Description

Boyd Gaming’s $650 Million Expansion Push: Can Online Growth Offset Las Vegas Weakness?

Boyd Gaming Corporation’s third-quarter 2026 results reflect a mixture of steady performance in key segments alongside pressures in destination-driven areas. On a reported basis, companywide revenues and EBITDAR declined approximately 1%. However, adjusted for several unusual items—including the permanent closure of Sam’s Town Tunica, sale of Sam’s Town Shreveport, higher property taxes at Kansas Star, and reduced tax pass-throughs—revenues rose 2%, and EBITDAR increased 1%, suggesting underlying operational resilience. The Midwest and South segment showed growth, with adjusted revenues up nearly 3% and EBITDAR rising around 2.5%. This growth was underpinned by increased gaming activity from core and retail guests and benefited from property enhancements such as gaming floor upgrades, new food and beverage offerings, hotel room renovations, and completed growth projects. Operating margins in this segment remained steady at 38%. Las Vegas locals experienced a bifurcated performance.