Second quarter profit of $3.4 million down 73 percent from last year

Boyd Gaming reported a 73 percent drop in second-quarter earnings as margins continue to sag for the Las Vegas-based locals operator.

The company reported a profit of $3.4 million, or 4 cents a share, down from $12.8 million, or 15 cents a share, a year earlier. Excluding one-time items, earnings fell to 5 cents from 12 cents.

Operating margin on a pro-forma basis fell to 8.6 percent from 11.4 percent in the prior year quarter.

Revenues fell 7.9 percent at Boyd’s Midwest and South casinos, its largest by revenue. Revenue dropped 2.4 percent at Borgata in Atlantic City and 7.8 percent in Las Vegas.

Total revenue was $578.4 million.

Analysts polled by Thomson Reuters had forecast earnings of 10 cents on revenue of $588 million.