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Weak Results For Boyd Gaming group
Friday August 1,2014 : BOYD GAMING CHIEF BULLISH ON INTERNET OPERATIONS
But lacklustre overall results for US gaming giant.
Continued weakness in casual play was the root cause for the weak performance of the Boyd Gaming group, said CEO Kevin Smith this week as he revealed that the US gambling group had suffered a decline in profit and revenue in the second quarter.
Group profits were significantly down, declining from $11.6 million in Q2-2013 to only $700,000 this year.
Revenue for the three months to end June was down 2 percent at $722.5 million, with adjusted earnings up at $160.2 million, thanks to an $11 million tax settlement from its Atlantic City joint interests with MGM, where Boyd has a 50 percent stake in the Borgata.
Boyd’s share of the Borgata in New Jersey delivered just under $182 million, rising by $9 million from the preceding year.
Online gambling operations contributed a useful $6.7 million to that amount, helping adjusted earnings for Borgata to reach $30,8 million - a 11 percent increase.
Smith took a positive outlook on the company's online gambling activities in New Jersey, where its partnership with MGM has seen the market-leading Borgata brand break even in July, an occurrence which Smith characterised as a key milestone in the continued development of the internet enterprise.
Despite lower than expected results for the genre, which lost $1.8 million in the quarter, Smith remains confident, saying that he expects online gambling revenues to start picking up in New Jersey as the weather cools.
Philly.com reports that Borgata's share of online gaming revenues in New Jersey was 29 percent.
Smith revealed that Boyd's future plans include the launch of a mobile sports book in Nevada in the near future.
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Gambling News :
World Poker Fund to acquire Universal Entertainment ZGroup -
UEG has been chosen by the Iowa Tribe of Oklahoma to supply the online poker technical product for the tribe's ambitious plans to launch the international brand PokerTribe.com and InSkyCasino.com in internet, marine and airline formats from servers based on tribal lands in Oklahoma.
13 percent increase in 2015 Italian Gambling Market -
According to research commissioned by AAMS/Sogei and undertaken by the Politecnico di Milano’s Osservatorio Gioco Online, Italian online players spent Euro 821 million on regulated games during 2015, a 13 percent increase.
Netent Share Split -
Gaming software specialist NetEnt AB have taken the decision to split each NetEnt share into seven new shares, one of which will be a redemption share
CherryAB Acwuires Comeon -
Last week’s industry speculation, following Swedish gaming company Cherry AB’s halt in trading, was put to rest Monday as Cherry AB announced the acquisition of 49 percent of the shares in online gaming company ComeOn Malta Ltd.
BetatHome Q1 Earning Results -
Betclic Everest subsidiary Bet-At-Home.com has released solid first quarter results attributed to ongoing marketing and brand awareness strategies which include its high profile jersey sponsorship of Berlin-situated football Club Hertha BSC.
New Bitcoin Casino Launches -
Online casino white label provider SoftSwiss has announced the launch of a new internet casino titled Bitcoin.com for Bitcoin virtual currency promoter and investor Roger Ver.
Lotto Spring Making unauthorised deductions -
Offshore online lottery operator Lotto Spring is getting a media roasting in Australia after being accused by a punter of unauthorised deductions from her bank account, and allegations that it is not licensed for Aussie operations.
New Games for WMS and Playtech -
Scientific Games subsidiary WMS and online gambling turnkey provider Playtech have both announced new games due for release soon.
Tabcorp group Q3-2016 -
The disparity between the two metrics was caused by player-favourable horse racing results, chief executive officer David Attenborough explained.
Macau Revenue decline in April less than expected -
That's the question analysts are asking after the April numbers were released yesterday by the Macau Gaming Inspection and Coordination Bureau, showing that the monthly decline of 9.5 percent was less than had been anticipated by analysts.
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