UP!

BYD $29.17   View long term graphs

Boyd Gaming Corp.
Type
Public
Traded as NYSE: BYD
S&P 600 Component
Industry Gambling, Hotels, Entertainment
Founded January 1, 1975; 42 years ago (January 1, 1975)
Founder Sam Boyd, Bill Boyd
Headquarters Paradise, Nevada, United States
Products Casinos, Hotels
Revenue DecreaseUS$2.1 billion (2016)
Operating income
DecreaseUS$260.6 million (2016)
Net income
IncreaseUS$418 million (2016)
Total assets IncreaseUS$4.6 billion (2016)
Total equity IncreaseUS$934 million (2016)
Number of employees
19,932 (December 2016)
Website boydgaming.com

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 management of Sam's son, Bill Boyd (born 1931), who currently serves as the company's executive chairman after retiring as CEO in January 2008.

As of December 31, 2009, the 15 wholly owned properties had 7,550 hotel rooms. It also had 812,500 square feet (75,480 m) of casino space with 21,400 slot machines and 425 table games. Gaming revenue is 75% of total gross revenue.

Boyd Gaming's history dates to 1941, when founder Sam Boyd first arrived in Las Vegas with his 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 the Sahara to become general manager and partner of The Mint Las Vegas.

Sam Boyd first partnered with his son Bill in 1962, when 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 1968.

Although the Boyd family had been involved in the Las Vegas casino industry for decades, Boyd Gaming Corporation wasn't founded until January 1, 1975, 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 in 1979, when 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 first two decades in 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 investigation of skimming operations at the Stardust and Fremont casinos in the mid-1980s. The properties were notorious at the time for their extensive skimming operations; according to the FBI, anywhere from $7 million to $15 million in funds from the Stardust were diverted to organized crime figures between 1974 and 1976 alone.

In 1984, after leveling a $3 million fine against the Stardust for skimming, the Nevada Gaming Commission asked to Boyds to run the property's gaming operations. When the Stardust was taken over by the reputable Boyd family, they were surprised by its huge profits, now that every penny of income was being recorded. Ex-FBI agent William F. Roemer Jr., longtime senior agent of the FBI's organized-crime squad in Chicago and an expert in Las Vegas doings, said, "The amount of skim had been so heavy that the profit and loss statement did not present a true picture of the gold mine that the Stardust was." After several years of successful operations, Boyd Gaming officially acquired the Stardust and Fremont in 1985.

Company founder Sam Boyd died on January 15, 1993, 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 aggressive growth. The company acquired the Eldorado and Jokers Wild (which had previously been owned directly by the Boyd family) in 1993; later that year, Boyd Gaming acquired Main Street Station Hotel and Casino and Brewery.

The company's first expansion outside of Nevada came in 1994, when Boyd Gaming opened Sam's Town in Tunica, Miss. Later expansions included:

Boyd Gaming's most ambitious expansion project came in 2003, when the company opened the $1.1 billion Borgata Hotel Casino in Atlantic City, N.J. A joint venture with MGM Resorts International, Borgata 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 is by far Boyd Gaming's largest property, and currently supplies more than a third of the company's overall profits.

Less than a year after Borgata opened, Boyd Gaming announced plans to acquire Coast Casinos, Inc., one of the largest operators of locals casinos in the Las Vegas market. Completed on July 1, 2004, the $1.3 billion acquisition gave Boyd Gaming four additional Las Vegas properties—Suncoast; Gold Coast; the Orleans; and Barbary Coast.

The 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, 2005. Boyd Gaming operated the property for less than a year before selling it to former Coast CEO Michael Gaughan in 2006. (The property was rebranded to its current name, South Point, following the sale to Gaughan.)

In 2006, Boyd Gaming turned its focus to what would have been the largest project in its history: Echelon, a $4.8 billion resort complex at the site of the Stardust. In preparation for the project, Boyd Gaming swapped the Barbary Coast to Harrah's Entertainment in exchange for 24 acres near the Stardust, giving the company an 87-acre parcel on the north end of the Strip. The famed Stardust was closed on November 1, 2006, and imploded the night of March 13, 2007.

