Boyd Gaming Revenue Rises in Q1 2026 Amid Regional Challenges
Boyd Gaming reported first-quarter 2026 revenue of $997.4 million, marking a modest increase from $991.6 million in the prior year period. The casino operator delivered mixed financial results, with net income reaching $105.5 million, or $1.37 per share, while adjusted earnings declined to $123.1 million from $137.7 million year-over-year. The company’s performance reflected varied regional outcomes, as the Midwest and South segment recorded growth driven by customer activity and recent investments, while Southern Nevada faced headwinds from weaker destination demand and construction-related disruption. Boyd Gaming advanced significant expansion initiatives during the quarter, including the March 25 opening of Cadence Crossing Casino in Henderson, its first new development in more than two decades.
Boyd Gaming Reports Mixed Q1 2026 Financial Results
Total Adjusted EBITDAR declined to $317.4 million in the first quarter from $337.5 million in the same period of 2025. However, property-level performance demonstrated resilience, with margins exceeding 39% while achieving year-over-year revenue and Adjusted EBITDAR growth.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, attributed the quarterly performance to strategic advantages. “Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program,” Smith stated.
Customer engagement metrics showed positive trends across the portfolio. The company experienced continued growth in play from both core and retail customers on a companywide basis, with broad-based strength emerging from the Midwest and South segment.
Boyd Gaming’s online segment contributed to overall results through sustained expansion in online casino gaming. The digital business benefited from contributions generated by third-party market access agreements.
Capital allocation remained a priority during the quarter. The company returned nearly $170 million to shareholders through share repurchases and dividends. Smith emphasized the company’s positioning for continued value creation, citing the strong balance sheet, diversified portfolio, balanced capital allocation approach, and experienced management team.
Regional Performance Shows Varied Results Across Portfolio
The Midwest and South segment delivered the strongest performance, with revenues climbing 4% and Adjusted EBITDAR advancing 5% as margins improved to nearly 37%. Renovations at properties in Biloxi and Valley Forge contributed to gains, while Treasure Chest Casino in Louisiana continued to deliver year-over-year growth. The segment benefited from increased play among core and retail customers, favorable weather comparisons following severe winter conditions in 2025, and returns from recent capital investments.
Las Vegas Locals operations faced pressure, declining approximately $6.5 million year-over-year. CFO Josh Hirsberg attributed roughly $5 million of the shortfall to softer destination business and about $1.5 million to construction disruption at Suncoast. The Orleans experienced the largest impact from reduced destination traffic. Despite these headwinds, core customer play remained in line with the prior year. Excluding Orleans and Suncoast, revenues and EBITDAR matched 2025 levels while operating margins exceeded 50%.
Downtown Las Vegas operations reflected stability in play from Hawaiian guests, though destination business declined during the quarter. Boyd Gaming’s online segment generated continued expansion from online casino gaming, supported by third-party market access agreements. The Managed and Other category recorded growth driven by increased management fees from Sky River Casino in northern California.
Boyd Gaming Advances Major Expansion and Modernization Projects
Cadence Crossing Casino welcomed guests at noon on March 25, marking Boyd Gaming’s first new development in more than two decades. Located at 920 N. Boulder Highway in Henderson next to Jokers Wild, the property features more than 450 slot machines, two restaurants, a center bar and a lounge. The company received “an enthusiastic response” through the first weeks following the opening, with executives expressing satisfaction with new customer sign-ups.
Boyd Gaming plans to demolish Jokers Wild following the new casino opening to accommodate potential expansion, including a hotel. The adjacent Cadence master-planned community ranked third nationally in 2025 home sales.
In addition to the Henderson property, Boyd Gaming progressed on multiple renovation initiatives. The Suncoast modernization project will be completed at the end of the third quarter, with hotel tower renovations beginning in August 2026 and opening to the public in winter 2026. Orleans room renovations remain on track for completion later this year, whereas a modernization project will start in 2027.
Boyd Gaming outlined plans for a $160 million gaming facility at its Par-A-Dice casino site in East Peoria, proposing to move the casino to a permanently moored barge on the Illinois River. Construction could start in 2027 pending regulatory approvals, with an anticipated opening in 2028.
