Shares of Boyd Gaming Edge Lower Following Unexpected Q1 Loss

Boyd Gaming

shares are trading lower by 3 percent to $11.41 after the company reported

The loss per share came in at $0.04, versus the analyst expectations of a gain of $0.01 per share. Revenue was reported at $708.3 million, missing estimates of $713.12 million. Revenue decreased 3.8 percent year over year. The company blamed severe winter weather for the earnings miss, estimating a $10 to $12 million hit to adjusted EBITDA. Borgata's online gaming operations recorded a $3.2 million operating loss related to its launch. “We were particularly encouraged by the performance of our Las Vegas Locals business, which generated its fifth straight quarter of EBITDA growth. The refinements we have made to our operations are paying clear dividends in all segments of our business, and we expect additional benefits as the economy recovers,” said President and Chief Executive Officer Keith Smith.