boyd needs a third-quarter rally.

Looks like my old employer had a rough quarter. From the Las Vegas Business Press:

Report: Boyd's revenue will be worse than Street

BY DAVID MCKEE

Second-quarter revenue at Boyd Gaming will fall short of even Wall Street's lowest-end projections, predicts a Majestic Research report that shows play continuing to decline at South Coast Hotel & Casino and Boyd losing market share downtown, once its traditional stronghold. Wall Street's consensus on Boyd net revenue for April-June ranges from $614 million to $655 million, said Majestic Research, which foresees numbers 5 percent to 9 percent lower, falling somewhere between $585 million and $599 million...

Another riverboat facility, Blue Chip Casino & Hotel, Michigan, Ind., unveiled a $163 million expansion last January, prompting 38 percent revenue growth over early 2005. The novelty of an augmented Blue Chip may be wearing off, as revenue growth has slowed, albeit to a still-robust 24 percent in April and May.

Boyd declined to comment on the Majestic Research forecast, citing prohibitions against intra-quarter revenue commentary. In 10 of the past 14 quarters, Boyd has come in slightly above Majestic Research's profit projections.

The news was better for Harrah's Entertainment, with tracking data showing it on pace for $2.3 billion in net revenues for the second quarter. Highlighting that performance was the one-two punch thrown by Harrah's Las Vegas and the Rio All-Suite Hotel & Casino, overperforming to the tune of 56 percent above average for the market. Read more.

Back when I worked at Blue Chip, we were Boyd's most profitable property. That always struck an odd chord with me, since we were a small riverboat in NW Indiana and Boyd has such deep Vegas roots. I think they represent "old" Vegas and are still trying to re-define themselves in an age where their end of the Strip is getting pummeled by the north end, where Harrah's owns nearly everything of consequence.