Boyd Gaming (BYD) Posts Q4 Loss of 31c/Share; to Sell Echelon in $350M Deal

March 4, 2013 6:31 AM EST
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Price: $60.44 +3.00%

EPS Growth %: +681.3%

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Other: 18.66M

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Boyd Gaming Corp. (NYSE: BYD) reported Q4 EPS of ($0.31), $0.18 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $625.8 million versus the consensus estimate of $635.37 million.

The Company also announced that it has entered into a definitive agreement to sell the Echelon site on the Las Vegas Strip to the Genting Group for $350 million in cash.

The sale agreement includes both the 87-acre land parcel as well as all improvements to the site. Subject to the terms of the definitive purchase agreement and satisfaction of various conditions, the transaction is expected to close today. A portion of the proceeds will be paid to a third party to fulfill the Company's obligations to LVE Energy Partners, LLC. Following this payment and other closing costs, Boyd Gaming expects to receive approximately $157 million in net proceeds from the transaction.

Based on the Company's decision not to proceed with development of the Echelon site, Boyd Gaming recorded a one-time, non-cash pretax impairment charge of approximately $994 million, which is reflected in the Company's fourth-quarter 2012 results.

For earnings history and earnings-related data on Boyd Gaming Corp. (BYD) click here.

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