Boyd Gaming Stock Earnings Reports

Boyd Gaming delivered a solid Q1 2026: company-wide revenues were nearly $1.0 billion and EBITDAR was $317 million, with property-level margins exceeding 39%. Performance was broad-based: Midwest & South drove revenue and EBITDAR growth (mid-single-digit revenue growth, ~37% margins) while Las Vegas results were weighed down by softer destination demand (notably at the Orleans) and material construction disruption at Suncoast (most impactful through late Q3). Boyd opened the Cadence Crossing locals property (Mar 25) with an encouraging early response. Key development projects remain on track: the $750 million Virginia resort is progressing toward a late‑2027 opening and the Par‑A‑Dice modernization received final Illinois approval (target late‑2028). Boyd reiterated segment guidance: Online EBITDAR $30–35 million and Managed & Other EBITDAR $110–114 million for the year. Capital allocation: Q1 capex was $155 million; full‑year capex is expected to be $650–700 million (including ~$300M for Virginia). The company returned nearly $170 million to shareholders in Q1 ($155M buybacks, $14M dividends) and intends to continue repurchasing shares at a $150 million per quarter pace plus the quarterly dividend. Balance sheet remains strong (traditional leverage 1.8x, lease‑adjusted 2.4x), with ample liquidity and a planned refinancing of the next maturity (Dec 2027). A remaining $290 million tax credit payment related to the FanDuel transaction is expected in Q2. Management expects Suncoast disruption to persist into late Q3, destination headwinds to gradually improve through H2, Cadence to ramp through Q3–Q4, and the Midwest & South trend to remain a primary strength.