Take a gamble on Boyd
Boyd Gaming Corporation is a multi-jurisdictional gaming company which currently owns or operates ten casino entertainment facilities. It in the process of constructing its 11th property, acquiring its 12th property and recently acquired land upon which it intends to construct its 13th property. The company owns and operates six facilities in three distinct markets in Las Vegas, Nevada: the Stardust on the Las Vegas Strip; Sam?s Town Las Vegas, the Eldorado and Jokers Wild on the Boulder Strip; and the California and the Fremont in downtown Las Vegas.
Recently, Boyd Gaming announced its first quarter earnings, revealing that first quarter profits had nearly tripled to $40.1 million, or $.45 per share. This is up from $13.5 or $.20 per share a year earlier.
On an adjusted basis, Boyd Gaming said it earned $.64 per share, beating the average Wall Street estimate of $.52 per share. Revenue rose 72 percent to $567 million. The company attributed the strong results to rising profits at Borgata, its jointly owned venture with MGM Mirage. Earnings before interest, tax, depreciation and amortization rose 111 percent to 170 million.
Boyd also raised its quarterly dividend to $.125 cents per share, an increase of 47 percent on an annualized basis.