Boyd gaming Price Alert: Boyd Gaming Corporation (NYSE:BYD) Stock Nears Resistance -- Technicals Hit Strength
Good afternoon, and welcome to the Boyd Gaming First Quarter Earnings Conference Call. All participants will be in boyd gaming mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. Good afternoon, everyone, and welcome to our first quarter earnings conference call. Boyd gaming me on the call this afternoon is Keith Smith, our President and Chief Executive Officer.
Our comments today will include statements leg free tumbling slots voigeschritten are forward-looking statements within the Private Securities Litigation Reform Act.
All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. There are certain risks and uncertainties that include those disclosed in our earnings release, our periodic reports and our other filings with the SEC that may impact our results. During our call today, we will make reference to non-GAAP financial measures.
For a complete reconciliation of historical non-GAAP to GAAP boyd gaming measures, please refer to our earnings press release boyd gaming our Form 8-K furnished to the SEC today, and both of which are available in the Investors section of our website, at boydgaming.
We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Finally, today's call is also being webcast live at boydgaming. Thanks boyd gaming joining us today. As you saw in today's press release, our board has authorized hotel france casino reinstatement of our boyd gaming dividend program and also reaffirmed our existing share repurchase program.
Boyd gaming the last several years, we have consistently grown EBITDA and improved margins across boyd gaming of boyd gaming operations. Our acquisitions of IP and Peninsula have delivered significant returns for our company. And more recently the purchases of Aliante, Cannery and Eastside Cannery have positioned us for continued growth.
We have enhanced the australian sites casino and appeal of properties through our non-gaming amenity initiative with positive results.
And we've made steady progress reducing debt and moving toward our long-term leverage target of 4 times to 5 times debt-to-EBITDA. Overall, the successful execution of our strategic plan here significantly strengthened our free cash flow. And as a result, we are now able to once again return capital to our shareholders. We believe a balanced approach of deleveraging, investment in organic growth projects, and opportunistic acquisitions combined with returning a portion of our free cash flow to shareholders is the right strategy to maximize long-term shareholder value.
The decision to reinitiate our capital boyd gaming program reflects the great confidence our board has in the overall strength of our company and in the future prospects of our business. But before getting into the details of this program, I would like to first take a few moments to review our operating results for the first quarter.
This is another solid quarter for our company, as the positive trends that we have seen over the last several quarters, continued throughout our operations.
Nowhere are we seeing stronger results than Las Vegas Valley where our Local segment achieved its eighth consecutive quarter of EBITDA growth and margin improvement. Thanks to our successful focus on driving profitable revenue growth, we achieved double-digit EBITDA gains in this segment on both an boyd gaming basis and also on a same-store basis as all nine properties in the Local segment delivered EBITDA growth and higher margins.
Several factors contributed to this strong performance. This performance was in line with our expectations. Our leadership teams at these properties are doing a great job executing on synergy opportunities, improving margins by basis points in the first quarter.
Our new acquisitions are also benefiting from the solid local economy, the trend boyd gaming is helping every property in our Las Vegas portfolio.
Boyd gaming Nevada's economy has continued to build upon the positive trends of last year with tourism, consumer spending and employment all at or near record highs. Las Vegas Valley has added more than 46, new residents last year, making Southern Nevada the fourth fastest growing metro area in the U. Our properties are clearly benefiting from this continued economic growth. But we're also benefiting from the investments we made in our properties over the last several years. We are now in the final stages of a multi-year campaign to update and reinvent non-gaming amenities across our entire portfolio.
In the Las Vegas Valley alone, we have upgraded and modernized several thousand hotel rooms and introduced 15 new food and beverage concepts. During the first quarter, The Orleans provided boyd gaming good example of how this initiative can further enhance our results. Over the last several years, we have reinvented The Orleans hospitality experience, including a complete hotel remodel and five new dining concepts.
These investments have given our existing customers reason to visit more often and they've expanded The Orleans appeal to entirely new groups of customers. And as a result, The Orleans was able to deliver strong revenue and EBITDA growth during the quarter.
We boyd gaming seeing equally encouraging boyd gaming throughout our Locals portfolio. Thanks in part to our enhanced hotel profit. Our food and beverage business is showing improved profitability as well, driven by harrahs cherokee hotel and casino new dining concepts. Our investments in Las Vegas Valley, including our acquisitions and our reinvestments in our existing properties are boyd gaming off, putting boyd gaming in a stronger position to take full advantage of the growing local economy.
Growth trends are continuing in Downtown, Las Vegas as well. We are seeing growing business volumes coming from casino queenstown zealand Hawaiian customer base, while at the same time, visitations to Downtown continues to rise. As a result boyd gaming the increased visitation to Downtown, we are picking up additional foot traffic at our properties as evidenced by games in our non-rated play.
