Boyd Gaming Reports Fourth-Quarter, Full-Year 2016 Results

Boyd Gaming Corporation (NYSE: BYD) recently stated financial results for the fourth quarter and full year ended December 31, 2016.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “The fourth quarter was the culmination of an eventful and successful year, as we further positioned our Company for long-term growth. Our Las Vegas Locals segment grew at a healthy pace in the fourth quarter, with same-store Adjusted EBITDA reaching its highest levels in nearly a decade. We were also encouraged to see meaningful sequential improvement in our regional operations, which performed in-line with prior-year results after considering the impact of severe winter weather. And in December, we accomplished the acquisition of the Cannery and Eastside Cannery, further expanding our footprint in the attractive Las Vegas market.”

Boyd Gaming stated fourth-quarter 2016 net revenues of $554.8 million, a boost of 2.2% from $542.7 million in the year-ago quarter. Income from continuing operations, net of tax, for the fourth quarter was $10.7 million, or $0.10 per share, as contrast to a loss of $14.4 million, or $0.13 per share, in the prior-year fourth quarter. The Company stated net income, counting suspended operations, of $12.2 million, or $0.11 per share, for the fourth quarter of 2016, contrast to a net loss of $6.9 million, or $0.06 per share, for the year-ago period.

During the fourth quarter of 2016, the Company stated noncash intangible asset impairment charges of $36.9 million. The Company’s fourth quarter results were favorably influenced by $11.1 million of noncash income tax benefits resulting from the release of a formerly recorded deferred tax asset valuation allowance. Suspended operations for fourth quarter 2016 included $1.5 million in after-tax income for the Company’s share of a property tax recovery realized by Borgata Hotel Casino & Spa, which was sold on August 1, 2016. Results for the prior-year period included noncash impairment charges of $17.5 million, mainly because of the impairments of intangible assets. The Company’s fourth quarter 2015 results were also influenced by pretax losses of $8.4 million related to the early extinguishments and modification of debt during the quarter.

Total Adjusted EBITDA(1) was $138.8 million, up 5.7% from $131.3 million in the fourth quarter of 2015. Adjusted Earnings(1) for the fourth quarter 2016 were $44.3 million, or $0.38 per share, contrast to Adjusted Earnings of $10.3 million, or $0.09 per share, for the same period in 2015. Adjusted EBITDA and Adjusted Earnings exclude suspended operations.

Key Operations Review

Las Vegas Locals In the Las Vegas Locals segment, fourth-quarter 2016 net revenues were $185.7 million, up from $158.8 million in the year-ago quarter. Fourth-quarter 2016 Adjusted EBITDA rose to $52.8 million, contrast to $44.0 million in the fourth quarter of 2015. Segment results include a full quarter of contributions from Aliante, attained by the Company on September 27, 2016, in addition to 12 days of contributions from Cannery and Eastside Cannery, attained on December 20, 2016.

On a same-store basis, both Adjusted EBITDA and operating margins reached their highest fourth-quarter levels since 2007, as the Company’s properties benefited from a strong regional economy. Ongoing refinements to the Company’s marketing programs also continued to drive noteworthygrowth in profitability during the quarter.

Downtown Las Vegas In the Downtown Las Vegas segment, net revenues were $62.0 million in the fourth quarter of 2016, contrast to $62.5 million in the year-ago period. Adjusted EBITDA was $15.5 million, as contrast to $16.2 million in the fourth quarter of 2015.

Despite disruption during the quarter from hotel room renovations at the California, underlying business trends remain strong in the Downtown market, with continued growth in visitation throughout the area. The Fremont delivered the second-best fourth-quarter Adjusted EBITDA performance in its history, and also set an all-time record for full-year Adjusted EBITDA.

Midwest and South In the Midwest and South segment, net revenues were $307.2 million, contrast to $321.5 million in the fourth quarter of 2015. Adjusted EBITDA was $86.1 million, as contrast to $86.3 million in the year-ago period.

Adjusted EBITDA in the segment was essentially even with the prior year, after three quarters of declines, as operating trends improved in many regional markets during the quarter. Adjusted EBITDA included a one-time, favorable property tax adjustment of $2.9 million, a benefit that was offset by the impact of severe winter weather.

Full-Year 2016 Results For the full year ended December 31, 2016, Boyd Gaming stated net revenues of $2.18 billion, contrast to $2.20 billion for the full year 2015. Income from continuing operations, net of tax, were $205.5 million, or $1.78 per share, up from $10.7 million, or $0.10 per share, in the prior year. The Company stated net income, counting suspended operations, of $418.0 million, or $3.63 per share, for the full year 2016, contrast to net income of $47.2 million, or $0.42 per share, for the year-ago period.

The Company’s results for the year ended December 31, 2016, included noncash impairment charges of $38.3 million and pretax losses on the early extinguishments of debt of $42.4 million. In addition, the Company’s full year 2016 results were favorably influenced by $201.5 million of noncash income tax benefits resulting from the release of a formerly recorded deferred tax asset valuation allowance. Suspended operations for both periods include results from the Company’s 50% equity interest in Borgata, while full-year 2016 results also include a $181.7 million after-tax gain from the third quarter sale of the equity interest. Results for the prior year included noncash impairment charges of $18.6 million and pretax losses on the early extinguishments of debt of $40.7 million. In addition, settlements of previous years’ income tax appeals reduced the 2015 income tax provision by $25.1 million.

For the full year 2016, total Adjusted EBITDA(1) was $536.3 million, up 1.7% from $527.4 million in the prior year. Adjusted Earnings(1) for the full year 2016 were $104.6 million, or $0.91 per share, up from Adjusted Earnings of $49.4 million, or $0.43 per share, for the same period in 2015. Adjusted EBITDA and Adjusted Earnings exclude suspended operations.

Balance Sheet Statistics As of December 31, 2016, Boyd Gaming had cash on hand of $193.9 million, and total debt of $3.28 billion.

Full Year 2017 Guidance For the full year 2017, Boyd Gaming projects total Adjusted EBITDA of $585 million to $605 million.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

ăn dặm kiểu NhậtResponsive WordPress Themenhà cấp 4 nông thônthời trang trẻ emgiày cao gótshop giày nữdownload wordpress pluginsmẫu biệt thự đẹpepichouseáo sơ mi nữhouse beautiful