Boyd Gaming Corp. Exceeding Wall Street Expectations in Third Quarter
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When financial numbers are released quarterly by companies that own casinos, they are not as cut and dry as they appear, but the numbers for Boyd Gaming Corp. in the third quarter exceeded expectations.
According to Reuters estimates, Boyd Gaming surpassed the adjusted earnings that Wall Street predicted for the third quarter.
Wall Street had expected that Boyd would come in at 42 cents per share in adjusted earnings, but when the numbers were released, it shows that the corporation actually reported 43 cents per share.
The net income for Boyd was reported at $31.8 million in the quarter, that is up from a loss of $12.9 million in the same period last year. The cause for the difference in part had to do with the company taking charges having to do with a casinos pending sale.
Boyd owns seventeen casinos spread out across seven states, and is currently in the process of building a new casino, which will be called the Echelon and will replace its old casino which was shut down last year, the Stardust.
Boyd did see some decrease in their revenues in several states, and they attribute that to increased competition, as more and more casinos have been built in some of the states that the company operates in.
West Virginia Racetrack Opens Poker Room, Waiting For Other Games
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Mountaineer Race Track And Gaming Resort will have a new look when patrons visit the pari-mutuel, they have added a poker room and a betting room to their establishment.
Earlier this year the racetrack received approval to expand their facility to include not only poker, but also other table games, a move that will surely raise revenue.
The track already had thousands of video lottery terminals, and now in the grandstand people can find a brand new simulcast room and a poker room.
The poker room is open all day, every day, and features 37 tables. The tables will have a $2 to $4 bet limit in the main room, and a high roller room will also be available, where, games will vary in their bet limits.
At the beginning of next year, the facility will become a full service casino as they will add craps, blackjack, roulette, Caribbean stud, and Let it Ride, to their available gambling game list.
The cost of the poker room, along with some other renovations, was estimated at about $1.2 million. When all the new table games are fully operational, officials for the resort estimate that there will be about 700 new jobs created, which will be a much needed boost in Hancock County, where the resort is located.