Boyd Gaming said fourth-quarter revenues jumped 33 percent after it acquired more companies but net income fell on a lack of tax breaks.
The Las Vegas-based company said fourth-quarter net revenue advanced to $792 million from $595 million during the same period last year.
Net income fell to $22.9 million from $82.1 million. Boyd earned a $60.1 million non-cash income tax benefit in the fourth quarter last year. Excluding that, net income would have risen 4 percent.
The company said the quarterly profit was also affected by non-recurring expenses of $12.1 million related mainly to acquisition and development activities. Boyd acquired six assets last year.
Adjusted earnings for the fourth quarter were $37 million compared with adjusted earnings of $25.5 million for the same period last year.
Adjusted property cash flow rose 41 percent to $148 million in part as the company improved its operating efficiency.
Boyd’s Las Vegas Locals and Downtown segments saw property cash flow increase 13 percent and 10 percent respectively as it enhanced marketing and operations.
Shares closed down .42 percent to $28.28 Thursday.