3. Boyd Gaming (BYD), a multi-jurisdictional gaming company, is a diversified operator of 15 wholly owned gaming properties, and has a controlling interest in a limited liability company that operates Borgata Hotel Casino and Spa in New Jersey. The company's gaming operations are divided into four segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Atlantic City.
Net revenue for the first quarter of 2011 was $564.9 million as compared to $415.1 million in the year-ago quarter. Since the recession began, Boyd recorded its first quarterly EBITDA growth of 2% to $89.9 million from the year-ago quarter. Looking ahead, the company anticipates further growth in the same.
Recently, Boyd disclosed that it would be buying a resort on the Mississippi Gulf Coast from Imperial Palace of Mississippi and Key Largo Holdings for $278 million to gain traction in the regional market. The company plans to invest $44 million in capital improvement projects at the IP Casino Resort Spa, after closing the deal by 2011 end. The deal is likely to boost the company's earnings and will be financed from existing revolving credit facilities.Of the 22 analysts covering the stock, 32% recommend a buy and 59% a hold. Analysts polled by Bloomberg expect the stock to gain an average 14.9% to $10.34 in the upcoming 12 months.
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