(AsiaGameHub) – Boyd Gaming recorded a modest increase in revenue for the first quarter of 2026, overcoming headwinds from a softer Southern Nevada market and ongoing casino renovations. Revenue climbed to $997.4 million from $991.6 million in the prior-year period.
Good to Know
- Boyd Gaming’s Q1 revenue increased marginally to $997.4 million.
- Net income dropped to $105.5 million, and adjusted EBITDAR decreased to $317.4 million.
- Performance in Southern Nevada was impacted by reduced visitor demand and renovation activity at Suncoast.
Midwest Growth Helps Balance Las Vegas Pressure
Boyd Gaming experienced mixed performance across its properties during the quarter. Net income was $105.5 million, or $1.37 per share, versus $111.4 million, or $1.31 per share, in Q1 2025. Adjusted earnings decreased to $123.1 million, or $1.60 per share, from $137.7 million, or $1.62 per share. Total adjusted EBITDAR declined to $317.4 million from $337.5 million.
CEO Keith Smith stated:
“Our first-quarter performance demonstrates the advantages of our diversified operations, our effective drive for operational efficiency, and our continuing capital investment strategy.”
The company achieved higher property-level revenue and adjusted EBITDAR, maintaining margins exceeding 39%. Smith highlighted more robust play from core and retail customers, particularly in the Midwest and South regions. This segment gained from recent capital expenditures, increased customer engagement, and a more favorable comparison to weather-related disruptions a year ago.
The online segment contributed positively to the quarter’s results. Boyd noted that iGaming activities and third-party market access deals fueled digital expansion, continuing patterns observed in the latter half of 2025. Managed and Other revenue also saw an uptick due to increased management fees from the Sky River Casino in Northern California.
The situation in Southern Nevada contrasted with other regions. CFO Josh Hirsberg reported that the Las Vegas locals market declined by approximately $6.5 million compared to the previous year. Smith attributed this challenge to a drop in tourist visitation, with The Orleans property experiencing the most significant effect.
Renovations at the Suncoast created additional pressure. Construction moved into higher-traffic areas of the casino floor during the quarter, and the company anticipates the disruptions will persist until the project concludes late in the third quarter.
Despite these challenges, Boyd continued to invest in its portfolio. The firm launched the Cadence Crossing Casino in Henderson on March 25, marking its first new build in over two decades. Smith reported that early customer feedback has been very positive.
Further developments are in the pipeline. Boyd is working on a $750 million resort project in Virginia and has secured regulatory clearance for an expansion and upgrade of Par-A-Dice in Illinois, where construction is slated to begin next year.
In Southern Nevada, Boyd is revamping the Suncoast casino floor and enhancing its dining and communal areas. A guest room renovation at The Orleans is scheduled for completion later in 2026, with a similar project at Suncoast to follow in the summer. The company also intends to commence a broader modernization of The Orleans in 2027.
During the quarter, Boyd introduced new dining options at Gold Coast, with additional upgrades planned for Fremont, Aliante, and Sam’s Town. The company also underscored the long-term vitality of the Southern Nevada market, where the population grew steadily over the last ten years to reach 2.4 million in the previous year.
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