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Boyd Gaming Profits Down 45%
LAS VEGAS --
On Wednesday morning, Boyd Gaming Corp (NYSE: BYD) reported fourth quarter earnings in a company press release. The report shows net income decreased due to several factors including a looming recession, additional competition, and leaner than expected results in Las Vegas.
Boyd reported profts of $31 million, while last year in the 4th quarter, net income was almost twice as high, near $56 million. The year-over-year drop is about 45%.
The company owns and operates 16 casinos across the United States in 5 different states. The company's latest project is a new casino called the Echelon on the Las Vegas Strip. Boyd Gaming shares were $10 apiece back in 2003. Just two years later, the stock soared to over $50 providing a 500% return to some investors.
Since 2007, the stock has been in free-fall, downward mode. After hitting $54 per share within the past 12 months, the company has seen the stock reduced to around $24. Despite the falling stock price, Boyd has been true to investors. The Board of Directors recently announced a quarterly dividend payable to shareholders.
Boyd announced they will be giving investors 15 cents for each share they on March 3rd. The dividend will be paid to all shareholders owning stock as of February 18th.
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