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Boyd Gaming posted first-quarter 2026 revenue of $997.4m, edging up from $991.6m in Q1 2025, as stronger regional casino performance offset weakness in Las Vegas. Adjusted EBITDAR fell to $317.4m from $337.5m, and adjusted earnings dropped to $123.1m from $137.7m year-over-year.
Financial Performance
Net income reached $105.5m, or $1.37 per share, for the three months ended March 2026. While total Adjusted EBITDAR contracted, property-level margins held above 39%, with individual segments delivering year-over-year revenue and EBITDAR growth.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, commented on the results:
“Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program.”
The company returned nearly $170m to shareholders during the quarter through share repurchases and dividends.
Boyd’s online segment continued to generate revenue through third-party market access agreements, though no separate segment figures were disclosed for the period. The Managed and Other category grew, driven by higher management fees from Sky River Casino in northern California.
Regional Results
The Midwest and South segment was the strongest performer, with revenues up 4% and Adjusted EBITDAR advancing 5%, delivering margins of nearly 37%. Renovations at properties in Biloxi and Valley Forge contributed to gains, as did Treasure Chest Casino in Louisiana, which recorded year-over-year growth. Favourable weather comparisons — severe winter conditions had weighed on Q1 2025 performance — and returns from recent capital investment supported segment momentum.
Las Vegas Locals operations declined by roughly $6.5m against the prior year. CFO Josh Hirsberg attributed approximately $5m of the shortfall to softer destination business and around $1.5m to construction disruption at Suncoast. The Orleans absorbed the largest impact from reduced destination traffic, though core customer play held broadly in line with 2025 levels. Excluding Orleans and Suncoast, revenues and EBITDAR matched the prior year with operating margins above 50%.
Downtown Las Vegas operations reflected stability among Hawaiian visitors, though destination business was softer across the quarter.
Cadence Crossing and Capital Projects
Boyd Gaming opened Cadence Crossing Casino on March 25 in Henderson, Nevada — its first new development in more than two decades. Located at 920 N. Boulder Highway adjacent to Jokers Wild, the property features more than 450 slot machines, two restaurants, a centre bar and a lounge. Executives described an enthusiastic response in the opening weeks, with new customer sign-ups meeting expectations.
The company plans to demolish Jokers Wild to accommodate potential expansion, including a hotel. The adjacent Cadence master-planned community ranked third nationally in 2025 home sales, providing a built-in customer base for the new property.
At Suncoast, the ongoing modernisation project is due for completion at the end of Q3, with hotel tower renovations scheduled to begin in August 2026 and open to guests in winter 2026. Orleans room renovations remain on track for later this year, with a broader modernisation programme set to follow in 2027.
Boyd Gaming has also outlined plans for a $160m gaming facility at its Par-A-Dice site in East Peoria, proposing to relocate the casino to a permanently moored barge on the Illinois River. Construction is expected to begin in 2027, pending regulatory approvals, with an anticipated opening in 2028.
The Q1 result follows Boyd posting Q4 2025 revenue of $1.1bn despite an EBITDAR contraction, a pattern now carrying into 2026 as expansion costs and softer destination demand weigh on margins. The operator’s regional diversification — a dynamic visible across Nevada’s record $15.8bn gaming revenue year in 2025 — continues to buffer overall results while the Las Vegas segment navigates near-term disruption. The $160m Par-A-Dice investment and Cadence Crossing opening signal management is prioritising new capacity ahead of short-term margin recovery. Caesars Entertainment reported record digital growth in Q4 2025, pointing to the competitive pressure Boyd faces in the online segment as it expands its market access footprint.
Source: Boyd Gaming Corporation
