Earnings

Boyd Gaming's Third-Quarter Revenue Falls From Second-Quarter Level

The Tip Desk · October 24, 2026 · 3 min read

Adjusted earnings were $121.7 million, or $1.67 a share, as Las Vegas destination softness and Downtown Hawaiian traffic weighed on the quarter.

Boyd Gaming Corporation (BYD) reported third-quarter 2026 revenues of $990.5 million, down from $1.0 billion in the year-ago quarter, after second-quarter revenue of $1.03 billion had been in line with the year-ago period.

The Las Vegas-based operator of 26 gaming properties in 11 states said total Adjusted EBITDAR was $319.6 million, versus $321.8 million a year earlier. Adjusted earnings were $121.7 million, or $1.67 a share, compared with $139.1 million, or $1.72 a share, in the third quarter of 2025.

Net income attributable to Boyd Gaming was $124.9 million, or $1.71 a share. The year-ago period included a $1.4 billion after-tax gain on the sale of the company’s equity interest in FanDuel and $65.1 million of pretax long-lived asset impairment charges.

President and Chief Executive Officer Keith Smith said results reflected continued growth in the Midwest & South segment, increased play from southern Nevada residents, and strong gains in Online and Managed operations, while quarterly results were impacted by increased softness in destination business to Las Vegas, primarily affecting the Orleans.

Midwest & South revenues were $540.5 million and Adjusted EBITDAR $201.6 million. The company said those results were impacted by the closure of Sam’s Town Tunica in November 2025, the sale of Sam’s Town Shreveport in August 2026, and higher property taxes at Kansas Star. Adjusting for those items, it said Midwest & South revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5%, with continued growth in play from core and retail customers and benefits from recent capital investments lifting adjusted gaming revenue.

Las Vegas Locals revenues were $207.4 million and Adjusted EBITDAR $87.4 million. The company said the segment reflected increased softness in Las Vegas destination business, primarily at the Orleans, as well as construction disruption at the Suncoast. The remainder of the properties in the segment achieved revenue and Adjusted EBITDAR growth of 3%, with gaming-revenue gains of 3.5%, highlighted by increased play from southern Nevada residents.

Downtown Las Vegas revenues were $47.4 million and Adjusted EBITDAR $12.9 million. The company said results were impacted by increased softness in Las Vegas destination business, declines in Hawaiian visitation due to several major storms in Hawaii, and higher airfares during the quarter.

Online revenues were $154.5 million and Adjusted EBITDAR $10.9 million. The company said double-digit Adjusted EBITDAR growth in the Online segment was driven by continued strength in its online casino gaming business. Managed & Other revenues were $40.6 million and Adjusted EBITDAR $29.8 million, with growth reflecting increased management fees from Sky River following its recently completed expansion.

Gaming revenue was $655.0 million. Online revenue was $33.2 million, Online reimbursements were $121.2 million, and management-fee revenue was $27.6 million. Operating income was $194.9 million, versus $139.8 million a year earlier, as the year-ago quarter included $65.1 million of asset impairments and project-development expense of $4.0 million versus a $5.4 million credit in 2026.

The company paid a quarterly cash dividend of $0.20 a share on October 15, 2026. It repurchased $164 million of common stock in the third quarter, leaving $387 million remaining under its current share-repurchase authorization as of September 30, 2026. Cash on hand was $297.2 million and total debt $2.7 billion.

More on BYD

September 28, 2026 QBook Stronger demand supports expansion as pricing diverges

BOYD GAMING CORP — all coverage and financials