Boyd Gaming Provides Update On Borgata Online Gaming Operations
-- December 2013 New Jersey Online Data Show Borgata/PartyPoker Network Establishes Leading Market Share of 45% --
-- Borgata Online Accounts for $2.3 Million of Online Revenues, Giving the Borgata Brand 32% Market Share --
LAS VEGAS, Jan. 14, 2014 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today provided the following statement regarding the December 2013 online gaming data release by the New Jersey Division of Gaming Enforcement.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said:
"We are extremely encouraged by Borgata's performance during the first full month of online wagering. While this is just one month of results, the leadership position we have built at Borgata over the last decade has clearly carried over to our online presence.
"When matching our online and land-based databases, we found that 60 percent of online casino customers had not been to Borgata in over a year, and over 75 percent had made fewer than two trips to Borgata in the past year. And on a combined basis, online and land-based poker revenue at Borgata was up more than 40 percent from our land-based play in December 2012. Clearly, online gaming is complementary to our land-based business, not competitive.
"Having New Jersey's most trusted gaming brand has provided a solid foundation for our successful online launch. Our network has attracted the largest pool of players in the New Jersey online market, allowing us to offer our customers a wide selection of games and table stakes at all times. This gives our network a significant competitive advantage and positions us for further success.
"We are confident that as we refine our marketing efforts, improve the customer experience, and introduce our mobile product, we will further strengthen our leading position in online gaming. We have significant room for growth ahead of us.
"Boyd Gaming embraces online gaming and sees it as an important distribution opportunity. The roll-out in New Jersey is a good first step, but we are looking forward to opportunities in other markets as well."
Commenting on Borgata's land-based operations, Smith said: "Results for our land-based operations for December did not meet our expectations. However, the shortfall was due to several short-term factors, including an unusually low hold percentage and severe winter weather during two weekends. While we are disappointed in the December results, we remain optimistic that the positive momentum we have seen in recent months will continue in 2014."
About Boyd Gaming
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey. Boyd Gaming press releases are available at www.prnewswire.com. Additional news and information on Boyd Gaming can be found at www.boydgaming.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: expectations regarding Borgata's December results; optimism for Borgata's results in 2014; Borgata's performance during the first full month of online wagering; the complementary position that online gaming occupies in relation to the Company's land-based business; the competitive advantage and position provided by Borgata's online product offerings and online player pool; the continuance of Borgata's position in online gaming; the potential roll-out of online gaming to other markets; and the potential for continued growth in the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company's operating results; recovery of its properties in various markets; the state of the economy and its effect on consumer spending and the Company's results of operations; the timing for economic recovery, its effect on the Company's business and the local economies where the Company's properties are located; the receipt of legislative, and other state, federal and local approvals for the Company's development projects in Florida, California and other jurisdictions; whether online gaming will become legalized in various states, the Company's ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company's expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
SOURCE Boyd Gaming Corporation