Despite earnings and net revenues being down in the third quarter, the president and CEO of Boyd Gaming, Keith Smith, claimed the Las Vegas-based casino operator would be "well-positioned" to overcome current economic conditions.
Announcing the company’s third quarter financial results, Smith said the country’s economic downturn had “accelerated” during the three months to September 30 and consumers continued to face new challenges.
During this period, Boyd’s income from continuing operations totalled US$8.7m, compared with $38.4m during the same period in 2007. Meanwhile, net revenues fell by 13 per cent to $426.5m, compared with $490.1m last year.
Adjusted EBITDA for the quarter stood at $101.2m, down from $144m a year earlier.
The company said its third-quarter results had been impacted by deteriorating consumer spending, the addition of new competitors near its Blue Chip Casino Hotel in Indiana and storm-related closures of its Delta Downs and Treasure Chest venues in Louisiana.
“These are tough economic times, but our balance sheet remains strong, and we continue to produce significant cash flow,” Smith commented.
“We are well-positioned to weather the current economic environment, and we continue to look for innovative ways to adjust to challenges as they arise.”
