Boyd Gaming Corporation, the casino gaming giant with properties in Las Vegas, Atlantic City, Illinois, Indiana,  Louisiana and Mississippi, reported net revenues were $606.7 million for the fourth quarter 2011, an increase of 9.9 percent from $551.9 million during the same quarter in 2010. Total Adjusted EBITDA rose 14.3 percent to $114.3 million, compared to $100 million in the prior year.  These results include the operations of the IP Casino Resort Spa, acquired by the company on Oct. 4, 2011.

Boyd Gaming's wholly-owned business, including the IP, reported fourth-quarter 2011 net revenues of $428.9 million, up 12.3 percent from the year-ago period. Wholly-owned Adjusted EBITDA rose 15.9 percent to $76.4 million. Borgata, the company's 50 percent joint venture in Atlantic City, reported fourth-quarter 2011 net revenues of $176.4 million, up 4.5 percent from the fourth quarter of 2010, while Adjusted EBITDA at the property increased 11 percent to $37.9 million.  Despite these numbers, for the fourth quarter 2011 Boyd reported a net loss of $0.5 million, compared to a net loss of $7.1 million in the same period last year. 

Adjusted Earnings for the fourth quarter 2011 were a loss of $2.9 million, compared to a loss of $3.9 million for the same period in 2010. Certain pre-tax items included in Adjusted Earnings for the fourth quarter 2011 resulted in a net decrease of less than $0.1 million ($2.4 million, net of tax and non-controlling interest). By comparison, pre-tax items included in Adjusted Earnings for the fourth quarter 2010 resulted in a net increase in income of $4.9 million ($3.2 million, net of tax and non-controlling interest).

"We continued to produce consistent growth across the business in the fourth quarter,” said Keith Smith, president and CEO of Boyd Gaming. “Our focus on profitable revenue growth and creating efficiencies allowed us to produce gains in EBITDA every quarter in 2011 and, for the first time in several years, we reported revenue increases in each of our business segments during the quarter.  As economic conditions strengthen in our core markets, we are confident that our strategy of keeping a tight rein on costs, generating profitable new revenues and diversifying our sources of cash flow will deliver bottom-line results." 

For the full year ended Dec. 31, 2011, Boyd Gaming reported net revenues of $2.34 billion, an increase of 1.6 percent from the year ended Dec. 31, 2010. Total Adjusted EBITDA was $466.1 million during the period, an increase of 4.7 percent from the year 2010. Full-year 2011 results include the operations of the IP, acquired by the company on Oct. 4, 2011.

During the full-year 2011, Boyd’s wholly-owned operations posted net revenues of $1.6 billion, up 3 percent from the year-ago period, while wholly-owned Adjusted EBITDA rose 11.7 percent to $308 million.  Borgata reported net revenues of $730.3 million during the year ended December 31, 2011, a decline of 1.1 percent, while property Adjusted EBITDA was down 6.7 percent to $158.1 million. The company reported a net loss for the year ended of $3.9 million, compared with net income of $10.3 million for the year ended Dec. 31, 2010. Adjusted Earnings for the Company for the year ended December 31, 2011 were $1.1 million compared to earnings of $10.6 million during the full-year 2010.