Boyd Gaming Revenue Falls Almost 20%

Shares On Wall St Have Fallen 50% In Past Year

Associated Press
April 29, 2020 - 5:30 am
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Boyd Gaming Corporation

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LAS VEGAS (AP) -  Boyd Gaming Corp. on Tuesday reported a first-quarter loss of $18.3 million, after reporting a profit in the same period a year earlier.

The Las Vegas-based company said it had a loss of 16 cents per share. Losses, adjusted for non-recurring costs, were 2 cents per share.

The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

Of course, the main factor was the shut down of properties nationwide to slow the spread of COVID-19 (coronavirus) 

The casino operator posted revenue of $680.5 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $774.2 million.

Boyd shares have declined 44% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.78, a fall of 45% in the last 12 months.