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Below are some highlights from Boyd Gaming's
BYD fourth-quarter conference call:
CEO - Keith E. Smith
- Company is in better operational and financial position than year before
- Introduced penny lane in 12 BYD locations and is having a positive impact on the business
- The changes done to BYD has created sustainable growth in las vegas
- Improved flexibility which allows Boyd to take advantage of several growth opportunities
- Landscape for acquisitions is bare but there are opportunities
- New gaming developments will also spur growth
- The opportunity in japan is much broader than previously thought
- Boyd has been competing for a regional license
- From an organic standpoint there are many chances to innovate by reinvigorating non-gaming amenities and expanding the player loyalty program
- Penny lane will give properties a new advantage as Boyd introduces it
- Boyd is pleased with the online product it offers in New Jersey which shows the reputation of Borgata
- Boyd has grown significantly and Borgata counts less in overall results than year past
COO Paul J. Chakmak
- Spending and visitation declined among casual players
- Business among top tier players is as strong as ever
- Las vegas locals business is growing thanks largely to operating efficiency
- Non-gaming business grew as well largely due to the hotel business
- Downtown business has shown encouraging strength
- Weather has had a significant impact on our business in the midwest, south and east coast
- Results were lower than expected in atlantic city
- Total market share of 43% for online gambling
- Weather continues to have a negative impact
- Las vegas has returned to growth, and midwest and south should as well
CFO Josh Hirsberg
- Elimination of federal tax burden will contribute to cash flow for years to come
- 8-10M increase in cost due to the weather
Q&A
- No contribution positive or negative from online gaming for the full year
- There are acquisition opportunities out there, they just have not been ones that make sense to Boyd's business
- Atlantic city market has gotten competitive due to the closing of the Atlantic Club
- Open to selling assets if they make strategic sense
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