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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 :
Washington State Says Fantast Sports Betting is Illegal -
#dfs #draftkings With interest in daily fantasy sports reaching peak levels in recent months, and the US football season about to kick-off, the Washington State Gambling Commission has reminded its citizens that this genre falls under the bans imposed by RCW 9.46.240.
First Bitcoin SportsBook Launches -
BetCoin Bitcoin Entertainment Network (BBEN) claims it has debuted the first virtual sports offering for its players, rolling out its entry into the sportsbook sector with virtual sports and virtual displays for live events, all available for desktop and mobile Bitcoin gamblers.
Jokers Gold Slot Launches -
The five-reel game features ‘each way’ Wilds along with a Free Spins bonus round, where Jokers land in view and expand to fill the reel and become ‘Super Jokers’. Any Super Jokers symbols that land in view stay in place for the remainder of the free spins.
Nevada July 2015 Gambling Numbers -
For the second month running Nevada gambling revenues have declined, according to statistics released Friday by the Nevada Gaming Control Board.
Italian Online Gambling Numbers -
Since the Italian regulator AAMS stopped making online gambling statistics publicly available two years ago, reliable information on the local scene has been hard to come by, but the problem was solved by the ever-inquisitive Italian media this week.
888 HOLDINGS COMMENTS ON BWIN-PARTY BID -
After some weeks of silence whilst GVC has been upping its offer for Bwin-Party, rival bidder 888 Holdings plc issued a statement Thursday indicating that it stands on its earlier proposal, which the Board of Bwin-Party continue to recommend.
NYX Gaming Earnings Report -
Despite record levels of revenue the NYX Gaming group felt the drag of its underperforming online poker subsidiary Ongame in the second quarter of 2015, its latest results disclose.
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