Boyd Gaming upbeat on 2026 as Cadence Crossing set for March opening

Boyd Gaming executives said they are confident about the company’s outlook for 2026 following record 2025 revenue, citing continued investment across its casino portfolio and the upcoming opening of a new locals-focused property in the Las Vegas Valley.

The company reported record revenue of $4.09 billion for 2025, though net income declined in the fourth quarter compared with a year earlier.

The company plans to open Cadence Crossing, a casino development in east Henderson, in late March, earlier than its previously indicated mid-2026 timeframe. The 50,000-square-foot project with a 10,000-square-foot casino replaces the Jokers Wild property and is Boyd’s first new casino development in more than 20 years.

Chief Executive Officer Keith Smith said the Las Vegas locals segment is benefiting from strong play by core customers and residential growth in the surrounding Cadence master-planned community, which ranked among the top U.S. housing markets last year.

“In both Nevada and the Midwest and South, we continue to see strong play from our core customers and improving trends among retail players in 2025,” Smith said.

Boyd invested $148 million in the fourth quarter, bringing total capital spending for the year to $588 million. The company is allocating capital toward property upgrades nationwide, including the completion of a modernisation project at its Suncoast casino in Summerlin, expected for the third quarter. Improvements at The Orleans in Las Vegas are set to follow.

In the Midwest and South, Boyd expects to benefit from a full year of contributions from the expanded meeting and convention centre at Ameristar St. Charles in Missouri, as well as incremental revenue from hotel renovations and food-and-beverage upgrades. 

Smith said fourth-quarter results outside Las Vegas were affected by severe winter weather in December and the closure of Sam’s Town Tunica in November, reducing EBITDAR by about $4 million. Absent those factors, earnings in the segment would have increased.

Las Vegas results were mixed, with gaming revenue supported by core customer play but hotel revenue pressured by softer destination demand. Smith said the weakness in destination business led to a decline of nearly $6 million in cash hotel revenue compared with a year earlier, with most of the decline coming from The Orleans.

“This growth in gaming revenue would have been even stronger if not for the softness in destination business in the quarter,” Smith said.

Excluding The Orleans, the Las Vegas locals segment posted EBITDAR growth of nearly 2.5% in the fourth quarter, with margins exceeding 50%, according to Smith.

“We remain confident in the long-term prospects for our Las Vegas locals’ business,” he said.

Downtown Las Vegas performance was offset by a 10% decline in pedestrian traffic along the Fremont Street Experience, though visitation from Hawaii remained stable, Smith said.

Elsewhere, Boyd outlined plans for a $160 million redevelopment of its Par-A-Dice casino in Illinois, proposing to relocate the property to a permanently moored barge on the Illinois River. Construction is expected to begin in 2027, pending regulatory approval, with an opening targeted for 2028.

“This will significantly enhance the competitiveness and appeal of Par-A-Dice, positioning us for incremental long-term growth at this property,” Smith said.

The company said its online segment continues to benefit from the growth of Boyd Interactive, while the expansion of the Sky River casino in northern California is expected to generate between $110 million and $114 million in EBITDAR in 2026.

Boyd also opened a temporary casino in Norfolk, Virginia, as construction continues on a $750 million permanent casino resort scheduled for completion in late 2027.

The company reported record revenue of $4.09 billion for 2025, though net income declined in the fourth quarter compared with a year earlier.