Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program. On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment. During the quarter we continued to invest in enhancing our properties and building our development pipeline. We opened Cadence Crossing Casino, our newest Las Vegas Locals property, and continued development of our $750 million resort in Virginia. We also secured regulatory approval for our proposed expansion and modernization of our Par-A-Dice property in Illinois, and plan to begin construction on this project next year. At the same time, we maintained our robust program of returning capital to our shareholders, with nearly $170 million in share repurchases and dividends during the first quarter. Looking ahead, we believe that our strong balance sheet, diversified portfolio, balanced approach to capital allocation and experienced management team all position us well to continue creating long-term value for our shareholders."
Boyd Gaming reported first-quarter 2026 revenues of $997.4 million, increasing from $991.6 million in the first quarter of 2025. The Company reported net income of $105.5 million, or $1.37 per share, for the first quarter of 2026, compared to $111.4 million, or $1.31 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $317.4 million in the first quarter of 2026 versus $337.5 million in the first quarter of 2025. Adjusted Earnings(1) for the first quarter of 2026 were $123.1 million, or $1.60 per share, compared to $137.7 million, or $1.62 per share, for the same period in 2025.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations ReviewThe Company's Midwest & South segment achieved year-over-year revenue and Adjusted EBITDAR growth, driven by continued growth in play from core and retail players, favorable comparisons due to last year's severe winter weather, and contributions from the Company's recent property investments. Results in the Las Vegas Locals segment were impacted by continued softness in destination business, as well as construction disruption from the Company's ongoing renovations at Suncoast. During the quarter, results in the Downtown Las Vegas segment reflected stability in play from Hawaiian guests and reduced destination business.
The Company's Online segment generated continued growth from its online casino gaming business, as well as contributions from third-party market access agreements consistent with the second half of 2025. Revenue and Adjusted EBITDAR growth in Managed & Other was driven by continued increases in management fees from Sky River Casino in northern California.
Dividend and Share Repurchase UpdateBoyd Gaming paid a quarterly cash dividend of $0.20 per share on April 15, 2026, an increase over the Company's prior quarterly dividend of $0.18 per share.
As part of its ongoing share repurchase program, the Company repurchased $155 million in shares of its common stock during the first quarter of 2026.
On April 8, 2026, the Company's Board of Directors authorized an additional $500 million under the Company's share repurchase program. Considering the additional authorization, the Company had approximately $707 million remaining under the current share repurchase authorization as of March 31, 2026.
Balance Sheet StatisticsAs of March 31, 2026, Boyd Gaming had cash on hand of $372.7 million, and total debt of $2.3 billion.
Conference Call InformationBoyd Gaming will host a conference call to discuss its first-quarter 2026 results today, April 23, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/a7rJPbyEXRG.
Following the call's completion, a replay will be available by dialing (888) 660-6345 today, April 23, and continuing through Thursday, April 30. The passcode for the replay will be 56366#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
(In thousands, except per share data)
2026
2025
Revenues
Gaming
$ 650,501
$ 638,693
Food & beverage
75,770
74,158
Room
45,947
47,388
Online
26,248
39,967
Online reimbursements
135,447
129,606
Management fee
26,221
25,146
Other
37,221
36,607
Total revenues
997,355
991,565
Operating costs and expenses
Gaming
254,849
246,123
Food & beverage
64,915
63,337
Room
19,172
18,997
Online
17,670
16,424
Online reimbursements
135,447
129,606
Other
13,205
12,791
Selling, general and administrative
109,985
107,846
Master lease rent expense (a)
28,584
28,160
Maintenance and utilities
35,743
36,725
Depreciation and amortization
94,989
68,223
Corporate expense
36,784
29,951
Project development, preopening and writedowns
20,268
(1,522)
Impairment of assets
—
32,272
Other operating items, net
1,752
2,745
Total operating costs and expenses
833,363
791,678
Operating income
163,992
199,887
Other expense (income)
Interest income
(1,865)
(808)
Interest expense, net of amounts capitalized
28,451
48,437
Loss on early extinguishments and modifications of debt
