Boyd Gaming results miss Street, revenue falls at most properties

Tue Jul 24, 2012 10:24am EDT

* Q2 adj EPS $0.04 vs est $0.10

* Q2 rev $615.2 mln vs est $624 mln

* Shares fall as much as 13 percent

July 24 (Reuters) - Casino operator Boyd Gaming Corp reported quarterly results that fell short of Wall Street's expectations as revenue fell at most of its properties, sending its shares down as much as 13 percent.

Second-quarter net income was $1.0 million, or 1 cent per share, compared with a net loss of $3.0 million, or 3 cents per share, a year earlier.

"During the second half of the quarter, business trends began to weaken, and that clearly contributed to softness in our results," Chief Executive Keith Smith said in a statement.

On an adjusted basis, the company earned 4 cents per share, well below the average analyst forecast of 10 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 7.1 percent to $615.2 million, also missing analyst expectations of $624 million.

Shares of Las Vegas-based Boyd were down 13 percent at $5.78 on Tuesday morning on the New York Stock Exchange.

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