Boyd Gaming Sinks

The stock drops 4% despite a profit gain.
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Casino operator

Boyd Gaming

(BYD) - Get Report

said its first-quarter profit rose 57.8%, led by gains at its casinos in Atlantic City and Las Vegas.

The Las Vegas-based company earned $63.2 million, or 70 cents a share, in the quarter, compared with $40.1 million, or 45 cents a share, a year ago. Excluding one-time charges, earnings were 78 cents a share. Analysts polled by Thomson First Call were expecting earnings of 73 cents a share in the most recent quarter.

First-quarter revenue rose 14% to $646.5 million as against analysts' expectation of $651.7 million.

The company attributed strong earnings to gains in central region and Borgata in Atlantic City.

The company also raised its quarterly dividend by 8% to 13.5 cents a share. The dividend is payable June 1 to shareholders of record on May 12.

Shares dropped $2.17 to $50.64 Wednesday.

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