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
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