In order for YOU to hear the new formats, you have to get them into your receiver. So that means that the BD player must decode them and send them to your receiver via multichannel analog connections. Now, the way it is done with most people, is they hook up an HDMI cable from the BD player to the receiver and then the receiver decodes the digital signals there. YOURS cannot do that, so you have to use the multichannel analog connections with YOUR receiver. With other receivers, HDMI would be the way to go. With many BD players, they can only give you the best sound if they are connected to a receiver with HDMI inputs that can handle multichannel digital.
In other words, all BD players are capable of outputting the fancy BD audio formats (though most can't deal with SACD or DVD-Audio), but they do so via HDMI. YOU can't use that with your receiver, so YOU need some other way. Most BD players would not be suitable for you, as long as you continue to use that receiver, if you want the best possible sound. If you do not care if the sound is degraded, then you can use the conventional digital connection, but you will NOT be getting the new high resolution audio formats; the player will have to DOWN CONVERT the signal to ordinary Dolby Digital or dts or 2 channel PCM. You will not get SACD audio at all that way.
If you ever replace your receiver with a current model, you will probably want to change the way you have it hooked up, by having the HDMI output hooked up to it instead of using the multichannel analog input.
To put this another way, markw is giving you EXACTLY the right advice.