Boyd Gaming reports drop in in-state net revenue
by MBJ Staff
Published: March 6,2014
LAS VEGAS — Boyd Gaming Corporation reports fourth-quarter 2013 net revenues of $681.5 million, up 9.1 percent from $624.7 million during the same quarter in 2012.
Total Adjusted EBITDAwas $131.5 million, an increase of 30.4 percent from $100.9 million in the year-ago quarter.
Results reflect the addition of the operations of Peninsula Gaming, LLC, which was acquired by the company on Nov. 20, 2012.
In the Midwest and South segment, net revenues were $196.0 million, compared to $213.8 million in the fourth quarter of 2012. Adjusted EBITDA was $39.7 million, including a one-time, favorable property tax adjustment of $9.3 million. By comparison, Adjusted EBITDA was $34.5 million in the year-ago period.
Boyd reports revenues were impacted by continued softness in consumer spending in many markets, as well as severe winter weather in December. However, a significant amount of the revenue shortfall’s impact on EBITDA was successfully mitigated through ongoing cost-containment measures.
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