Boyd Gaming swings to loss due to casino closures
Tuesday 28th April 2020
Casino operator Boyd Gaming Corp. swung to a first-quarter loss and pulled its financial projections for the year, citing business uncertainty due to the coronavirus pandemic.
The company, which was forced to close its properties due to the pandemic, on Tuesday estimated revenue in the March quarter dropped 18% to $680.5 million.
Las Vegas-based Boyd noted it hadn't finalized the financial report, including reviews of goodwill, and said it expects to file the required regulatory filing for the quarter by May 11.
Based on the figures reported Tuesday, Boyd estimated a first-quarter loss of 18.3 million, or 16 cents a share, compared with a profit of $45.5 million, or 40 cents a share, a year earlier. On an adjusted basis, the loss was 2 cents a share, the company said.
Chief Executive Keith Smith said the company had began the quarter on a strong note but the closings hit results hard. The company has taken a series of steps to cut costs and preserve liquidity, including suspending dividend payments and share repurchases.
Boyd ended the quarter with about $831.2 million in cash, including $670 million that was drawn from the company's revolving credit facilities, and $4.44 billion in debt.
All properties, the company said, remained closed as of April 28.
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