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Borgata disappointing result for fiscal fourth quarter

Thursday March 6 ,2014 :  A DISAPPOINTING QUARTER FOR THE BORGATA
 
Q4 revenues up at $157 million, including $2.2 million from online gambling, but performance could have been better, say execs.
 
Boyd Gaming, the New Jersey company that owns the Borgata, has posted a disappointing result for the casino resort’s fiscal fourth quarter, reporting total revenues of $157 million, including $2.2 million from online gambling - a 6.5 percent increase on Q4:2012, although in the comparative period the casino had to contend with major interruptions from Hurricane Sandy.
 
The Press of Atlantic City reports that Borgata's hold percentage in December 2013 was 11 percent on nearly $103 million, compared to a 15 percent hold percentage in December 2012 on $113 million.
 
Boyd officials said the disparity equated to a $3.6 million loss in EBITDA.
 
Company executives said they were encouraged by the launch of Internet gambling with partner Bwin. Party Digital Entertainment, and estimated that the partnership currently commands over 40 percent of the New Jersey online gambling market.
 
Chief operating officer Paul Chakmak said the online business is primarily coming from new customers, despite suggestions that Internet gambling might cannibalise Atlantic City's brick-and-mortar casinos. 85 percent of those engaging in online gaming through Borgata have not had rated play at Borgata in the last two years, he disclosed.
 
"New Jersey is an important first step, but it won't be the last," Boyd president and CEO Keith Smith said, adding that the company intends to pursue Internet gambling ventures in other states if the practice is approved.
 
The group is awaiting a decision on a massive tax appeal settlement being challenged by the city, company officials said Wednesday.
 
In October, a tax court ruled that Borgata Hotel Casino & Spa was owed $48 million in overpaid taxes after the property was assessed at more than double its value in 2009 and 2010. The city has since appealed that ruling.
 
The casino's earnings before interest, taxes, depreciation and amortization would have been $2.1 million higher in the fourth quarter and $8.4 million higher across 2013 were it not for Atlantic City property taxes, said Chakmak.



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NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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