Boyd Gaming Corp
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$59.45 | Mjrxnk | — |
New Morningstar Analyst Report - Boyd Gaming
Business Strategy and Outlook
Boyd gaming historically was a small-time casino operator, primarily known for its aging Stardust casino on the Las Vegas Strip and a bunch of smaller properties scattered across Nevada. However, the company has re-energized its property portfolio through a flurry of deals. Boyd partnered with MGM Resorts MGM in 2003 to build the splashy Borgata megaresort, which quickly became the dominant casino in Atlantic City. The company also became the number-two player in the attractive Las Vegas locals market with its acquisition of Coast Casinos in 2004. Finally, Boyd has expanded its presence in the Midwest through a series of purchases.