{"id":11959,"date":"2013-10-31T09:21:38","date_gmt":"2013-10-31T17:21:38","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11959"},"modified":"2018-03-15T09:12:23","modified_gmt":"2018-03-15T17:12:23","slug":"breaking-boyd","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/breaking-boyd\/","title":{"rendered":"Breaking Boyd"},"content":{"rendered":"

Boyd Gaming<\/strong> missed Wall Street<\/strong> expectations last quarter, posting negative earnings of eight cents a share, compared to the $0.01\/share \"samstown-pic2\"<\/a>profit the Street was anticipating. Deutsche Bank<\/strong>‘s Carlo Santarelli<\/strong> blamed “softer-than-expected net revenues …\u00a0below the low-end of management\u2019s guidance<\/em>.” Las Vegas<\/strong>-area cash flow was up almost 9% and revenue +1% but offset by higher operating expenses. “Given we believe a key component\u00a0of the bull case story of the stock has been a LV Locals recovery buoyed by\u00a0operational efficiency improvements, we believe today\u2019s results will cause\u00a0many to revisit this thesis<\/em>,” wrote Santarelli. Borgata<\/strong> cash flow exceeded management’s guidance, but Midwest and Southern properties took a 14% plunge.<\/p>\n

The Peninsula Gaming<\/strong>-derived properties also undershot expectations.\u00a0Joseph Greff<\/strong> of J.P. Morgan<\/strong> said the results “aren’t that surprising,” given existing trends. “Weakness at the Fremont<\/strong>” was blamed for poor Downtown performance. According to management, Delta Downs<\/strong> and Diamond Jo Dubuque<\/em> were robust, but offset by weakness elsewhere in the Midwestern portfolio.<\/p>\n

 <\/p>\n

Unhappy anniversary<\/strong>: It’s been a decade<\/a> since corner-cutting by Aztar Corp<\/strong>. led to a massive and fatal accident<\/a> at the Tropicana Atlantic City<\/strong>, when a parking garage collapsed. Insufficient structural steel was blamed, leading to a $101 million settlement. This is an occasion the industry would do well to remember.<\/p>\n

Where there’s no smoke<\/strong> … Casino expansion into Prince George’s County<\/strong> is going to bring several gambling powers right into the wheelhouse<\/a> of Smoke-Free Gaming of America<\/strong>. The latter is \"NationalHarbor1\"<\/a>headquartered \u00a0near MGM Resorts International<\/strong>‘s desired site, National Harbor <\/strong>(left<\/em>). All three applicants have been touting their smoke-free bonafides. However, Penn National Gaming<\/strong> has a distinct advantage in this respect, since it already operates two smoke-free casinos in Ohio<\/strong> and Maryland<\/strong>. For its part, Greenwood Racing<\/strong> is touting the energy benefits of going smoke free. (So much less HVAC infrastructure to incorporate!) MGM properties have smoke-free areas, of course, but “smoke-free” area on a casino floor is like a “safe” place on a battlefield.<\/p>\n","protected":false},"excerpt":{"rendered":"

Boyd Gaming missed Wall Street expectations last quarter, posting negative earnings of eight cents a share, compared to the $0.01\/share profit the Street was anticipating. Deutsche Bank‘s Carlo Santarelli blamed “softer-than-expected net revenues …\u00a0below the low-end of management\u2019s guidance.” Las … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,88,60,28,51,117,172,140,86,84,72,11,71,69,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11959"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=11959"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11959\/revisions"}],"predecessor-version":[{"id":21356,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11959\/revisions\/21356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/5302"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}