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Destination business to Las Vegas slowed
Boyd Gaming reported third-quarter 2026 revenues of $990.5m, compared to $1bn in the third quarter of 2025 due to softness in the company’s destination business to Las Vegas, which affected gaming volumes at its Orleans Casino.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, “Our third-quarter performance continued to highlight the benefits of our diversified business model, the ongoing strength of our core customer and the appeal of our property investments nationwide. During the quarter, our results reflected continued growth in our Midwest & South segment, increased play from southern Nevada residents, and strong gains in both our Online and Managed operations. And while quarterly results were impacted by increased softness in destination business to Las Vegas, primarily affecting our Orleans property, we are encouraged by the continued strength of the remainder of our Las Vegas Locals portfolio and the performance of our Midwest & South segment. Finally, we maintained our balanced approach to capital allocation during the third quarter, investing in growth across our portfolio while returning nearly $180 million to our shareholders through share repurchases and dividends. With our robust free cash flow, strong balance sheet and efficient operating model, our Company is well-positioned to continue creating long-term value for our shareholders.”
During the third quarter, results in the Midwest & South segment were impacted by the closure of Sam’s Town Tunica in November 2025, the sale of Sam’s Town Shreveport in August 2026, and higher property taxes at Kansas Star. Adjusting for these items, Midwest & South revenues increased nearly three per cent and Adjusted EBITDAR grew approximately 2.5 per cent during the third quarter. Continued growth in play from core and retail customers and benefits from recent capital investments drove increases in adjusted gaming revenue in the Midwest & South segment. In the Company’s Las Vegas Locals segment, results reflected increased softness in Las Vegas destination business, primarily at the Orleans, as well as construction disruption at the Suncoast; however, the remainder of the properties in this segment achieved revenue and Adjusted EBITDAR growth of three per cent, with gaming revenue gains of 3.5 per cent, highlighted by increased play from southern Nevada residents. Downtown Las Vegas results were impacted by increased softness in Las Vegas destination business, declines in Hawaiian visitation due to several major storms in Hawaii and higher airfares during the quarter.
The Online segment and Managed & Other both continued to grow during the third quarter. Double-digit Adjusted EBITDAR growth in the Online segment was driven by continued strength in the Company’s online casino gaming business. Growth in Managed & Other reflected increased management fees from Sky River following its recently completed expansion.
