Shares of Boyd Gaming Corp., the operator of casinos in eight states, fell the most in more than a decade after the company reported an unexpected third-quarter loss and projected a wider loss for the current period than analysts estimate.
Boyd shares declined 19 percent to $10.56 at the close in New York. That was the most since Sept. 17, 2001.
Results deteriorated in many markets last month, Chief Executive Officer Keith Smith said in a statement Thursday. The loss, excluding some items, totaled 8 cents a share, Las Vegas- based Boyd said. Analysts expected profit of 1 cent.
Smith cited improvement in October and encouraging signs in Las Vegas and Atlantic City, New Jersey. Still, on a conference call Thursday, company officials projected a loss this quarter of 15 cents to 20 cents a share. Analysts had estimated a loss of 4 cents, the average of 16 estimates compiled by Bloomberg.
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