Boyd Gaming has announced its revenue for the first quarter of 2026, totaling $997.4 million, which marks a modest increase from $991.6 million in the same quarter last year. However, the company experienced a decline in both profit and adjusted earnings, attributed to a weaker performance in Southern Nevada and ongoing disruptions at various properties.
The net income for this quarter stood at $105.5 million, translating to $1.37 per share, compared to $111.4 million or $1.31 per share during the first quarter of 2025. Adjusted earnings also fell to $123.1 million, or $1.60 per share, down from $137.7 million, or $1.62 per share. The total adjusted EBITDAR decreased from $337.5 million to $317.4 million.
In a statement, CEO Keith Smith emphasized the positive aspects of the quarter’s performance. He remarked, “Our first-quarter results demonstrate the advantages of our diversified business model, our commitment to operational efficiencies, and our ongoing investment in capital projects.”
Smith noted that on a property-level analysis, the company achieved growth in revenue and adjusted EBITDAR year-over-year, with margins surpassing 39%. This growth was supported by robust engagement from both core and retail customers, particularly in the Midwest and South regions.
Performance varied across different segments. The Midwest and South regions saw increases in revenue and adjusted EBITDAR, driven by heightened customer activity, favorable comparisons to last year’s weather-related disruptions, and recent investments.
The online segment also experienced growth, bolstered by iGaming operations and third-party market access agreements, consistent with the trends observed in the latter half of 2025. Meanwhile, the Managed and Other segment benefited from higher management fees from Sky River Casino located in Northern California.
Conversely, Southern Nevada's results were hindered by lower destination demand and construction-related disruptions. CFO Josh Hirsberg pointed out during the earnings call that the local business in Las Vegas saw a year-over-year decline of approximately $6.5 million.
“We expect this disruption to persist until we complete our renovation project by late third quarter,” he added.
Despite these challenges, Boyd Gaming continues to expand and enhance its property portfolio. The company recently opened Cadence Crossing Casino in Henderson on March 25, marking its first new development in over twenty years. Smith mentioned that although it is still early, the property has received a strong positive reception from guests.
Additionally, Boyd is progressing with the development of a $750 million resort in Virginia and has obtained regulatory approval for the expansion and modernization of its Par-A-Dice property in Illinois, with construction anticipated to commence next year.
In Southern Nevada, ongoing capital projects include a complete redesign of the Suncoast casino floor, improvements to food and beverage offerings, and upgrades to public spaces. A hotel room renovation at the Orleans is expected to wrap up later this year, followed by a similar initiative at Suncoast in the summer.
Plans for a modernization project at the Orleans are set to begin in 2027. During this quarter, new restaurant concepts were launched at the Gold Coast, with further developments planned for Fremont, Aliante, and Sam’s Town.
Boyd also noted the continued growth in population and income within Southern Nevada, reporting that the region's population reached 2.4 million last year and has seen significant growth over the past decade. “Overall, the long-term fundamentals of the Southern Nevada economy remain strong,” Smith concluded.