Boyd Gaming Corp (NYSE:BYD)

klydecowater (80.69) Submitted: 10/7/2006 9:48:28 AM : Start Price: $40.80 BYD Score: +85.73

Stock is in a different place than Harrah's and will not benefit from same exuberance over Harrah's.

allenjnelson (49.28) Submitted: 10/4/2006 10:59:17 PM : Start Price: $39.95 BYD Score: -85.32

Boyd Gaming will have a terrific 4th Quarter with the swap in land increasing its' property value. It will climb steadily higher towards christmas. In the first two quarters of 07' we will see this stock climb 30%

ryoung66 (47.80) Submitted: 9/24/2006 4:35:03 PM : Start Price: $35.83 BYD Score: -85.67

Recent acquisitions give Boyd a good position.

wawanesa (60.10) Submitted: 9/17/2006 1:47:20 AM : Start Price: $35.41 BYD Score: -85.39

Q4 & Q1 07 will be good for casinos

Outatime85 (53.32) Submitted: 9/12/2006 12:42:42 AM : Start Price: $32.88 BYD Score: -85.24

Rising from obscurity (and still not exactly a household name), Boyd has quickly become the world's No. 3 gaming empire.

The only company around to have a stake in all three LV markets -- downtown, strip, and locals -- not to mention Atlantic City's top revenue-grossing property (Borgata), and exposure to Midwest and Gulf Coast riverboat markets.

The massive $4b Echelon Place development soon to be under construction should de-leverage Boyd's balance sheet and become a key cash flow growth driver once the complex is up and running. Furthermore, it will give BYD a prime opportunity to ramp-up its cross-marketing capabilities and extract more non-gaming revenues from visitors.

Elsewhere, there are additional projects that could soon find their way into the development pipeline, including possibly Barbary Coast.

Boyd has shown an ability to squeeze more revenues out of its properties, and there are ample opportunities for additional margin expansion.

The stock has shed one-fourth of its value over the past year over myopic concerns regarding a slowdown in the LV housing market and moderating growth rates in the key locals segment.

However, the long-term demographics are still very encouraging, and in no way does the recent sale of the South Coast suggest that the tide has turned on the locals market. LV still has an immense population base of affluent residents (most with a taste for gaming and entertainment) and 7,000 more people moving into the metro area every month. The recent uptick in capacity will be quickly absorbed.

Furthermore, regulatory barriers to entry have limited future casino development to pre-zoned areas, giving entrenched leaders like Boyd (and STN) an opportunity to cash in on a growing supply/demand imbalance.

After pulling back sharply, BYD is now among the most attractively valued stocks in the gaming group, with a P/CF ratio below 7, EV/EBITDA of 8, and PEG below 1.

To understand how far Boyd has come recently, note that the firm's dividend has climbed 80% since initiated two years ago.

BYD may not have reached an exact bottom, but I'm betting this recent losing streak is winding down.

mainelegal (94.14) Submitted: 8/26/2006 8:07:41 PM : Start Price: $34.28 BYD Score: -86.90

price has fallen in the midst of expansion projects