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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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Silent Movie slot Launches -
IGTs latest slot goes back in time to the early days of the cinema, with the theme of the 5 reel, 30 pay-line game capturing the flickering silver screen and tinny piano sound effects of the Silent Movie.
2016 #WSOP Event 37 -
Xus chances did not appear that good at the start of the final day; he has down in the lower of the chip stacks among the 17 talented survivors of an originally 776-strong field.
2016 #WSOP Event 33 -
The two had survived five days of torrid competition as they made their way through a field of 1,840 to face each other in the heads up, with the Austrian holding a small advantage, but Mateos relentlessly narrowing the gap before seizing the lead.
2016 WSOP Event 38 -
Lebrons victory delivered his first WSOP bracelet and a prize of $169,337, a hefty addition to the $212,779 he won just days earlier as runner up in the $3,000 buy-in Six-Max Pot Limit Omaha event.
How Accurate was the California Online Poker Survey -
The online publication Flushdraw took a closer look at the recently released Fairbank, Maslin, Maullin, Metz & Associates (FM3) poll, which purported to show that Californians are not in favour of legalised online poker, and expressed reservations over the accuracy of the findings.
Winaday Launches Zodiac Slot -
Online casino WinADay, which is powered by proprietary software, has announced the launch of a new 5 reel, 40 pay-line slot branded Zodiac.
Paul Telford joins Annexio Group -
Paul Telford, a 17-year veteran in the online gambling industry and former General Counsel at Pokerstars parent The Rational Group, has joined the Isle of Man-based Annexio Group, a lottery betting services provider, in a similar capacity.
Microgaming Gets Romanian Gambling License -
A number of Romanian and .com operators are now preparing to take Microgaming’s Quickfire platform live in Romania, Prima advised Thursday in a press release. Supporting hundreds of games on desktop and mobile, Quickfire is designed for rapid deployment.
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