Construction on Echelon Place began on June 19, 2007 with plans to open in 2010, but was suspended a little over one year later, on August 1, 2008. At the time, Boyd Gaming officials cited "the difficult environment in today's capital markets, as well as weak economic conditions," and estimated construction would resume in three to four quarters. As the global recession deepened, the suspension continued; in October 2009, the company said it would likely be three to five years before development resumed.However in March 2013, Boyd sold the Echelon site for $350 million to the Genting Group, a Malaysia-based gaming company to develop the site as Resorts World Las Vegas.

In 2007, Boyd purchased Dania Jai Alai, a fronton in Dania Beach, Florida. The company hoped to expand the facility with a casino, but efforts to allow new casinos in the Miami area made little headway. Boyd agreed in 2011 to sell the property to Dania Entertainment for $80 million, but the deal was not completed. The two companies reached a new sale agreement in February 2013 for $65.5 million.

Boyd Gaming bought the IP Casino Resort & Spa in October 2011 for $278 million cash, plus a $10 million donation to the Engelstad Family Foundation.

In November 2012, Boyd acquired Peninsula Gaming, an Iowa-based company with five casinos in the Midwest and South, for $1.45 billion.

The company made two deals in 2016 to expand its footprint in the Vegas locals market, acquiring the Aliante Casino and Hotel for $380 million and the two properties of Cannery Casino Resorts for $230 million. Meanwhile, it sold its 50 percent stake in the Borgata to MGM for $900 million.

News

Boyd Gaming Corporation 0.24% (consumer cyclical)

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-18 Future report Set alerts
Q3 2020 2020-10-20 Future report Set alerts
Q2 2020 2020-07-28 -0.98 -0.96
Q1 2020 2020-04-28 -0.02 -1.30
Q4 2019 2020-02-20 0.50 0.20
Q3 2019 2019-10-22 0.39 0.35
Q2 2019 2019-07-30 0.46 0.43
Q1 2019 2019-04-25 0.43 0.40
Q4 2018 2019-02-21 0.32 0.20
Q3 2018 2018-10-25 0.23 0.10

