Boyd Gaming reports revenue increase in Q1 2026 amid Southern Nevada challenges

Boyd Gaming has reported first-quarter 2026 revenue of $997.4 million, a slight increase from $991.6 million a year earlier, while profit and adjusted earnings declined, reflecting weaker performance in Southern Nevada and ongoing property disruptions.

Net income for the quarter totaled $105.5 million, or $1.37 per share, compared with $111.4 million, or $1.31 per share, in the same period of 2025. Adjusted earnings fell 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.

In a prepared statement, CEO Keith Smith focused on the positive results of the quarter. “Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies, and our ongoing capital investment program,” Smith said. 

He added that on a property-level basis, the company achieved year-over-year revenue and adjusted EBITDAR growth, with margins exceeding 39%, supported by stronger play from both core and retail customers, particularly in the Midwest and South.

President and CEO Keith Smith

Regional performance varied across the portfolio. As noted by Smith, the Midwest and South segment recorded growth in both revenue and adjusted EBITDAR, driven by customer activity, improved comparisons from prior-year weather disruptions, and recent investments. 

The online segment also posted gains, supported by iGaming operations and third-party market access agreements consistent with the second half of 2025, while the Managed and Other segment benefited from increased management fees from Sky River Casino in northern California.

In contrast, results in Southern Nevada were affected by weaker destination demand and construction-related disruption. “If you look at the locals business, it was off year over year by about $6.5 million,” said Chief Financial Officer Josh Hirsberg during the company’s Thursday earnings call with investors.

“The results in our Las Vegas locals segment reflect a continued softness in destination business, with the largest impact at the Orleans,” Smith said. He also pointed to ongoing renovation work at Suncoast, which moved into heavily trafficked areas of the casino floor during the quarter, contributing to the decline. 

“We anticipate this disruption will continue until we complete our renovation project late in the third quarter,” he said.

Amid these disruptions, Boyd continued to expand and upgrade its property base. The company opened Cadence Crossing Casino in Henderson on March 25, its first new development in more than two decades. 

Smith said that although it was still in the early stages, the property had seen a strong positive response from guests. The company is also advancing development of a $750 million resort in Virginia and has secured regulatory approval for the planned expansion and modernization of its Par-A-Dice property in Illinois, with construction expected to begin next year.

Ongoing capital projects in Southern Nevada include a full redesign of the Suncoast casino floor, along with upgraded food and beverage offerings and public spaces. A hotel room renovation at the Orleans is expected to be completed later this year, followed by a similar project at Suncoast in the summer. 

Boyd also plans to begin a modernization project at the Orleans in 2027. During the quarter, new restaurant concepts were introduced at the Gold Coast, with additional developments planned at Fremont, Aliante, and Sam’s Town.

The company highlighted continued population and income growth in Southern Nevada, noting that the region’s population reached 2.4 million last year and has grown significantly over the past decade. “All in all, the long-term fundamentals of the Southern Nevada economy remain strong,” Smith said.