Boyd Gaming Corp. blames revenues on higher costs, expenses

May 9, 2011 8:23 PM

Boyd Gaming Corp. (BYD) saw its operation develop an adjusted loss of $1.2 million or $0.01 per share. A year earlier, the company had earnings of $8.4 million or $0.10 per share.

The difference was blamed on higher costs and expenses that rose to $564 million from last year’s $379.3 million. Interest expense was also higher, reaching $57.3 million as against the $29 million paid in 2010.

Although revenues increased 36 percent to $564.9 million from the previous year’s $415.1 million, the result failed to match the consensus expectations of about $568.5 million.

A bright spot in the first quarter was an increase of 3.1% in revenues from its properties located in downtown Las Vegas. Disappointing was the 3.4 percent decline in the company’s Borgata property in Atlantic City.