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Boyd delays Echelon, suspends dividend, profit off
August 1, 2008 / 11:46 AM / in 9 years

Boyd delays Echelon, suspends dividend, profit off

NEW YORK, Aug 1 (Reuters) - Casino operator Boyd Gaming Corp (BYD.N) said on Friday it has decided to delay construction of its new Las Vegas Strip casino called Echelon and suspended quarterly dividends.

The company also posted lower second-quarter profit as the U.S. economic slowdown reduced gambling revenue.

The company also said it has decided to delay the construction of Echelon due to the challenging economic environment. It plans to resume construction in three or four quarters, assuming credit market conditions and economic outlook improves.

Boyd had been paying quarterly dividends of 15 cents per share.

Boyd reported net income of $21.7 million, or 25 cents a share, compared with $22.1 million, or 25 cents per share, a year earlier.

Income from continuing operations slipped to 25 cents a share in the quarter from 26 cents a share a year before.

Excluding items, earnings in the quarter were 30 cents a share, down from a year-ago 45 cents a share. (Reporting by Euan Rocha, editing by Gerald E. McCormick)

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