Short answer
Boyd Gaming Corp (BYD) filed its fiscal 2017 10-K annual report with the SEC on Feb 26, 2018. It reported revenue of $2.4B (+9.2% year over year) and net income of $189M.
- Top risk flagged: Pending acquisitions require state gaming commission approval and HSR clearance, with Penn National transaction exposure to a reverse termination fee up to $58 million
FY2017 key financial metrics · XBRL
- Revenue
- $2.4B
- +9.2% YoY
- Net income
- $189M
- −54.7% YoY
- Operating margin
- 14.3%
- +2.5 pp YoY
- EPS (diluted)
- $1.64
- −54.8% YoY
- ROE
- 17.2%
- −27.6 pp YoY
- Operating cash flow
- $415M
- +37.0% YoY
Source: XBRL data from the Boyd Gaming Corp (BYD) FY2017 10-K on SEC EDGAR. USD.
Boyd Gaming Corp FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Multi-jurisdictional gaming operator with 24 wholly owned properties across seven states, primarily monetizing casino gaming and complementary hospitality amenities
- Announced $855.5 million of acquisitions: four Penn National properties for $575.0 million and Valley Forge for $280.5 million
- Strategic shift toward balance-sheet strengthening and scale: $85.0 million debt prepayments plus 1.2 million share repurchases
- Non-gaming reinvestment program completed after over $100 million invested, including approximately 3,100 redesigned hotel rooms
- 2017 footprint: 1,358,856 casino square feet, 30,267 slot machines and 9,372 hotel rooms; 19,707 employees at year-end
Management Discussion & Analysis
- Net revenue $2,383.7M, up $199.7M or 9.1% YoY, driven by Aliante and Cannery acquisitions
- Operating income $343.5M vs $260.6M; gaming margin 53.19% vs 51.61%, room margin 72.34% vs 74.10%
- Best segment Las Vegas Locals: revenue $858.9M, up 32.6%; weakest Midwest and South: $1,281.2M, down 1.4%
- Operating cash flow $414.9M; capex $190.4M; debt payments $161.5M; dividends $11.3M; repurchases $31.9M
- Outlook: $575.0M Penn National and $280.5M Valley Forge acquisitions expected in second half of 2018, subject to approvals
Risk Factors
- Pending acquisitions require state gaming commission approval and HSR clearance, with Penn National transaction exposure to a reverse termination fee up to $58 million
- Hawaiian customers exceed half of room nights at California, Fremont and Main Street Station, creating concentrated exposure to air travel and fuel costs
- Delta Downs remediation follows EPA examination under the Clean Water Act, with future violations potentially triggering fines
- Illinois video lottery terminals added more than 22,000 statewide, including nearly 4,000 near Par-A-Dice
- Boyd family owned approximately 27% of shares, enabling significant influence over elections and major corporate actions
Generated from the filing text; verify against the original. How to read a 10-K
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