Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States. The company operates in five segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, Peninsula, and Borgata. It owns and operates 21 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, and New Jersey. The company also owns and operates a travel agency in Hawaii; and the Borgata Hotel Casino and Spa in Atlantic City, New Jersey. As of December 31, 2013, it owned and operated 1,254,111 square feet of casino space comprising 31,400 slot machines, 769 table games, and 11,418 hotel rooms. Boyd Gaming Cor...
3883 Howard Hughes Parkway
Las Vegas, NV 89169
Founded in 1988
Boyd Gaming Corporation Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-23-2015 02:00 PM
Feb 16 15
Boyd Gaming Corporation Presents at JPMorgan Global High Yield & Leveraged Finance Conference, Feb-23-2015 02:00 PM. Venue: Loews Hotel, Miami Beach, Florida, United States.
Boyd Gaming Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter of 2015 and Full Year 2015; Reports Impairments of Assets for the Fourth Quarter of 2014
Feb 12 15
Boyd Gaming Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net revenues of $531,593,000 compared to $681,537,000 a year ago. Operating income was $22,247,000 compared to $39,180,000 a year ago. Loss from continuing operations before income taxes was $43,720,000 compared to $60,763,000 a year ago. Net loss attributable to the company was $32,423,000 or $0.29 per basic and diluted share compared to $47,340,000 or $0.43 per basic and diluted share a year ago. Adjusted EBITDA was $136,365,000 compared to $131,484,000 a year ago. Adjusted loss was $136,000 or $0.00 per share compared to $26,392,000 or $0.24 per share a year ago. In terms of capital expenditures, during the quarter, the company invested $55 million, including $11 million at Peninsula.
For the year, the company reported net revenues of $2,701,319,000 compared to $2,894,438,000 a year ago. Operating income was $251,516,000 compared to $278,301,000 a year ago. Loss from continuing operations before income taxes was $40,885,000 compared to $115,994,000 a year ago. Net loss attributable to the company was $53,041,000 or $0.48 per basic and diluted share compared to $80,264,000 or $0.83 per basic and diluted share a year ago. Adjusted EBITDA was $605,280,000 compared to $610,425,000 a year ago. Adjusted earnings were $1,282,000 or $0.01 per share compared to adjusted loss of $33,358,000 or $0.34 per share a year ago. For the year, the company invested approximately $140 million at both Boyd and Peninsula and $19 million at Borgata.
For the full year 2015, the company projects total adjusted EBITDA, including Peninsula and 50% of Borgata's adjusted EBITDA, of $535 million to $560 million. Total 2015 capital spend is expected to be slightly higher than 2014 levels. The company expects to spend approximately $40 million in capital at Borgata, which includes recurring maintenance of $25 million and approximately $15 million for capital related to further property enhancements. Annual depreciation expense is expected to range from $210 million to $215 million. Total annual interest expense expects to be approximately $225 million. Full year EBITDA expects to be about $65 million.
For the first quarter of 2015, the company expects EBITDA from Las Vegas Locals and Downtown businesses to mirror the results of last year. On a combined basis, Midwest and South and Peninsula assets to generate EBITDA of -- increasing 2% to 3%. And on a stand-alone basis, the company expects Borgata to generate $33 million to $35 million of EBITDA in the first quarter.
For the fourth quarter of 2014, the company reported impairments of assets of $40,575,000 compared to $4,101,000 for the same quarter a year ago.