Boyd Gaming Corporation (BYD) has reported 1,247.38 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $342.57 million, or $2.97 a share in the quarter, compared with $25.42 million, or $0.22 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $16.68 million, or $0.14 a share compared with $8.03 million or $0.07 a share, a year ago. 

Revenue during the quarter went down marginally by 2.64 percent to $531.90 million from $546.31 million in the previous year period. Gross margin for the quarter expanded 79 basis points over the previous year period to 45.90 percent. Total expenses were 87.23 percent of quarterly revenues, down from 87.29 percent for the same period last year. This has led to an improvement of 6 basis points in operating margin to 12.77 percent.

Operating income for the quarter was $67.92 million, compared with $69.42 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $121.94 million compared with $125.17 million in the prior year period. At the same time, adjusted EBITDA margin improved 1 basis points in the quarter to 22.93 percent from 22.91 percent in the last year period.  

Keith Smith, president and chief executive officer of Boyd Gaming, said: "Our Nevada operations continued their strong performance in the third quarter, as our Las Vegas Locals segment delivered double-digit EBITDA growth for the fifth time in the last six quarters. Outside of Nevada, results were primarily impacted by continued softness at IP and Par-A-Dice, while the remainder of our regional operations generally performed in-line with our expectations. Looking ahead, the acquisition of Aliante positions us well for future growth, as we expand our presence in our top-performing market. We also continued to strengthen our financial foundation with the completion of a major refinancing, simplifying the Company’s capital structure and significantly reducing interest expense."

Full Year 2016 Guidance
Based on third-quarter results in the Midwest and South segment and current expectations for the fourth quarter, the Company now projects Adjusted EBITDA of $530 million to $538 million for the full year 2016. This guidance includes fourth-quarter contributions from Aliante, and excludes any contribution from the pending acquisition of the Cannery properties.