BYD · Boyd Gaming Corporation

Boyd Gaming's first-quarter 2026 results demonstrate resilience in its diversified portfolio despite a decline in Adjusted EBITDAR to $317.4 million from $337.5 million year-over-year. Revenue grew modestly to $997.4 million, primarily propelled by the Midwest & South segment, which saw both revenue and Adjusted EBITDAR increases due to stronger core and retail play, milder weather compared to prior year's severe winter, and recent property investments. This segment contributed $525.1 million in revenue and $192.6 million in Adjusted EBITDAR, underscoring its role as a growth driver. Conversely, Las Vegas Locals faced headwinds from destination business softness and Suncoast renovation disruptions, with revenues dropping to $217.1 million and Adjusted EBITDAR to $100.0 million. Downtown Las Vegas showed stability in Hawaiian play but reduced destination traffic, while Online and Managed & Other segments posted gains from casino gaming, market access deals, and higher management fees from Sky River Casino. Property-level margins remained strong above 39%, reflecting operational efficiencies and capital investments. CEO Keith Smith highlighted the benefits of diversification, efficiency focus, and development pipeline, including the opening of Cadence Crossing Casino, progress on a $750 million Virginia resort, and regulatory approval for Par-A-Dice expansion. Capital allocation remained shareholder-friendly, with $155 million in repurchases reducing shares outstanding to 76.8 million basic weighted average, a quarterly dividend hike to $0.20 per share, and a fresh $500 million buyback authorization leaving $707 million available. The balance sheet supports ongoing investments, with $372.7 million cash against $2.3 billion debt and lower interest expense at $28.5 million due to prior refinancing. No forward guidance was provided, but management expressed confidence in long-term value creation through its balanced strategy.