Boyd profit up despite drop in isle vacation unit

The casino operator says profit more than doubled to $22.1M

Casino operator Boyd Gaming Corp., whose Vacations Hawaii subsidiary operates charter flights to Las Vegas from Honolulu, said yesterday that second-quarter earnings more than doubled, partly due to the strength of its local market.

Net income was $22.1 million, or 25 cents a share, compared with $10.2 million, or 11 cents a share, a year earlier.

Revenue, though, fell 7.2 percent to $566.9 million from $611 million. Revenue from Vacations Hawaii, whose charter flights are operated six days a week, decreased 15.2 percent to $11.7 million from $13.8 million.

Hawaii residents primarily frequent Boyd's downtown properties, which include the California Hotel and Casino, the Fremont Hotel and Casino and the Main Street Station Casino, Brewery and Hotel.

Boyd's revenue from Las Vegas locals grew 3 percent to $211.2 million from $205.1 million.

Bill Boyd, chairman and chief executive of Boyd Gaming, said the company's development projects will provide it with substantial growth opportunities.

The company's board of directors also maintained its quarterly dividend at 15 cents a share. It will be payable Sept. 4 to shareholders of record as of the close on business on Aug. 17.