Boyd 3rd quarter

Boyd is losing business in all four of it's major business areas.

First 9 months	2010	2009	Drop
Las Vegas Locals	$455,243	$486,975	-6.5%
Downtown Las Vegas	$161,088	$171,100	-5.9%
Midwest and South	$556,221	$592,085	-6.1%

Given the proforma effect of the consolidation of Borgata, as of the beginning of the nine-month periods ended September 30, 2010 and 2009, net revenues were $1.75 billion and $1.86 billion, respectively, and Adjusted EBITDA on a comparable basis was $345.2 million and $424.5 million for those periods, respectively.

Is Boyd doing anything wrong? Would someone else do something differently? You know... maybe make the lights blink at a faster rate or stiffen the drinks or bring in different lounge acts?

This explains why they passed on assuming the entire Borgata debt load. However, I think they still have a strong cash position, and continue to look for opportunities in Las Vegas, and eventually to restart work on Eschelon.

Given that others are also just bouncing off the bottom, who would have the resources to make a play anyway?