Boyd Gaming Corp. (NYSE: BYD) reported Tuesday that the company posted a smaller fourth-quarter loss, citing lower expenses and increased business in Las Vegas, according to Associated Press.
Boyd lost $1 million, or a penny per share, in its fiscal fourth quarter, compared to a loss of $220.8 million, or $2.51 per share, a year ago.
Excluding debt retirement gains, preopening expenses related to Echelon and the write-off of deferred loan fees, Boyd had a loss of less than a penny per share for the quarter.
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Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, expected break-even results.
Revenue declined 9 percent to $384.9 million from $422.6 million as gaming, food and beverage and room revenue dropped. The performance missed Wall Street's expectation of $386.1 million. However, Boyd cut expenses to $367.2 million from $677.5 million.
For their Las Vegas market, Boyd reported stable visitation at sites in the Las Vegas Valley.
Boyd returned to a full-year profit of $4.2 million, or 5 cents per share, compared to a loss of $223 million, or $2.54 per share, in the previous year. Annual revenue dropped 8 percent to $1.64 billion from $1.78 billion.
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