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Boyd Gaming's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Focusing on the IP, first quarter results were very encouraging and provide us just a glimpse of the full potential of this acquisition. We generated EBITDA growth of more than 10% of the property during our first full quarter of ownership primarily due to more effective marketing initiatives and stronger management. It is notable that we achieved this growth without the benefits of our B Connected player program, which is just being rolled out.

This performance is not an accident. It is the result of the expertise and experience of our management team as they unlock the full value of this asset. And we are confident the IP will continue to perform at a high level in the coming quarters, ultimately making the multiple for this acquisition well below 7x.

I would like to take a moment to commend our entire team for the progress they have made so far at the IP. In addition, our management and team members throughout the Midwest and South region have done a terrific job in marketing effectively even as they have diligently controlled expenses. The results speak for themselves.

Apart from the IP, our Midwest and South region had an outstanding quarter with broad-based growth across the region as we outperformed our competition, and we were able to grow revenues, EBITDA and margins. While this strong performance was led by Delta Downs, Treasure Chest and the IP, the majority of our properties in the region posted double-digit EBITDA gains. Paul will provide more color during his comments.

Read the rest of this transcript for free on seekingalpha.com

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