Boyd Gaming Corp. posts deeper third quarter loss

Nov 4, 2013 9:43 AM

Shares of Boyd Gaming Corp. fell sharply after the casino operator reported a deeper third-quarter loss.

After a “solid” July and August, business in September was worse, hurt in some markets by weaker economic conditions, said Boyd Gaming CEO Keith Smith in a statement.

But results in October improved from a year ago, he said. The company is also finalizing plans to launch real-money online gambling in New Jersey, Smith said. That could add to revenues.

Boyd Gaming, which is based in Las Vegas, owns 22 casino properties around the country.

The company posted a loss of $37.3 million, or 37 cents per share, in the three months that ended on Sept. 30. That compares with a loss of $15.8 million, or 18 cents per share, in the same quarter a year ago.

Adjusted to exclude one-time charges, the company’s loss was 8 cents per share. Analysts expected it to break even, according to FactSet.

Revenue rose 21 percent, to $738.6 million from $612.4 million, below the $757.2 million analysts expected.

Stocks were down $2.42, or 19 percent, to close at $10.56 Thursday.

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