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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.
Gambling News :
Interwetten Q1/2015 results -
Particularly gratifying is the continued momentum initiated with the Football World Cup 2014, Werner Becher, chief executive officer of Interwetten said. “After a more than successful previous year, the upward trend has continued in Q1 / 2015”.
Miss White New IGT Slot -
IGT's latest online slot release is a 5 reel, 1024 Ways to Win kitted out with new features such as End2End and Multiway Xtra to keep things lively.
Bet365 owners now worth GBP2.35 billion -
The latest UK Sunday Times Rich List has revealed that father and daughter Peter and Denise Coates, owners of the Bet365 online casino and sports betting group, have almost doubled the family fortune, growing it GBP 1.15 billion to GBP 2.35 billion - an increase of 96 percent.
Hearings aplenty on internet gambling In Pennsylvania This Week -
Pennsylvania Representative John Payne's Gaming Oversight Committee has a busy week ahead, with hearings in the legislature and out at two land casinos, where it will consider measures to help land casinos meet the challenges from neighbouring states, and discuss the legalisation of online gambling.
Macau In Danger Of slipping into recession -
If the fading gambling revenues being experienced at present persist, the Chinese gambling enclave of Macau could be headed for its biggest recession in 33 years, researchers at the University of Macau predict.
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