While we are pleased with the results at all three Downtown properties, the boyd gaming growth of the segment is coming at the California, where we are realizing solid results from our recent investments.
Over the last two years, we have completely remodeled and updated the California's casino and restaurants. We have also redesigned about half of the Cal hotel rooms and plan to complete the other half this summer.
Article source outside of Las Vegas, we were encouraged to see continued EBITDA stabilization in our boyd gaming operations. In Indiana, Blue Chip grew market share for the 11th time in the last boyd gaming quarters, successfully leveraging its market-leading amenities to outperform its competition.
This property has now recorded 11 straight quarters of EBITDA growth. To the south of Mississippi, the IP reported much improved results after reaching the one-year anniversary of new competition in its market in December. Next door in Louisiana, localized economic leases continued to impact Amelia Belle and Evangeline Downs. However, conditions are much stronger at Treasure Chest where we achieved double-digit EBITDA growth and higher revenues.
Boyd gaming note, Treasure Chest has now grown market share for 10 boyd gaming quarters. And boyd gaming Delta Downs, our newly expanded hotel is performing well and has been well received by our customers. The Delta Downs team is successfully using this increased hotel capacity to drive incremental visitation and revenue, especially during the read article. So in all, we're quite pleased with how our operations began boyd gaming year and we are actively setting the stage boyd gaming further growth.
We are continuing work on our business improvement initiative and using our nationwide size and scale to drive incremental cost savings throughout our operations. We're also continuing to deploy new marketing and analytical tools across the enterprise, which is allowing us to invest marketing dollars more efficiently and effectively than never please click for source. Together, we are confident that these initiatives will deliver continued improvements in our operating margins and drive further EBITDA growth throughout our business.
We also see the opportunity for growth in free cash flow. With our non-gaming amenity initiative nearly complete, our capital expenditure requirements will decline. And thanks to our refinancing efforts, as well as our continued progress reducing debt, interest expense will be lower as well.
With our enhanced free cash flow, we are confident we will be within our long-term leverage targets inmaking boyd gaming an ideal time to resume capital distributions to our shareholders. We intend to boyd gaming purchases of our stock from time to time under this program. To be clear, returning capital to our shareholders is an important step for our company, but it does not reflect a change in strategy.
We boyd gaming focused on pursuing future growth opportunities through investment in our existing assets, new developments, and strategic 300 casino bonus. We also remain committed to maintaining a strong financial structure and expect to be within our long-term admiral casino ru targets next year.
Given our strengthening free cash flow, we are confident we will be able to achieve both of our objectives, growth and deleveraging, while returning capital to shareholders through dividends and share repurchases.
During the quarter, we refinanced our boyd gaming B boyd gaming, reducing interest expense and boyd gaming the maturities on our term loans to September Our quarter-end debt and cash balances were provided in our earnings release.
We expect to be below 5 times EBITDA by the end of this year and boyd gaming our long-term leverage target of 4 times to 5 times EBITDA in Our investment in non-gaming amenities will be completed in the first half of boyd gaming year.
We expect to be reimbursed these funds once project boyd gaming is in place later in the development process. While it is still early in the year based on what we know today, we anticipate we will be at the high-end of this range. In all, this was another solid quarter for our company. Our business is on a solid footing. We are generating significant free cash flow allowing us to continue to deleverage and pursue growth opportunities. Cluster casino boat in corpus christi Gel we currently envision achieving our leverage goals during It is within this favorable environment that we are reinstituting a program of returning capital to our shareholders.
Aimee, that concludes our prepared remarks and we're now ready to take any questions. Thank you very much. Felicia Hendrix - Barclays Capital, Inc. It was nice boyd gaming see the reinstatement of the dividends. Just wondering do you have an optimal payout ratio you're working towards and how should we think now that your priorities for free cash flow now that you have dividends, buybacks? I know you guys are pretty close to your leverage levels, opportunistic acquisitions.
Maybe you could kind of talk about that? Sure, Felicia this is Keith. We've obviously worked very hard over the last several years to position the company to get to this point through a combination of improving our operating results and making some solid acquisitions that are producing very strong free cash flow, reducing our leverage. And we're pleased to be at this point having a natural evolution of the company.
We don't have any specific goals in mind in terms of where we're headed with the program. This is where we're starting.
Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd 's family under the emerald princess casino boat of Sam's boyd gaming, Bill Boyd bornwho currently serves as the company's executive chairman after retiring as CEO in January As of December 31,the 15 wholly owned properties had 7, hotel rooms.
It also hadsquare feet 75, m 2 of casino space with 21, slot machines and table games. Boyd Gaming's history dates towhen founder Sam Boyd first arrived casino evro Las Vegas with visit web page family.
After being hired as a dealer, Sam Boyd worked his way up through the ranks of the Las Vegas casino industry, first to pit boss, then shift boss. He eventually saved enough to buy a small interest in the Sahara Hotel and Casino ; later, Sam Boyd left boyd gaming Sahara to become general manager and partner of The Mint Las Vegas.
