Boyd Gaming Corporation reported first-quarter 2026 revenue of $997.4 million, up about 0.6 per cent from $991.6 million in the same period last year, as the company highlighted steady customer activity and continued investment across its portfolio.
The Las Vegas-based casino operator posted net income of $105.5 million, down around 5.3 per cent from $111.4 million a year earlier. Adjusted earnings for the quarter stood at $123.1 million, a decline of about 10.6 per cent year-on-year. Adjusted earnings before interest, taxes, depreciation, amortisation, and restructuring (EBITDAR) fell 6 per cent to $317.4 million from $337.5 million in the prior-year period.
Midwest & South drives growth
The company’s Midwest and South segment delivered year-on-year growth in both revenue and adjusted EBITDAR. This performance was supported by higher play from core and retail customers, along with easier comparisons due to severe winter weather in the previous year.
Recent property investments also contributed to the segment’s growth, reinforcing its position as a key earnings driver for the group.
Las Vegas operations face pressure
In contrast, results in the Las Vegas Locals segment were affected by softer destination demand and construction-related disruption at Suncoast, where renovation work is ongoing.
The Downtown Las Vegas segment showed stable play levels from Hawaiian visitors, although destination traffic remained lower compared to earlier periods.
Online and managed business expand
Boyd Gaming’s online segment recorded continued growth, driven by its online casino operations and contributions from third-party market access agreements. These agreements have been contributing steadily since the second half of 2025.
Revenue growth in the Managed and Other segment was supported by higher management fees from Sky River Casino in northern California.
New developments and expansion plans
During the quarter, the company opened Cadence Crossing Casino, a new property targeting local customers in Las Vegas. Development also continued on a $750 million resort project in Virginia.
In Illinois, Boyd Gaming secured regulatory approval for the expansion and modernisation of its Par-A-Dice property. Construction on this project is expected to begin next year.
Shareholder returns and capital allocation
The company maintained its capital return programme during the quarter. Boyd Gaming returned nearly $170 million to shareholders through dividends and share repurchases.
It paid a quarterly dividend of $0.20 on 15 April 2026, an increase of about 11.1 per cent from $0.18 previously. The company also repurchased $155 million worth of shares during the quarter.
In April, the board approved an additional $500 million for the share repurchase programme. As of 31 March 2026, approximately $707 million remained available under the current authorisation.
Balance sheet position
As of the end of the quarter, Boyd Gaming reported cash and cash equivalents of $372.7 million. Total debt stood at $2.3 billion.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said the company’s performance reflects its diversified operations, focus on efficiency, and ongoing capital investments.
“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,” Smith added.
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