Boyd Gaming to Reopen Casinos in Nevada, Missouri and Iowa
Boyd Gaming Corporation BYD intends to resume operations at 13 properties in Nevada, Missouri and Iowa. However, receipt of final regulatory approvals is pending. Notably, the company had closed operations in mid-March due to the coronavirus pandemic. In the past three months, the company’s shares have fallen 16.2%, compared with the industry’s decline of 13.3%.
The company announced that it plans to resume operations at its two Missouri properties — Ameristar St. Charles and Ameristar Kansas City; and two Iowa properties — Diamond Jo Dubuque and Diamond Jo Worth on Jun 1. Moreover, its Nevada properties — The Orleans, Gold Coast, Suncoast, Aliante, Cannery, Sam's Town, Fremont, California and Jokers Wild are anticipated to resume operations on Jun 4.
The company has already resumed operations at seven properties across Louisiana and Mississippi. Keith Smith, president and CEO of Boyd Gaming said "By the first week of June, we look forward to having 21 of our 29 properties across the country back in operation, and we are optimistic that we will be able to reopen most of our remaining properties by the end of June.”
Boyd Gaming has already taken certain strategic measures to protect the business in this crisis scenario. These measures include the suspension of dividend and stock buyback programs. Notably, this is in line with its plan of preserving cash and maintaining ample liquidity to avoid a possible recession due to the coronavirus outbreak.
Although coronavirus has triggered a catastrophe in terms of lives lost and financial impact, the company appears resilient enough to navigate through these uncertain times. We believe that it will continue to monitor the COVID-19 crisis and adjust contingency plans accordingly.
Boyd Gaming — which shares space with Century Casinos, Inc. CNTY , Eldorado Resorts, Inc. ERI and Las Vegas Sands Corp. LVS in the Zacks Gaming industry — has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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