Boyd Gaming Corporation BYD recently announced its plan to reopen three properties across the states of Indiana and Ohio. Along with these re-openings, management stated that of the total 29 properties nationwide, 24 Boyd Gaming properties will resume operations. However, the reopenings are subject to final regulatory approvals.
Notably, the company intends to restart activities at two Indiana properties, namely Blue Chip Casino Hotel and Spa in Michigan City and Belterra Casino Resort in Florence, beginning Jun 15. Also, the Ohio-based resort Belterra Park in Cincinnati will reopen its doors on Jun 19.
However, upon resuming business, these are likely to operate with limited amenities and capacity restrictions, per the guidelines set by the state and local authorities with a view to mitigate and minimize the coronavirus spread. Notably, strict social-distancing measures will be observed across casino floors and restaurants. Also, the in-house team of personnel will be trained to abide by the safety protocols.
Keith Smith, president and chief executive officer, Boyd Gaming, stated, "We are encouraged by early guest volumes at our newly reopened properties across the country and are optimistic we will see similar results as we return to business at Blue Chip, Belterra Resort and Belterra Park."
So far this year, shares of Boyd Gaming have lost 24.7%, underperforming the industry’s 20.9% decline.
Resort Reopenings to Boost Revenues
Following the closure of properties in mid-March due to the COVID-19 outbreak, Boyd Gaming aims to revive its business with improved traffic and more resort reopenings. Moreover, to support these reopenings, the company followed local regulations to ensure the safety and well-being of its guests and employees.
On May 20, the company reopened Delta Downs Racetrack Casino Hotel, Evangeline Downs Racetrack Casino Hotel and Treasure Chest Casino, followed by two Mississippi-based properties, IP Casino Resort Spa in Biloxi and Sam's Town Hotel & Gambling Hall in Tunica, the next day.
On Jun 1, the company reopened Ameristar St. Charles and Ameristar Kansas City along with Diamond Jo Dubuque and Diamond Jo Worth. This was followed by the reopening of The Orleans, Gold Coast, Suncoast, Aliante, Cannery, Sam's Town, Fremont, California and Jokers Wild, which recommenced operations on Jun 4.
Notably, management looks forward to ramp up business operations with more resort reopenings in times to come.
Boyd Gaming — which shares space with Caesars Entertainment Corporation CZR, Red Rock Resorts, Inc. RRR and Penn National Gaming, Inc. PENN in the Zacks Gaming industry — has a Zacks Rank #4 (Sell) at present.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Penn National Gaming, Inc. (PENN) : Free Stock Analysis Report
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