Boyd Gaming kicked off 2026 with solid revenue growth fueled by its Midwest and South properties, even as Las Vegas operations struggled with construction woes. The casino operator posted first-quarter revenue of $997.4 million, up from last year. Core customer play across the board kept gaming revenue climbing, a trend holding into April.
The Midwest and South markets proved their strength once more. Revenue in this key segment rose 4 percent to $525.1 million. Adjusted EBITDAR climbed 5 percent to $192.6 million, pushing margins close to 37 percent.
This growth came from steady play by loyal core customers and retail visitors. Last year’s harsh winter weather made for easy comparisons this time. New investments at properties also helped boost results.
Operators saw broad gains across multiple states. Flooding hit some spots like Belterra briefly, but overall demand stayed firm.
Las Vegas Locals Grapple with Disruptions
Las Vegas told a different story. The Locals segment saw revenue dip to $217.1 million from $222.8 million. Adjusted EBITDAR fell to about $100 million.
Construction at Suncoast caused major disruptions during the quarter. Soft demand from tourists added pressure on rooms and other nongaming areas. Downtown Las Vegas revenue slipped to $54.9 million too.
Local resident play held up well. But destination visitors cut back, hurting spots with big hotel inventories like The Orleans.
| Segment | Q1 2026 Revenue | Q1 2025 Revenue | Change |
|---|---|---|---|
| Midwest & South | $525.1M | $504.6M | +4% |
| Las Vegas Locals | $217.1M | $222.8M | -3% |
| Downtown Las Vegas | $54.9M | $57.3M | -4% |
| Online | $161.7M | $169.6M | -5% |
| Managed & Other | $38.5M | $37.3M | +3% |
| Total | $997.4M | $991.6M | +1% |
Gaming Revenue Grows on Core Strength
Companywide gaming revenue hit $650.5 million, up from $638.7 million. CEO Keith Smith noted this came from both core and retail customers.
Play from regulars increased across regions. Trends stayed positive into early April, matching 2025 patterns. Food, drinks, and rooms added support too.
Online results softened after last year’s FanDuel deal changes. But managed properties like Sky River in California grew fees.
- Core customers boosted trips and spending.
- Retail play stayed even, no big drops.
- Property margins topped 39 percent overall.
Capital Returns and Growth Projects Roll On
Boyd Gaming returned nearly $170 million to shareholders in the quarter. It bought back $155 million in stock. The board hiked the dividend to 20 cents per share and added $500 million to repurchases.
Cash stood at $372.7 million, debt at $2.3 billion. The firm opened Cadence Crossing Casino in Las Vegas to tap new local growth.
Big projects loom. A $750 million resort nears in Virginia. Regulators greenlit a Par-A-Dice upgrade in Illinois. These moves aim to fuel long-term wins.
Keith Smith praised the mix of markets and focus on efficiencies. Property-level revenue and EBITDAR both grew year over year.
Boyd Gaming’s first-quarter story shows resilience in tough spots. The Midwest and South carried the load while Vegas works through bumps. Loyal customers keep the engine running, and smart investments promise more ahead. Investors eye if these trends hold as competition heats up.
