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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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Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
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MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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