Ratings

2016-06-26 Reiterated Rating Deutsche Bank Buy
2016-06-26 Reiterated Rating Deutsche Bank AG Buy
2016-06-16 Reiterated Rating Deutsche Bank Buy
2016-06-08 Reiterated Rating Imperial Capital Outperform $26.00
2016-06-02 Reiterated Rating Deutsche Bank Buy
2016-04-28 Reiterated Rating Sterne Agee CRT Buy $24.00
2016-04-28 Reiterated Rating Imperial Capital Outperform
2016-04-27 Reiterated Rating Janney Montgomery Scott Buy
2016-04-26 Reiterated Rating Morgan Stanley Hold
2016-03-22 Upgrade Janney Montgomery Scott Neutral to Buy $21.00 to $25.00
2016-03-11 Reiterated Rating Wells Fargo Market Perform
2016-03-11 Reiterated Rating Wells Fargo & Co. Market Perform
2016-02-18 Boost Price Target Barclays Equal Weight $19.00 to $21.00
2016-02-18 Boost Price Target Barclays PLC Equal Weight $19.00 to $21.00
2016-02-17 Lower Price Target Susquehanna Positive $22.00 to $21.00
2016-02-17 Lower Price Target Nomura Neutral $21.00 to $19.00
2016-02-17 Boost Price Target Telsey Advisory Group Outperform $23.00 to $24.00
2016-02-17 Reiterated Rating Deutsche Bank Buy $24.00
2016-02-17 Lower Price Target Nomura Holdings Inc. Neutral $21.00 to $19.00
2016-01-27 Upgrade Sterne Agee CRT Neutral to Buy $21.50 to $22.00
2016-01-19 Reiterated Rating Telsey Advisory Group Outperform
2016-01-11 Initiated Coverage Susquehanna Positive $22.00
2016-01-08 Upgrade JPMorgan Chase & Co. Neutral to Overweight $20.00 to $22.00
2015-12-16 Upgrade Deutsche Bank Hold to Buy $24.00
2015-12-02 Upgrade Goldman Sachs Sell to Neutral $14.50 to $20.00
2015-12-02 Upgrade Goldman Sachs Group Inc. Sell to Neutral $14.50 to $20.00
2015-10-26 Boost Price Target Janney Montgomery Scott $18.50 to $21.50
2015-10-25 Reiterated Rating Nomura Hold
2015-10-23 Boost Price Target Sterne Agee CRT Neutral $19.00 to $21.50
2015-10-23 Boost Price Target Nomura Neutral $19.00 to $21.00
2015-10-23 Boost Price Target JPMorgan Chase & Co. Neutral $20.00
2015-10-23 Reiterated Rating Deutsche Bank Hold $22.00 to $24.00
2015-10-12 Reiterated Rating Credit Suisse Outperform $20.00
2015-10-12 Reiterated Rating Credit Suisse Group AG Outperform $20.00
2015-09-08 Reiterated Rating Telsey Advisory Group Outperform
2015-07-28 Upgrade Bank of America Underperform to Neutral $12.50 to $18.00
2015-07-28 Upgrade Bank of America Corp. Underperform to Neutral $12.50 to $18.00
2015-07-15 Reiterated Rating Deutsche Bank Hold $16.00 to $20.00
2015-07-14 Initiated Coverage Gabelli Buy $21.00
2015-06-01 Upgrade Credit Suisse Neutral to Outperform $17.00 to $18.00
2015-05-04 Set Price Target Sterne Agee CRT Hold $16.00
2015-03-12 Initiated Coverage Union Gaming Research Buy
2015-02-13 Boost Price Target JPMorgan Chase & Co. Neutral $10.00 to $14.00
2015-02-13 Boost Price Target Deutsche Bank Hold $13.00 to $15.00
2015-02-13 Reiterated Rating Sterne Agee CRT Neutral $9.50 to $16.00
2015-01-26 Set Price Target Janney Montgomery Scott Hold $13.00
2015-01-21 Reiterated Rating Deutsche Bank Hold $9.00 to $13.00
2014-11-25 Upgrade Macquarie Underperform to Neutral $11.00 to $12.00
2014-10-23 Reiterated Rating JPMorgan Chase & Co. Neutral $9.00 to $10.00
2014-09-10 Downgrade Morgan Stanley Overweight to Equal Weight $12.00 to $11.00
2014-08-04 Lower Price Target FBR & Co. Outperform $15.75 to $14.00
2014-08-04 Lower Price Target FBR & Co Outperform $15.75 to $14.00
2014-08-01 Lower Price Target Morgan Stanley $12.00
2014-08-01 Reiterated Rating JPMorgan Chase & Co. Hold $10.00 to $9.00
2014-08-01 Reiterated Rating Deutsche Bank Hold $11.00 to $9.00
2014-08-01 Reiterated Rating Brean Capital Hold to Hold
2014-08-01 Reiterated Rating Nomura Neutral to Neutral $9.00
2014-08-01 Reiterated Rating Wells Fargo & Co. Buy to Buy
