Boyd Gaming Corp BYD
Q2 2010 Earnings Call Transcript

Transcript Call Date 08/03/2010

Operator: Good day, ladies and gentlemen and welcome to the Second Quarter 2010 Boyd Gaming Earnings Conference Call. My name is Chris and I will be your operator for today. At this time all participants are in a listen only mode. Later we will conduct a question-and-answer session. (Operator Instructions). As a reminder this conference is being recorded for replay purposes.

I would now like to turn the conference over to our host for today, Mr. Josh Hirsberg, Senior Vice President, Chief Financial Officer and Treasurer. Please proceed.

Josh Hirsberg - SVP, CFO and Treasurer: Thank you, Chris, and good morning, everyone and welcome to our second quarter earnings conference call. Joining me on the call this morning are Keith Smith, our President and Chief Executive Officer and Paul Chakmak, our Executive Vice President and Chief Operating Officer.

Our comments today will include statements relating to our future results, including among others the financial outlook for the company, our expansion and development projects and other market, business and property trends that are forward-looking statements within the Private Securities Litigation Reform Act.

All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Actual results may differ materially from those projected in any forward-looking statement, as a result of certain risks and uncertainties including but not limited to those noted in our earnings release, our periodic reports and our other filings with the SEC.

During our call today we will make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures please refer to our earnings press release and our Form 8-K furnished to the SEC today and both of which are available in the Investor section of our website at

Finally as a reminder we are broadcasting this call on our website at and

I'd now like to turn the call over to Keith Smith, our President and CEO. Keith?

Keith E. Smith - President and CEO: Thanks, Josh and good morning, everyone. Thank you for joining us this morning. Earlier this morning, we released our results for the second quarter of 2010. As we mentioned in our release, despite a difficult May and June our overall performance was consistent with last two quarters and generally in line with our expectations.

The weakness we experienced following our last conference call in early May is a reflection of the fragile nature of today's consumer, the fragile nature of consumer confidence in general. Whether its diversion in federal deficit, volatility in the stock market, the European debt crisis, significantly high unemployment the consumer is reacting more quickly to the news than ever before and their current reaction has been to pull back on their spending.

The severity and length of this recession currently had a profound effect on consumer behavior. (Type of) fluctuations we experienced in May and June, we continue to believe the long-term stabilizing trends we've discussed on previous calls will be in place. And while the last several months have shown the difficulty of predicting consumer behavior, we continue to believe that year-over-year growth is achievable by the end of this year.

Read our Earnings Call Transcript disclaimer.
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