Boyd Gaming revenue stable as online growth offsets Las Vegas softness
Boyd Gaming reported steady second-quarter revenue of $1.03 billion, with growth across its Midwest & South, online and managed operations helping offset weaker performance in parts of its Las Vegas business.
The casino operator posted net income of $131.2 million, or $1.75 per share, for the three months ended June 30, down from $151.5 million, or $1.84 per share, a year earlier. Adjusted EBITDAR also eased to $350.5 million, compared with $357.9 million in the second quarter of 2025.
President and Chief Executive Officer Keith Smith said the results demonstrated the strength of Boyd’s diversified operating model.
“Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business,” Smith said.
“Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years.”
Smith said performance was driven by strong play from core and retail customers, contributions from recent capital investments and continued shareholder returns, with the company distributing more than $170 million through dividends and share repurchases during the quarter.
Boyd Gaming’s online division recorded further growth in its online casino business, alongside ongoing contributions from third-party market access agreements, while its managed business benefited from higher management fees following the expansion of Sky River Casino.
Las Vegas results were mixed, with continued weakness in destination tourism affecting The Orleans and downtown properties, while construction at Suncoast also weighed on results. However, Boyd said the remainder of its Las Vegas Locals portfolio delivered revenue and Adjusted EBITDAR growth, with property margins exceeding 50%.
During the quarter, Boyd repurchased $156 million worth of shares and ended June with $322.7 million in cash, $2.6 billion in total debt and $551 million remaining under its share buyback authorisation.
Boyd Gaming is a massive name in US gambling, with a huge presence in regulated retail and online wagering
