LAS VEGAS (AP) – Boyd Gaming’s net income soared in the second quarter, thanks to the sale of its jai-alai operations and a rise in consumer spending. Its adjusted results met analysts’ estimates, and the stock shot up in morning trading.
For the period ended June 30, the casino operator earned $11.6 million, or 13 cents per share. That compares with $977,000, or a penny per share, a year ago.
The current quarter included a gain of $18.9 million from the sale of Dania Jai-Alai in Dania, Fla.
Removing Dania Jai-Alai and other items, Boyd reported breakeven results. This met Wall Street’s expectations.
Boyd’s stock gained $1.56, or 14.4 percent, to $12.42 in Tuesday morning trading. Over the past year, the shares have traded between $4.75 and $14.50.
Revenue increased 20 percent to $738.7 million from $614.1 million, as people spent more money gambling and on food and drinks. The performance also benefited from the November acquisition of Peninsula Gaming LLC, which contributed $135.8 million in revenue.
Analysts polled by FactSet forecast $741.4 million in revenue.
Boyd Gaming Corp., based in Las Vegas, has 22 properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and Atlantic City, N.J.
Copyright 2013 The Associated Press.
