Boyd Gaming reported first-quarter 2026 revenue of $997.4 million, up 0.6% year-on-year, supported by steady customer activity and ongoing investment across its portfolio.
Net income came in at $105.5 million, down 5.3% from the same period last year, while adjusted earnings fell 10.6% to $123.1 million. Adjusted EBITDAR also declined 6% to $317.4 million.
The South and the Midwest segment had positive earnings and revenue in large part due to better activity by the core customers and easier comparisons because of the significant weather disruptions experienced during the previous fiscal year. Additionally, property investments also assisted in generating revenue and profit on these segments.
Conversely, the Las Vegas Locals segment faced challenges due to lower demand levels coupled with continuing construction delays on the Suncoast property. The results in downtown Las Vegas were stable due to a strong continued presence by Hawaiian customers. However, overall traffic to the destination continues to experience a decline.
The company’s online segment continues to grow from its online casino operations and third-party restricted access agreements. The Managed and Other segments benefited from increased management fee revenues, most notably from the management of Sky River Casino in California.
During the second quarter of 2026, Boyd opened its Cadence Crossing Casino in Las Vegas and continued its $750 million resort development in Virginia. The company also received approval to expand and upgrade its Par-A-Dice property in Illinois.
Boyd returned approximately $170 million to shareholders during the second quarter in the form of dividends and share repurchases, including $155 million in repurchased shares and a quarterly dividend of $0.20 per share. In addition, in April, the board approved an increase to the share repurchase programme of an additional $500 million.
As of March 31, 2026, Boyd had cash on hand of $372.7 million and total debt of $2.3 billion.
President and CEO of Boyd Gaming, Keith Smith said:
Looking ahead, we believe that our strong balance sheet, diversified portfolio, balanced approach to capital allocation and experienced management team all position us well to continue creating long-term value for our shareholders.
