NEW YORK (
swung to a profit in its first quarter and forecasts growth in the second half of the year, sending shares in the green even as the rest of casino stocks get battered.
During the quarter, the casino operator earned $8.4 million, or 10 cents a share, compared with a loss of $13.8 million, or 16 cents, in the year-ago period. Analysts expected a profit of 7 cents a share for Boyd Gaming.
Still Boyd's revenue dropped 8% to $398.4 million. Total costs and expenses declined 10% to $379.3 million.
A main focal point for investors is the improved results out of the Las Vegas locals market, which saw its smallest decline year-over-year since the downturn began.
While Boyd did not provide guidance, it did say that it expects to generate growth in the second half of 2010.
Boyd Gaming will host its conference call at 12 p.m. EST today, and investors will be waiting to hear more color on the Las Vegas locals, Midwest and Southern markets, as well as the potential sale of the Borgata by
and updates on the acquisition of
Shares of Boyd are rising 1% to $13.61 in morning trading. In comparison,
Las Vegas Sands
is plunging 5.8% to $24.16,
is down 3.9% to $15.75 and
is losing 3.9% to $88.26.
-- Reported by Jeanine Poggi in New York.
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