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US – Las Vegas locals market rebounds to boost Boyd

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A rebound in the Las Vegas locals market saw Boyd Gaming post second-quarter 2017 net revenues of $599.9m, an increase of 10.1 per cent from $544.9m in the quarter a year-ago.

The Las Vegas Locals segment saw a huge increase from $154.9m in the year-ago quarter to $214.2m this quarter. The results include a full quarter of contributions from Aliante, Cannery and Eastside Cannery.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “Our Las Vegas Locals business achieved its best second-quarter results in nearly 10 years, driven by ongoing improvements to our operations and a strong regional economy. Our three newly acquired Nevada properties delivered another great quarter as well, as we continued to successfully execute on growth and synergy opportunities. And despite softness in a few Louisiana markets, Adjusted EBITDA grew at a majority of our regional properties, including strong results throughout the upper Midwest.”

In the Downtown Las Vegas segment, net revenues were $59.6m in the second quarter of 2017, up slightly from $59.2m in the year-ago period. Whilst the Midwest and South segment, net revenues were $326.1 million, compared to $330.7 million in the second quarter of 2016.

Mr. Smith continued: “We recommenced our capital return program during the quarter, making our first share repurchases and dividend payments in nearly a decade. To date we have repurchased nearly 600,000 shares, and in July we made a dividend payment of 5 cents per share. At the same time, our strong and growing free cash flow allowed us to continue investing in our business while deleveraging our balance sheet, as we paid down $74m in debt in the quarter. In all, we continue to make great progress executing our strategy to create long-term value for our shareholders.”

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