest and South notched double-digit EBITDAR gains in the reopening phase, and that July trends are looking strong. That could be supportive of decent third-quarter results.<\/strong><\/p>\n

Mixture of News<\/h2>\n

Between May 20 and July 1, 26 of Boyd’s 29 gaming properties, including nine in Sin City, reopened. As of today, the Eastside Cannery, Eldorado, and Main Street Station remain closed to the public. A timeline for when those casinos will reopen wasn’t mentioned.<\/p>\n

With gaming properties operating at limited capacity throughout the US, Boyd previously said 25 percent to 60 percent of the company\u2019s workforce could be laid off<\/a>. As many as 10,300 workers could be affected by those reductions.<\/p>\n

As of June 30, Boyd had $1.31 billion in cash on hand and debt of $4.98 billion. A significant portion of those liabilities come by way of $600 million in corporate bonds the company sold in May, and $670 million it drew on a credit revolver in March.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Boyd Gaming (NYSE:BYD) surged more than five percent in Tuesday’s after-hours session, after the Orleans owner reported second-quarter results that easily topped Wall Street expectations. The Aliante operator said it lost 96 cents a share on revenue of $209.68 million during the April through June time frame. Analysts expected a loss of $1.45 […]<\/p>\n","protected":false},"author":46,"featured_media":143120,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nBoyd Gaming Q2 Results Shattered Low Estimates<\/title>\n<meta name=\"description\" content=\"Boyd Gaming posted a second-quarter loss, but it was less than analysts expected and revenue beat Wall Street forecasts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boyd Gaming Q2 Results Shattered Low Estimates\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming posted a second-quarter loss, but it was less than analysts expected and revenue beat Wall Street forecasts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-28T23:12:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-29T15:14:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/\",\"url\":\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/\",\"name\":\"Boyd Gaming Q2 Results Shattered Low Estimates\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd.jpg\",\"datePublished\":\"2020-07-28T23:12:16+00:00\",\"dateModified\":\"2020-07-29T15:14:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Boyd Gaming posted a second-quarter loss, but it was less than analysts expected and revenue beat Wall Street forecasts.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-gaming-q2-results-shattered-low-estimates\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/boyd.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Boyd's California Casino in Las Vegas. The company's Q2 numbers were surprisingly strong with help from regional reopenings. 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