Boston, MA 03/13/2014 (wallstreetpr) – Boyd Gaming Corporation (NYSE:BYD) a multi-jurisdictional gaming company reported impressive earnings for the fourth quarter in which its net loss narrowed after shedding interest in Florida jai alai casino. The year saw the company expand its business through the acquisition of six new properties from peninsula gaming.
The company according to its chief executive officer Keith smith made exceptional transformations by making improved refinements on marketing and operations. Boyd Gaming was able to launch a market leading online gaming presence in New Jersey as well as introducing its penny lane initiative across the country.
Boyd Gaming Financials for Q4 and Full year
The gaming company net revenue for the quarter was up by 9.1% coming in at $681.5 million up from a low of $624.7 million reported for the same quarter the prior year. Boyd Gaming total adjusted EBITDA for the quarter was also up by 30.4% coming in at $31.9 million up from $100.9 million a year ago same quarter.
Boyd Gaming Corporation (NYSE:BYD) generated nearly $100 million in free cash flow through the integration Peninsula gaming while also repaying $525 million for debt settlement
Key operating segments
Las Vegas local segment, fourth quarter net revenue came in at $148.6 million. Adjusted EBITDA earnings come in at $33.2 million, an increase of 5.6% compared to the prior year same quarter earnings of $31.5 million.
Downtown Las Vegas segment generated total revenues amounting to $59.8 million up by 3.7% from $57.7 million reported in the fourth quarter of 2012. Adjusted EBITDA earnings for this areas stood at $13.1 million an increase of 31.8%.
Borgata, the company’s 50% joint venture reported fourth quarter net revenue amounting to $157.1 million including $2.2 million from online gaming operations. Total revenue in this case was up by 6.5% up from $147.6 million reported in the fourth quarter of 2012.
Boyd Gaming Corporation (NYSE:BYD) expects to generate total adjusted EBITDA for the first quarter in the margins of between $140 million and $145 million.
