Boyd Gaming reports mixed results to start 2026
Boyd Gaming Corporation reported a mixed set of first-quarter results for 2026, with modest revenue growth offset by declines in profit and operating earnings as costs rose and certain segments underperformed.
Total revenue edged up to $997.4 million for the three months to March 31, compared to $991.6 million a year earlier, driven primarily by continued strength in the company’s Midwest and South operations. However, net income fell to $105.5 million from $111.4 million, while adjusted EBITDAR dropped to $317.4 million from $337.5 million, reflecting higher expenses and softer performance in key markets.
“Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program,” President and Chief Executive Officer of Boyd Gaming Keith Smith said.
MORE: Gambling in the USA
“On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment.”
Growth in regional properties was supported by increased customer activity and improved weather comparisons, but this was partially offset by weaker results in Las Vegas locals and downtown segments, where construction disruption and softer destination demand weighed on performance. The company’s online division also reported a decline in earnings, despite ongoing expansion in digital gaming.
“During the quarter we continued to invest in enhancing our properties and building our development pipeline,” Smith said.
“We opened Cadence Crossing Casino, our newest Las Vegas Locals property, and continued development of our $750 million resort in Virginia.
“We also secured regulatory approval for our proposed expansion and modernization of our Par-A-Dice property in Illinois, and plan to begin construction on this project next year.
“At the same time, we maintained our robust program of returning capital to our shareholders, with nearly $170 million in share repurchases and dividends during the first quarter.
“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.””
Operating costs rose significantly during the quarter, including higher depreciation, corporate expenses and development spending tied to new projects. Boyd opened a new Las Vegas locals property during the period and continued work on a $750 million development in Virginia, adding to near-term cost pressures.
Despite the earnings decline, the company returned nearly $170 million to shareholders through dividends and share buybacks, underlining confidence in its long-term outlook.
Boyd Gaming remains heavily reliant on its land-based casino operations, though its expanding iGaming arm — led by Stardust Casino and key partnerships — continues to provide incremental growth and diversification.
