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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.



Recent Gambling News :

Fulltilt Mini Ftops - Full Tilt is well advanced in planning for the first Mini Full Tilt Online Poker Series of 2015, which kicks off on January 4th next year and runs through January 18.

Uk Fulltilt Players 20 percent reduction of reward points - Th switch means that UK poker fans will receive eight points per dollar raked instead of 10 points per dollar raked, with a top-end to rewards of a 28 percent rakeback rate.

Icahn pledges $20 million to keep Taj Mahal Open For Now - Atlantic City's struggling Taj Mahal casino resort has been handed another last-minute reprieve from shuttering by principal creditor Carl Icahn, who on Thursday pledged $20 million to stave of closure in the immediate future.

Online gambling operators licensed on the Isle of Man to be granted double tax relief - The concession is up to a monetary maximum equivalent to the amount of gambling duty that would be due to the islandís Treasury on the same activity.

666bet Slotpay and Shutdown - The writing may have been on the wall - or to be more accurate on several betting forums - two months ago, when complaints about slow-pay tactics started to surface from frustrated players. However, in the absence of an explanation by the owners, that is hearsay and speculation.

ONLINE GAMBLING'S CONTRIBUTION SMALL IN BRITISH COLUMBIA - The exchanges have been focused on what opposition politicians consider to be wasteful spending at the provincial lottery, which also operates the online gambling initiative. Members of the Opposition have pointed to excessively generous separation deals for departing lottery officials, and insufficient supervision of retail ticket sales to minors.

Delaware Online gambling revenues up 42 percent - November stats from the Delaware Lottery bring the welcome news that online gambling revenues in November soared 42 percent compared with October, reaching $184,898.

Philippines law enforcement shaking down local businesses in the online gambling sector - Local media in Manila, Philippines made some startling claims based on rumours in the business community this week, alleging that federal law and immigration enforcement officials have been shaking down local businesses in the online gambling sector, thus threatening investor confidence.

Mr Green CEO Mikael Pawlo To Step Down - A statement Thursday from online casino company Mr Green reveals that chief executive officer Mikael Pawlo is to step down in June 2015 as chief executive of the AktieTorget-listed company, but has been nominated to join the board of directors.

RTG Launches Wild Wizards Slot - Wild Wizard symbols and Spell Book scatters trigger free game features with Held Expanding Wilds, Mad Magic Multipliers, Bonus Symbols and Extra Wilds in the new release of this 25 pay-line video slot.

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