Boyd Gaming Narrows Loss
LAS VEGAS (
)--
Boyd Gaming
(BYD) - Get Report
narrowed its loss in the fourth quarter, but the improvement came as last year was weighed down by write-downs.
During the quarter, Boyd Gaming lost $1 million, or 1 cents a share, compared with a loss of $220.8 million, or $2.51, for the casino operato rin the year-ago period.
Excluding items, Boyd Gaming earnings were near break-even, in-line with analysts' estimates.
Boyd Gaming's revenue, however, still tumbled 9% to $384.9 million. At Boyd's Las Vegas properties, revenue tanked 12%, while the Midwest and Southern regions fell 7%.
At Atlantic City's Borgata, Boyd Gaming's joint venture with
MGM Mirage
(MGM) - Get Report
, revenue slipped 4%. MGM is currently looking to divest its 50% stake in the hotel-casino. It has been reported that MGM is in talks with several casinos and private investors. Boyd has the right to match any offer MGM receives.
-- Reported by Jeanine Poggi in New York.
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