In preparation for BYD's Q4 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.




  • “As of September 30, IP generated about $36 million in LTM EBITDA… we continue to project we will be able to realize a minimum of $5 million additional EBITDA from the IP.”
  • “As the conversation about the legalization of online poker continues to gain momentum, we're working aggressively to position the company to take advantage of opportunities that may arise should Congress enact legislation related to the online gaming environment”
  • “We expect wholly-owned EBITDA, which includes corporate expense to be in the range of $73 million to $78 million inclusive of IP's results. Absent hurricanes and earthquakes, we expect Borgata to generate EBITDA of $34 million to $37 million compared to $34 million last year in the fourth quarter. With this range of EBITDA guidance including the IP's results adjusted EPS for the fourth quarter is expected to range from income of $0.01 per share to a loss of $0.04 per share.”
  • “I think as far as the impact of growth within the quarter overall the summer is obviously typically the slower part of the business for the Las Vegas Locals segment overall. The business overall has continued to improve, and if you go back a number of quarters, the rate of decline obviously continued to lessen and we've said it was a chance for us finally to post year-over-year revenue increase for the segment overall.”
  • “But overall on the gaming side of the business, we continue to see modest, but certainly positive improvements throughout the locals business.”
  • [4Q]: “I'm using the same tax rate that we had in Q3 because that's kind of the best information I have right now.”
  • “We get beyond kind of regular maintenance capital, I think the free cash flow is going to be going to de-leverage the business.”
  • [Maintenance Capex] “Our run rate probably for this year is about $70 million. We'll probably come in a little bit less than that I would expect. For next year, Boyd without kind of IP is probably $75 million to $80 million. And Borgata is about $8 million of maintenance for the third quarter and they'll end up spending probably on top of that this year probably about $20 million in capital related to their room refurbishment project.  So their normal maintenance would be normally around $15 million to $20 million and then about $20 million for the room refinish.  So again, $15 million to $20 million of maintenance and probably a little bit more for the refurbishment project related to just because of the spend, so you know maybe they end up  spending about $25 million to $30 million for that project. IP should be about $44 million of maintenance that we mentioned when we acquired that asset.”

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