Boyd Gaming earnings dip as Las Vegas destination softness hits the Orleans

Boyd Gaming said softer destination travel to Las Vegas weighed on its third quarter, offsetting growth in its regional casinos and online business.

Revenue was $990.5 million, compared with $1.0 billion a year earlier, according to its earnings release filed with an 8-K on Thursday. Net income was $124.9 million, or $1.71 per share, versus $1.4 billion, or $17.81, in the year-ago quarter, which included a $1.4 billion after-tax gain from the sale of its FanDuel stake.

Adjusted earnings were $121.7 million, or $1.67 a share, down from $1.72, and total adjusted EBITDAR slipped to $319.6 million from $321.8 million.

Mixed segments

CEO Keith Smith pointed to "increased softness in destination business to Las Vegas, primarily affecting our Orleans property," while citing continued strength in the rest of the Las Vegas Locals portfolio and in the Midwest & South segment.

Adjusting for the closure of Sam's Town Tunica, the August sale of Sam's Town Shreveport and higher property taxes at Kansas Star, Midwest & South revenue rose nearly 3% and adjusted EBITDAR grew about 2.5%.

Boyd repurchased $164 million of stock in the quarter and had $387 million left under its authorization. It ended September with $297.2 million in cash and $2.7 billion of debt.

By the numbers

• Revenue: $990.5 million
• Adjusted EPS: $1.67, vs. $1.72
• Adjusted EBITDAR: $319.6 million
• Q3 buybacks: $164 million

Sources

1. Boyd Gaming Corporation, Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0001437749-26-033268

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