Executive Departures at Boyd Gaming

Boyd Gaming today announced that Chief Operating OfficerPaul Chakmak will leave the Company, effective September 19. Keith Smith, President and Chief Executive Officer, will assume Chakmak’s responsibilities.

Smith said: “Paul helped strengthen our financial organization as Chief Financial Officer, and as Chief Operating Officer he helped guide our operations through a period of significant expansion.  However, given today’s operating environment, we believe that more direct oversight and a streamlined decision-making process will position us to improve our operating performance going forward, and allow us to execute our growth strategy more quickly and effectively.  I want to thank Paul for his contributions to the Company, and wish him the best in the future.”

What is this Growth Plan that Keith Smith talks about?  Is it more of the same?  If Boyd doesn’t re-invent itself, it will experience continued stagnation.

Additionally, the Company reaffirmed its previous guidance for the full-year 2014, projecting total Adjusted EBITDA in the range of $580 million to $600 million.

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