UPDATE 3-Boyd Gaming 3rd-quarter profit, shares fall

* Q3 shr $0.07 vs $0.10 yr earlier

* Revenue falls 6.6 percent

* Shares fall nearly 13 percent (Recasts, adds analyst comments, share price, byline, previous NEW YORK)

By Deena Beasley

LOS ANGELES, Oct 27 (Reuters) - Casino operator Boyd Gaming Corp (BYD.N) said on Tuesday its quarterly profit fell about 27 percent amid a slump in consumer spending, especially at its Las Vegas properties, sending its shares down 13 percent.

"The Las Vegas locals market is really bad and downtown is not much better," said Susquehanna Financial analyst Robert LaFleur. He noted that Boyd's Borgata joint venture with MGM Mirage (MGM.N) in Atlantic City, New Jersey did better, mainly because "it's the best house in a really bad neighborhood."

Boyd, which owns and operates 16 casinos in six states, last year suspended work on its partially built Echelon project on the Las Vegas Strip. The company's existing Las Vegas properties cater mainly to local residents, rather than tourists.

The company's third-quarter net income fell to $6.3 million, or 7 cents a share, from $8.7 million, or 10 cents a share, a year earlier.

Excluding one-time items, Boyd earned 9 cents per share.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at Boyd's Las Vegas casinos fell more than 4.5 percent.

The Las Vegas-based company said overall revenue fell 6.6 percent to $398.2 million.

"EBITDA of $92 million came in below our $96 million forecast driven by lower than expected results from Boyd's Downtown, Las Vegas Locals, and the Midwest/South regions," Goldman Sachs analyst Steven Kent said in a research note. "Company-wide EBITDA was partially offset as income from the Borgata came in $4 million higher than our assumption driven by continued strong cost-cutting."

Boyd's shares were down $1.21 at $9.47 on Nasdaq. (Additional reporting by Deepa Seetharaman; Editing by Derek Caney)