Thursday May 1,2014 : BOYD GAMING LOSES $3.2 MILLION IN ONLINE GAMBLING VENTURE
Losses due to one-time marketing costs incurred in setting up the enterprise in New Jersey.
Boyd Gaming's Atlantic City casino Borgata has posted a $3.2 million loss on its new New Jersey online gambling operations, largely because of one-time marketing costs related to launching the program, which went live last November.
Borgata is the market leader in the nascent intrastate internet gambling market in New Jersey and is expected to continue to grow.
In posting its Q1-2014 report, Boyd reported that its overall losses have narrowed, thanks largely to improvements in Nevada investments.
The primarily land casino operator reported Wednesday that it lost $6.2 million, or 6 cents per share, for the period ending March 31. A year earlier it lost $7.3 million, or 7 cents per share.
Net revenue of $708.3 million fell nearly 4 percent from $735.6 million a year ago due to unusually severe weather condition which impacted its operations in the Midwest, the South and at Borgata in Atlantic City.