Boyd Gaming: Has it expanded its locals market base at the expense of bigger possibilities?By Howard Jay Klein, Seeking Alpha.comSeptember 23, 2017 at 12:35 pmBoyd Gaming (NYSE:BYD) is a solid locals casino operator with scattered regional properties has had both big successes and false starts outside Nevada. Home cooking only?The Borgata success story ended in a sale of its 50% to MGM, abandoning its considerable east coast operating know-how.Boyd may be over-invested in the Las Vegas locals market if all assumptions of economic growth there don’t pan out.A bit over a year ago, I wrote a post on Boyd shortly after the announcement of the sale of its 50% interest in the wildly successful Borgata Casino Hotel in Atlantic City. The stock that day was trading at $19.80. I put a PT on the shares of $26 to $30 by the end of this year. I was a fan of the company due to what I believed was a solid legacy in the Las Vegas locals market in customer service that dated way back to 1975, when founding patriarch Sam Boyd opened his first, Sam’s Town.I also gave high marks to the company’s immense success story with the Borgata because they were unafraid to defy the conventional wisdom of the town when they planned the property.