Boyd Gaming Loss Narrows - Update

(RTTNews) - Boyd Gaming Corp. (BYD), said Wednesday its net loss for the fourth quarter narrowed sharply from last year, when it recorded impairment charges. Results were also helped by a nine percent growth in revenue, partly offset by the extreme cold weather. The quarterly loss was lower than what Wall Street estimated, but revenue fell short of expectations.

CEO Keith Smith said 2013 overall was marked by some headwinds but the company was apace on his strategic plans and hopes to benefit from growth in online gaming. Toward that end, Boyd refined its marketing and operations, and also launched an online gaming presence in New Jersey, Smith said.

Las Vegas-based Boyd posted a fourth-quarter net loss of $47 million or $0.43 per share, compared with a loss of $900 million or $10.24 per share last year.

Results for the quarter include debt charges of $24.7 million, while the prior year comprised impairment charges of $1 billion, mainly related to the former Echelon site on the Las Vegas Strip.

Excluding items, adjusted loss for the quarter was $26.4 million or $0.24 per share, compared with a loss of $25 million or $0.29 per share a year ago. Earnings-per-share results for the recent quarter reflect a higher share count.

On average, 14 analysts polled by Thomson Reuters expected a loss of 0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the fourth quarter climbed to $681.5 million from $624.7 million in the prior year. Seventeen analysts had a consensus revenue estimate of $685.7 million for the quarter.

Revenue at the company's Las Vegas Locals segment was flat with last year, while it was up 3.7 percent at the Downtown Las Vegas segment. A decline in revenue was seen at Midwest and South; Peninsula segment, while Borgata, its 50 percent joint venture, gained 6.5 percent.

Boyd Gaming stock closed Wednesday at $11.62, up $0.15 or 1.31%, on a volume of 3 million shares. In after hours, the stock dropped $0.06 or 0.52%% at $11.55.