Post the coronavirus-induced shutdowns in mid-March, Boyd Gaming Corporation (BYD - Free Report) recently resumed operations at Valley Forge Casino Hotel in King of Prussia, PA, on Jun 26. It also announced plans to reopen Par-A-Dice Hotel Casino in East Peoria, IL, on Jul 1. With these re-openings, management stated that of the total 29 properties nationwide, 26 Boyd Gaming properties will resume operations. However, the reopenings are subject to final regulatory approvals.
Upon resuming the business, these are likely to operate with limited amenities and capacity restrictions, per the guidelines set by the state and local authorities with a view to mitigate and minimize the coronavirus spread. Notably, strict social-distancing measures will be observed across casino floors and restaurants. Also, the in-house team of personnel will be trained to abide by the safety protocols.
Keith Smith, president and chief executive officer, Boyd Gaming, stated, "We are encouraged by business volumes and responses from our guests since we began reopening our properties in mid-May, and we look forward to continued recovery as we provide safe and enjoyable experiences for our guests."
Resort Reopening & Improved Traffic to Drive Growth
Although coronavirus has triggered a catastrophe in terms of lives lost and financial impact, the company appears resilient enough to navigate through these uncertain times.
Following the closure of properties in mid-March, Boyd Gaming aims to revive its business with improved traffic and more resort reopenings. Moreover, to support these reopenings, the company followed local regulations to ensure the safety and wellbeing of its guests and employees.
On May 20, the company reopened Delta Downs Racetrack Casino Hotel, Evangeline Downs Racetrack Casino Hotel and Treasure Chest Casino, followed by two Mississippi-based properties, IP Casino Resort Spa in Biloxi and Sam's Town Hotel & Gambling Hall in Tunica, the next day.
On Jun 1, the company reopened Ameristar St. Charles and Ameristar Kansas City along with Diamond Jo Dubuque and Diamond Jo Worth. This was followed by the reopening of The Orleans, Gold Coast, Suncoast, Aliante, Cannery, Sam's Town, Fremont, California and Jokers Wild, which recommenced operations on Jun 4.
On Jun 15, the company initiated to restart activities at two Indiana properties, namely Blue Chip Casino Hotel and Spa in Michigan City and Belterra Casino Resort in Florence. This was followed by the reopening of the Ohio-based resort, Belterra Park, in Cincinnati on Jun 19.
Notably, management looks forward to ramping up business operations with improved traffic, in times to come. So far this year, shares of Boyd Gaming have slumped 34.4% compared with the industry’s 31.6% decline.
Zacks Rank & Key Picks
Boyd Gaming currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Zacks Consumer Discretionary sector include Accel Entertainment, Inc. (ACEL - Free Report) , Culp, Inc. (CULP - Free Report) and Activision Blizzard, Inc (ATVI - Free Report) , each sporting a Zacks Rank #1.
Earnings in 2021 for Accel Entertainment and Culp are expected to surge 533.3% and 75%, respectively.
Activision Blizzard has a three-five-year earnings per share growth rate of 18.8%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>