Key Highlights

  • Revenue was USD 990.5 million; adjusted EBITDAR was USD 319.6 million versus USD 321.8 million.
  • Adjusted Earnings were USD 1.67 per share, compared with USD 1.72 a year earlier.
  • Midwest and South Revenue grew nearly 3% after adjusting for closures, a sale and taxes.
  • Boyd returned nearly USD 180 million through Buybacks and dividends in the quarter.

Quarter Results

Boyd Gaming (NYSE:BYD) reported third-quarter 2026 results on Thursday for the period ended Sept. 30. Revenue was USD 990.5 million, down from USD 1.0 billion a year earlier. Net Income was USD 124.9 million, or USD 1.71 per share. The prior-year figure of USD 1.4 billion, or USD 17.81 per share, included a USD 1.4 billion after-tax gain from the sale of the company's Equity interest in FanDuel and USD 65.1 million of pretax non-cash asset Impairment charges.

Adjusted EBITDAR was USD 319.6 million against USD 321.8 million. Adjusted earnings were USD 121.7 million, or USD 1.67 per share, against USD 139.1 million, or USD 1.72. CEO Keith Smith pointed to growth in the Midwest and South, more play from southern Nevada residents, and gains in the Online and Managed operations, offset by softness in Las Vegas destination business.

Segment Picture

Midwest and South revenue was USD 540.5 million with adjusted EBITDAR of USD 201.6 million. Those figures reflect the November 2025 closure of Sam's Town Tunica, the August 2026 sale of Sam's Town Shreveport and higher property taxes at Kansas Star. Adjusting for those items, revenue rose nearly 3% and adjusted EBITDAR rose about 2.5%.

Las Vegas Locals revenue was USD 207.4 million and EBITDAR was USD 87.4 million. Softer destination business, mainly at the Orleans, and construction disruption at the Suncoast weighed on the segment. The remaining properties grew revenue and EBITDAR 3%, with gaming revenue up 3.5%. Downtown Las Vegas revenue was USD 47.4 million against USD 53.2 million, which management tied to destination softness, four storms that hit Hawaii in August and September, and higher Hawaiian airfares.

Online adjusted EBITDAR was USD 10.9 million, with double-digit growth driven by online casino gaming. Managed and Other revenue was USD 40.6 million, helped by higher management fees at the Sky River Casino. Management noted this was the first quarter since the FanDuel transaction to offer a like-for-like year-over-year comparison for the segment.

Capital Returns and Balance Sheet

The company repurchased 2 million shares for USD 164 million and paid USD 15 million in dividends. A quarterly cash Dividend of USD 0.20 per share was paid on Oct. 15. Shares outstanding were 71.2 million, down 9.4% from a year earlier.

Total Debt was USD 2.7 billion with the next Maturity in December 2027, and traditional Leverage was 2.2 times. Capital expenditures were USD 159 million in the quarter and USD 456 million year to date, against a full-year budget of USD 650 million that includes USD 250 million of maintenance spending and USD 275 million for the Virginia resort.

Projects

The Norfolk, Virginia resort is on schedule and on budget for a November 2027 opening, with a topping-off ceremony projected before the end of this year. Land-based conversions in Illinois and Louisiana are also in the multiyear pipeline. At the Suncoast, the public space renovation finished at the end of the quarter, and hotel room remodels that began late in the quarter continue through the first quarter of next year.

Smith said the company maintains an appetite for acquisitions while remaining disciplined. The chief financial officer noted that southern Nevada wage growth ran near 6% over the past 12 months, a supporting Factor for the local market.

Indicators to Follow

Reported adjusted EBITDAR was nearly flat, down 0.7%, while adjusted Earnings Per Share fell 2.9% even as the share count fell 9.4%. The next datapoints are Las Vegas destination trends and airfares, the effect of room remodels at the Suncoast, Online segment growth, the pace of repurchases against USD 650 million of capital spending, and the November 2027 Norfolk opening.