Boyd Gaming officials expressed high confidence in the company’s prospects for 2026 after achieving an all-time revenue record of $4.09 billion in 2025, reflecting ongoing investments throughout its casino assets and the anticipated launch of a new property geared towards local visitors in the Las Vegas Valley.

        <p><strong>The company noted unprecedented earnings of $4.09 billion for 2025</strong>,<strong> </strong>despite a drop in net income during the fourth quarter compared to the previous year.</p>

        <p><strong>Boyd is set to unveil Cadence Crossing, a new casino in east Henderson, by late March, ahead of its initial mid-2026 plan.</strong> This 50,000-square-foot venture, featuring a 10,000-square-foot gaming area, will take the place of the Jokers Wild property and marks Boyd's first new casino development in over two decades.</p>

        <p><strong>CEO Keith Smith commented that the Las Vegas locals market benefits from robust play among core customers</strong> and the residential expansion in the adjacent Cadence master-planned community, which was listed among the top U.S. housing markets last year.</p>

        <p>“In both Nevada as well as the Midwest and South,<strong> we continue to witness strong engagement</strong> <strong>from our core customer base</strong> and positive trends among retail patrons in 2025,” stated Smith.</p>

        <p><strong>Boyd invested $148 million in the fourth quarter, culminating in total capital expenditures of $588 million for the year.</strong> The company is directing funds towards upgrades across its properties, including a modernization effort at its Suncoast casino in Summerlin, expected to be completed in the third quarter. <strong>Improvements at The Orleans in Las Vegas will follow.</strong></p>

        <p><strong>In the Midwest and South, Boyd anticipates benefiting from a full year of contributions from the expanded meeting</strong> <strong>and convention facility</strong> at Ameristar St. Charles in Missouri, along with additional revenue from renovations to hotel accommodations and food-and-beverage enhancements.</p>

        <p>Smith noted that fourth-quarter results for locations outside Las Vegas were impacted by severe winter weather in December and the temporary closure of Sam’s Town Tunica in November, resulting in an EBITDAR reduction of approximately $4 million. Without these factors, the earnings for the segment would have risen.</p>

        <p>Performance in Las Vegas was varied, with gaming revenue buoyed by strong local patronage but hotel revenue affected by lower destination demand.<strong> Smith indicated that this dip in destination business led to a cash hotel revenue decrease of nearly $6 million</strong> compared to the prior year, primarily from The Orleans.</p>

        <p>“<strong>This uptick in gaming revenue would have been even more pronounced</strong> if not for the decline in destination business during the quarter,” remarked Smith.</p>

        <p>Discounting The Orleans, <strong>the Las Vegas locals sector recorded EBITDAR growth of nearly 2.5% in the fourth quarter</strong>, with margins surpassing 50%, according to Smith.</p>

        <p>“<strong>We are optimistic about the long-term potential</strong> for our Las Vegas locals’ operations,” he said.</p>

        <p><strong>Downtown Las Vegas witnessed decreased performance, attributed to a 10% drop in pedestrian traffic</strong> along the Fremont Street Experience, although foot traffic from Hawaii remained stable, Smith added.</p>

        <p><strong>Additionally, Boyd unveiled plans for a $160 million renovation of its Par-A-Dice casino in Illinois</strong>, proposing to relocate the facility to a permanently anchored barge on the Illinois River. <strong>Construction is projected to begin in 2027</strong>, pending regulatory approvals, with a goal of opening by 2028.</p>

        <p>“<strong>This will significantly enhance the competitiveness and attractiveness of Par-A-Dice</strong>, readying us for sustainable long-term growth at this venue,” Smith stated.</p>

        <p>The company added that its online segment continues to thrive thanks to Boyd Interactive's growth, while <strong>the ongoing expansion of the Sky River casino in Northern California is anticipated to produce between $110 million and $114 million in EBITDAR by 2026</strong>.</p>

        <p><strong>Boyd has also launched a temporary casino in Norfolk, Virginia</strong>, with construction on a $750 million permanent casino resort scheduled to wrap up in late 2027.</p>

        <p><strong>The company recorded total revenue of $4.09 billion for 2025</strong>,<strong> </strong>despite net income dip in the fourth quarter compared to the year prior.</p>