Boyd Gaming posts deeper 3rd-quarter loss

Casino operator Boyd Gaming posts deeper 3rd-quarter loss as business worsened in September

Associated Press

NEWS: Shares of Boyd Gaming Corp. fell sharply Thursday after the casino operator reported a deeper third-quarter loss.

DETAILS: After a "solid" July and August, business in September was worse, hurt in some markets by weaker economic conditions, said Boyd Gaming CEO Keith Smith in a statement.

But results in October improved from a year ago, he said. The company is also finalizing plans to launch real-money online gambling in New Jersey, Smith said. That could add to revenues.

Boyd Gaming, which is based in Las Vegas, owns 22 casino properties around the country.

NUMBERS: The company posted a loss of $37.3 million, or 37 cents per share, in the three months that ended on Sept. 30. That compares with a loss of $15.8 million, or 18 cents per share, in the same quarter a year ago.

Adjusted to exclude one-time charges, the company's loss was 8 cents per share. Analysts expected it to break even, according to FactSet.

Revenue rose 21 percent, to $738.6 million from $612.4 million, below the $757.2 million analysts expected.

STOCK: Down $2.42, or 19 percent, to close at $10.56 Thursday.

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