10-K annual report · filed Feb 23, 2017

Boyd Gaming Corp (BYD) FY2016 10-K Annual Report

Short answer

Boyd Gaming Corp (BYD) filed its fiscal 2016 10-K annual report with the SEC on Feb 23, 2017. It reported revenue of $2.2B and net income of $418M.

  • Top risk flagged: Nevada Gaming Commission and state regulators: license renewal or revocation could halt casino operations

FY2016 key financial metrics · XBRL

Revenue
$2.2B
Net income
$418M
Operating margin
11.9%
EPS (diluted)
$3.63
ROE
44.8%
Operating cash flow
$303M

Source: XBRL data from the Boyd Gaming Corp (BYD) FY2016 10-K on SEC EDGAR. USD.

Boyd Gaming Corp FY2016 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Multi-jurisdictional casino operator: 24 wholly-owned gaming properties across seven states, with gaming generating 75% of 2016 gross revenues
  • New Las Vegas Locals expansion: Aliante acquired September 27, followed by Cannery and Eastside Cannery acquisitions December 20
  • Borgata exit and balance-sheet repositioning: sold 50% interest for $900 million while refinancing approximately $3 billion of debt since 2015
  • Non-gaming reinvestment emphasized: over $100 million planned through 2017, with approximately 3,100 hotel rooms redesigned and more than ten food concepts introduced
  • Workforce of approximately 19,932 employees, including 1,867 covered by collective bargaining agreements

Management Discussion & Analysis

  • Net revenues $2,184.0M, down $15.5M or 0.7% YoY, with Midwest and South declining $55.4M
  • Operating income $260.6M vs $271.2M, while gaming margin reached 51.61% vs 51.23%
  • Best segment: Las Vegas Locals revenue $647.9M, up $37.8M or 6.2%; worst: Midwest and South $1,299.7M, down $55.4M or 4.1%
  • Operating cash flow $302.9M, capex $160.4M, acquisitions $592.7M, debt repayments $97.9M, no buybacks or dividends
  • 2017 capex guidance approximately $248M; risks include soft regional markets, increased gaming capacity and potential future impairment charges

Risk Factors

  • Nevada Gaming Commission and state regulators: license renewal or revocation could halt casino operations
  • Hawaiian customers: more than half of room nights at California, Fremont and Main Street Station
  • Riverboat operations: USCG Certificate of Inspection loss would preclude casino use
  • Illinois video lottery terminals: more than 22,000 devices statewide, nearly 4,000 near Par-A-Dice
  • Leverage: restrictive debt covenants limit additional borrowing, acquisitions and capital expenditures

Generated from the filing text; verify against the original. How to read a 10-K

Other Boyd Gaming Corp annual reports

Ask about this 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.