"Strong performances continued throughout
our operations during the second quarter, reinforcing our confidence in the
long-term direction of our company. Our Las Vegas Locals business achieved its
best second-quarter results in nearly 10 years, driven by ongoing improvements
to our operations and a strong regional economy,” commented Keith Smith,
Boyd Gaming President and CEO.
"Our three newly acquired Nevada properties delivered another great quarter as
well, as we continued to successfully execute on growth and synergy
opportunities. And despite softness in a few Louisiana markets, Adjusted EBITDA
grew at a majority of our regional properties, including strong results
throughout the upper Midwest,” Smith added.
Results for the current year include the operations of Aliante, acquired by the company on September 27, 2016, as well as Cannery and Eastside Cannery, acquired on December 20, 2016. Discontinued operations for the current quarter includes the firm’s share of a payment received by Borgata Hotel Casino & Spa in settlement of its outstanding property tax appeals. The company sold its interest in Borgata during the third quarter of 2016.
"We recommenced our capital return program
during the quarter, making our first share repurchases and dividend payments in
nearly a decade. To date we have repurchased nearly 600,000 shares, and in July
we made a dividend payment of 5 cents per share,” added Smith.
"At the same time, our strong and growing free cash flow allowed us to continue
investing in our business while deleveraging our balance sheet, as we paid down
US$74 million in debt in the quarter. In all, we continue to make great
progress executing our strategy to create long-term value for our shareholders,”
concluded Boyd’s President.