2014-08-01 Downgrade Credit Suisse Outperform to Neutral $16.00 to $10.00
2014-08-01 Reiterated Rating Wells Fargo Buy to Buy
2014-07-01 Boost Price Target Deutsche Bank Hold $9.00 to $11.00
2014-06-27 Initiated Coverage Buckingham Research Underperform $10.00
2014-05-22 Lower Price Target Barclays Equal Weight $9.00 to $7.00
2014-03-25 Reiterated Rating Ascendiant Capital Markets Hold
2014-03-20 Reiterated FBR Capital Outperform $13 to $15.75
2014-03-20 Boost Price Target FBR & Co. Outperform $13.00 to $15.75
2014-03-11 Reiterated Rating Morgan Stanley Overweight $12.00 to $13.00
2014-02-06 Upgrade FBR Capital Mkt Perform to Outperform $11.35
2014-02-06 Upgrade FBR & Co. Market Perform to Outperform $11.35
2014-01-24 Lower Price Target Deutsche Bank Hold $12.00 to $10.00
2013-11-13 Resumed FBR Capital Mkt Perform $10.40
2013-11-13 Initiated Coverage FBR & Co. Market Perform $10.40
2013-11-04 Lower Price Target Imperial Capital In-Line $13.00 to $12.00
2013-11-04 Lower Price Target Janney Montgomery Scott Neutral $14.00 to $9.00
2013-11-01 Lower Price Target Telsey Advisory Group Not Rated $16.00 to $13.00
2013-11-01 Lower Price Target Susquehanna Neutral $12.00 to $11.00
2013-11-01 Lower Price Target Sterne Agee CRT Neutral $12.25 to $11.25
2013-11-01 Lower Price Target RBC Capital Sector Perform $12.00 to $11.00
2013-11-01 Lower Price Target JPMorgan Chase & Co. Neutral $12.00 to $10.00
2013-11-01 Lower Price Target Credit Suisse Outperform $18.00 to $16.00
2013-11-01 Reiterated Rating Morgan Stanley Buy $17.00
2013-10-22 Boost Price Target RBC Capital Sector Perform $10.00 to $12.00
2013-10-16 Reiterated Rating Morgan Stanley Overweight $16.00 to $17.00
2013-09-23 Reiterated Rating Sterne Agee CRT Hold $12.25
2013-09-22 Boost Price Target Credit Suisse Outperform $15.00 to $18.00
2013-08-01 Reiterated Imperial Capital In-line $9.50 to $13
2013-04-25 Reiterated Deutsche Bank Hold $7 to $10
2013-04-25 Reiterated Barclays Equal Weight $7 to $9
2013-03-05 Reiterated Deutsche Bank Hold $6 to $7
2012-02-09 Downgrade Barclays Capital Overweight to Equal Weight $10 to $8
2011-02-16 Initiated Stifel Nicolaus Hold
2011-01-28 Initiated FBR Capital Mkt Perform $12
2011-01-21 Upgrade Argus Sell to Hold
2011-01-05 Upgrade Barclays Capital Equal Weight to Overweight $7 to $13
2010-08-20 Downgrade Argus Buy to Sell
2010-08-10 Initiated Merriman Sell
2010-07-16 Initiated Jefferies Underperform $7
2010-05-14 Upgrade Argus Sell to Buy $17
2010-03-18 Initiated Deutsche Bank Hold $8
2009-10-30 Downgrade Argus Buy to Sell
2016-06-26 Reiterated Rating Deutsche Bank Buy
2016-06-26 Reiterated Rating Deutsche Bank AG Buy
2016-06-16 Reiterated Rating Deutsche Bank Buy
2016-06-08 Reiterated Rating Imperial Capital Outperform $26.00
2016-06-02 Reiterated Rating Deutsche Bank Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
BOYD WILLIAM S Executive Chairman 17.84%  (19341229) BYD / WAL /
SMITH KEITH President and CEO 1.05%  (1132714) BYD / SKYW /
Hirsberg Josh Sr. V.P., Treasurer & CFO 0.27%  (289681) BYD /
JOHNSON MARIANNE BOYD Executive Vice President 0.21%  (231173) BYD / WAL /
CHAKMAK PAUL Executive Vice President & COO 0.15%  (163988) BYD /
BOUGHNER ROBERT L Executive Vice President 0.10%  (107562) BYD / SWX /
Bogich Ted Executive Vice President 0.10%  (103813) BYD /
LARSON BRIAN A Executive Vice President 0.08%  (83497) BYD /
Thompson Stephen S. Executive Vice President 0.05%  (53354) BYD /
BOYD WILLIAM R Vice President 0.04%  (41122) BYD /
Bailey John Robert 0.01%  (12000) BYD /
MCCOY BILLY G 0.01%  (10001) BYD /
WILSON VERONICA J 0.01%  (9067) BYD /
SPADAFOR CHRISTINE J. 0.01%  (8200) BYD /
WHETSELL PAUL W 0.01%  (7500) BYD / NVR /
MCDUFFIE ANTHONY D VP & Chief Accounting Officer 0.01%  (6901) BYD /

Comments