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Boyd Gaming reports 41 percent drop in net income

5 Aug 2009

Las Vegas Sun

LAS VEGAS, Nevada -- Boyd Gaming reported a 41 percent drop in net income for the second quarter of 2009, citing the continuing economic strain on the local market, and reaffirmed its interest in buying a Station Casinos property, the company said today in its quarterly report.

"While business conditions remained difficult in each of our regions, our results were in line with our expectations. The uncertainty which exists in the economy today continues to negatively impact consumer spending," Boyd Gaming President and CEO Keith Smith said.

Smith added, "The recent bankruptcy filing by Station Casinos highlights the difficulties this recession has created for some businesses. Having said that, we remain confident in the long-term viability of the Las Vegas market, and we continue to be interested in acquiring some or all of Station's assets."

The Las Vegas-based casino operator reported net income of $12.8 million, or 15 cents per share, compared to net income of $21.7 million, or 25 cents per share, in the same period last year.

Net revenues for the quarter fell 8.2 percent from $460.8 million to $423 million during the year-over-year period.

Boyd Gaming's Las Vegas locals properties generated $166.1 million in net revenues versus $197.9 million a year ago due to reduced consumer spending and continued pressure on room rates. The company's downtown properties' net revenues fell to $57.6 million during the quarter from $63 million in the same period of 2008.

Overall gaming revenue declined 7.2 percent while room revenue dropped 11 percent.

Boyd operates 16 gaming properties in Nevada, New Jersey, Mississippi, Illinois, Indiana and Louisiana.

Copyright © Las Vegas Sun. Inc. Republished with permission.

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