Check out our newest writers in Fantasy Sports!

HOT Stories more

Wynn redesign of Mass. casino has a familiar look

Article

Casino Earnings Report - 8.5.14

August 04, 2014 7:11 PM by Ray Poirier

Casino Earnings Report from WYNN, BYD, IGT and moreWynn Resorts Ltd. (WYNN)

Investors expected a modest decline in Macau gaming revenues, as companies involved there reported quarterly earnings, but few expected such a major surge in Las Vegas Strip gaming. And, that’s what really helped Wynn Resorts Ltd. (WYNN).

In its report last week, WYNN said its Macau revenues totaled $307 million, far less than the consensus figure of $343 million. But the two properties in Las Vegas came to the rescue with revenues of $160 million, easily topping the consensus of $127 million.

In total, the company said revenues were $1.4 billion as against last year’s $1.33 billion. Net income was $203.9 million or $2.12 per share. Last year, income was $129.8 million or $1.28 per share.

Initially, the company’s shares rose substantially, hitting $218.789 in afternoon trading on Tuesday. Those prices changed as the week went on, affected as were all stocks by a major sell-off as the weekend approached.

By closing on Friday, WYNN shares were selling at $210.04 each.

Boyd Gaming Corp. (BYD) 

Saying its second quarter results were “below expectations,” Boyd Gaming Corp. (BYD) said its net income had fallen to $700,000 or $0.01 per share compared to last year’s $11.6 million or $0.13 per share.

The income was affected by a 2.2 percent decline in total revenues that only reached $722.5 million. The company said more serious decline was experienced in midwest and southern regional properties.

“Despite a tough operating environment,” said CEO Keith Smith, “we remain diligently focused on improving our performance and generating long-term growth.”

A bright spot, said the company, was the Borgata Hotel/Casino and Spa in Atlantic City. There, revenues increased 5.2 percent to $181.9 million. That included $6.7 million in online gaming revenues.

International Game Technology (IGT)

Poor product sales that were down 36% from last year didn’t keep International Game Technology (IGT) from showing a modest increase in profit during its third fiscal quarter.

Revenues fell to $467.6 million, a 19 percent drop, but income moved up to $72.1 million or $0.29 per share. Last year, the net income was $65.7 million or $0.25 per share.

The improvement, according to a statement issued by CEO Patti Hart, resulted from “effective cost management.”

The revenue announcement came several weeks after the company announced it was being purchased by GTECH for $6.4 billion, including debt.

GTECH

The Italian company that is acquiring IGT, GTECH, now based in Milan, Italy, reported a 1.4 percent drop in revenues to 751.1 million euros and a 2.4 percent decline in income to 266.6 million euros.

The company said it was hit by lower sales and a strong comparison period last year that was boosted by a significant order in Canada.

Despite the decline, the company said it was sticking to its previous guidance of higher revenues and core earnings ranging between 1.06 billion euros to 1.1 billion euros.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at RayPoirier@GamingToday.com.

Like GamingToday on Facebook GamingToday on Facebook      and        Follow GamingToday on Twitter GamingToday on Twitter

GT Football Special

top stories

For the second season in a row and only the third time in the past 21 years, the top seeds in both conferences will clash in the Super Bowl. The Seahawks are back this year to face the Patriots, which was the last team to win back-to-back titles (2003-04).

History indicates New England will opt to do a lot more throwing than running Sunday when facing Seattle and its top-ranked defense in the Super Bowl. If that holds true, it could be a profitable day making prop bets.

Betting props for Super Bowl XLIX | An estimated $10 BILLION is projected to be bet on Super Bowl XLIX worldwide! Over HALF of adult Americans are expected to have some money at risk on the game.

​Nevada’s unemployment rate dropped even further in December to reach a level unseen since June 2008, and the state ended the year with nearly 100,000 jobs more than it had at the depths of the recession.

When is it wise to blindly take the visiting team regardless of who’s playing? It’s when the home team is coming off a road game the day before and facing a team that’s had one to three days rest.

GamingToday subscription ad

GamingToday Race and Sports Futures

           Westgate Superbook  Stratosphere Sports Book  

                Wynn Sports Book  CG Technology

Casablanca - Mayhem in Mesquite VI