Boyd Gaming Corporation latest financial results saw strong progress alongside the best Q2 results in nearly 10 years for Las Vegas Locals.
The Boyd Gaming Corporation, which owns and operates 24 gaming entertainment properties across the United States, has reported a number of significant areas of growth in its financial results for Q2 2017.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Strong performances continued throughout our operations during the second quarter, reinforcing our confidence in the long-term direction of our Company. Our Las Vegas Locals business achieved its best second-quarter results in nearly 10 years, driven by ongoing improvements to our operations and a strong regional economy. Our three newly acquired Nevada properties delivered another great quarter as well, as we continued to successfully execute on growth and synergy opportunities. And despite softness in a few Louisiana markets, Adjusted EBITDA grew at a majority of our regional properties, including strong results throughout the upper Midwest.”
Smith continued: “We recommenced our capital return program during the quarter, making our first share repurchases and dividend payments in nearly a decade. To date we have repurchased nearly 600,000 shares, and in July we made a dividend payment of 5 cents per share. At the same time, our strong and growing free cash flow allowed us to continue investing in our business while deleveraging our balance sheet, as we paid down $74 million in debt in the quarter. In all, we continue to make great progress executing our strategy to create long-term value for our shareholders.”
Boyd Gaming reported second-quarter 2017 net revenues of $599.9 million, an increase of 10.1% from $544.9 million in the year-ago quarter. Income from continuing operations, net of tax, for the second quarter was $27.6 million, or $0.24 per share, up from $11.3 million, or $0.10 per share, in the prior-year second quarter. The Company reported net income, including discontinued operations, of $48.6 million, or $0.42 per share, for the second quarter of 2017, compared to $30.0 million, or $0.26 per share, for the year-ago period. Results for the current year include the operations of Aliante, acquired by the Company on September 27, 2016, as well as Cannery and Eastside Cannery, acquired on December 20, 2016. Discontinued operations for the current quarter includes the Company’s share of a payment received by Borgata Hotel Casino & Spa in settlement of its outstanding property tax appeals. The Company sold its interest in Borgata during the third quarter of 2016.
Total Adjusted EBITDA(1) was $151.2 million, up 9.6% from $137.9 million in the second quarter of 2016. Adjusted Earnings(1) for the second quarter 2017 were $30.3 million, or $0.26 per share, compared to Adjusted Earnings of $18.1 million, or $0.16 per share, for the same period in 2016. Adjusted EBITDA and Adjusted Earnings exclude discontinued operations.
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