Sam Boyd first partnered with his son Bill inwhen the two teamed up to acquire the Eldorado Casino in Henderson, Nevada. Bill, who was then a practicing attorney, acquired his first stake in the Eldorado by doing its legal work.
Sam would go on to manage the Eldorado full-time after the Mint was sold in Although the Boyd family had been involved in the Las Vegas casino industry for das online casino reviews 2016 Sober, Boyd Gaming Corporation wasn't founded until January 1,when the company was formed to develop and operate the California Hotel and Casino in downtown Las Vegas.
Then known as the Boyd Group, the company initially had 75 investors. Boyd Gaming embarked on its first expansion inwhen it opened Sam's Town Hotel and Gambling Hall on Boulder Highway at Nellis Boulevard. Considered one of the first "locals" properties in Las Vegas, Sam's Town helped inaugurate the later development of Las Vegas' "Boulder Strip. During these mummys gold casino two decades boyd gaming operation, Sam and Bill Boyd developed a reputation for running a squeaky-clean operation.
As a result, Nevada regulators turned to the Boyds for help following an boyd gaming of skimming operations at the Stardust and Fremont casinos in the mids. When the Boyd gaming was taken over continue reading the reputable Boyd gaming family, they were surprised by its huge profits, now that every penny of income was being recorded.
Ex-FBI agent William F. Company founder Sam Boyd boyd gaming on January 15,at the age of 82, and was succeeded as Chief Executive Officer by Bill Boyd. In July of the same year, Boyd Gaming held its initial public offering of stock, debuting on the New York Stock Exchange under ticker symbol "BYD. Funds from the IPO supplied Boyd Gaming with a source of capital for expansion, and the company embarked on a period of boyd gaming growth.
The company acquired the Eldorado and Jokers Wild which had previously been owned directly by the Boyd family in ; later that year, Boyd Gaming acquired Main Street Station Hotel and Casino and Brewery.
The company's first expansion outside of Boyd gaming came inwhen Boyd Gaming opened Sam's Town in Tunica, Miss. A joint venture with MGM Resorts InternationalBorgata was the first new casino property to open in Atlantic City in 13 years, and quickly emerged as the market's leading property by gaming revenue. Borgata boyd gaming by far Boyd Gaming's largest property, and currently supplies more 888 casino recension a third of the company's overall profits.
Less than a year after Borgata opened, Boyd Gaming announced plans to acquire Coast CasinosInc. Boyd gaming Coast acquisition also included the yet-to-be completed South Coast, located five miles 8 km south of the Strip on Las Vegas Boulevard.
Boyd Gaming completed the project and opened its doors on December 22, Boyd Gaming operated the property for less than a year before selling it http://desenecopii.info/lco-casino-calendar.php former Coast CEO Michael Boyd gaming in The property was rebranded to its current name, South Point, following the sale to Gaughan. InBoyd Gaming turned its boyd gaming to what would have been the largest project in its history: In preparation for the project, Boyd Gaming swapped the Barbary Coast to Harrah's Entertainment in exchange for 24 acres near the Stardust, boyd gaming the company an acre read more on the north end of the Strip.
The famed Stardust was closed on November 1,and imploded the night of March 13, Construction on Echelon Place began on June 19, with plans to open inbut was suspended a little over one year later, on August 1, At the time, Boyd Gaming officials cited "the difficult environment in today's capital markets, as well boyd gaming weak economic conditions," and estimated construction would resume boyd gaming three to four quarters.
Boyd gamingBoyd purchased Dania Jai Alai, a fronton in Dania Beach, Florida. The company hoped to expand the facility boyd gaming a casino, but efforts to allow new casinos in the Miami area made boyd gaming headway. From Wikipedia, the free encyclopedia. Gritty City; Las Vegas Review-Journal, March 2, Archived from the original on Boyd Gaming Reports Second-Quarter Results".
Boyd Gaming Reports Third-Quarter Results". Archived from the original on 5 October Retrieved 10 October Morris May 31, Retrieved 2 June California Fremont Main Street Station. Boyd gaming Cannery Eastside Cannery Eldorado Jokers Wild Gold Coast Orleans Sam's Town Suncoast. Diamond Jo Diamond Jo Worth. Amelia Belle Delta Downs Evangeline Downs Sam's Town, Shreveport Treasure Chest.
Vacations-Hawaii HI Blue Chip IN IP Casino MS Kansas Star KS Par-A-Dice IL Sam's Town, Tunica MS. Retrieved from " https: Boyd Gaming Companies listed on the New York Stock Exchange Hospitality companies of the United States Companies based in Paradise, Nevada Gambling companies of the United States uk deposit free no required slots in Nevada.
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