Dallas, Texas 01/28/2014 (FINANCIALSTRENDS) – The $959 million market capped resorts and casino firm, Boyd Gaming Corporation (NYSE:BYD) has seen its stock going down steadily, in spite of positive updates on its Borgata Online Operations. The holding company announced that in December 2013, the online data for the New Jersey Poker Network has showed that its market share in the online gaming sphere has gone up to a huge 45 percent with substantive $2.3 million revenue coming in from its online operations in the month. These updates were provided on 14th January by the firm in the form of a press release.
Making the report of the New Jersey Division of Gaming Enforcement public, Boyd Gaming Corporation (NYSE:BYD) President and Chief Executive Officer Keith Smith has been quoted to have said, “We are extremely encouraged by Borgata’s performance during the first full month of online wagering. When matching our online and land-based databases, we found that 60 percent of online casino customers had not been to Borgata in over a year, and over 75 percent had made fewer than two trips to Borgata in the past year.”
Boyd Gaming Corporation (NYSE:BYD) also disclosed that both its online and in house revenue streams have collectively gone up by a impressive 40 percent, there by prompting the firm to analyze that both the revenue streams are complimentary and are not likely to cannibalize into each other’s user base. Explaining the huge strides made by its online gaming portal in a short time of time, from its formal launch the executives of Boyd Gaming Corporation (NYSE:BYD) were at pains to explain that the brand and trust they had built over the years as “New Jersey’s most trusted gaming brand” had gone a long way in helping in the successful launch.
In spite of such positive press, the investors of Boyd Gaming Corporation (NYSE:BYD) have continued to stay away from increasing their investments in the stock. It shed close to 3 percent of its market value during trading on 27th January.