Boyd Gaming has announced its revenue for the first quarter of 2026, amounting to $997.4 million, which is a modest rise from $991.6 million recorded during the same quarter last year. However, net profit and adjusted earnings have decreased, largely due to underperformance in Southern Nevada and ongoing disruptions at various properties.
For the quarter, net income reached $105.5 million, or $1.37 per share, which marks a decline from $111.4 million, or $1.31 per share, during the same timeframe in 2025. Adjusted earnings decreased to $123.1 million, or $1.60 per share, down from $137.7 million, or $1.62 per share the previous year. Total adjusted EBITDAR fell to $317.4 million from $337.5 million.
In a statement, CEO Keith Smith highlighted the positive aspects of the quarter’s performance. “Our first-quarter results highlight the advantages of our diversified business structure, our strategic focus on operating efficiencies, and our ongoing commitments to capital investments,” Smith remarked.
He also noted that on a property level, the company achieved year-over-year increases in revenue and adjusted EBITDAR, with margins surpassing 39%. This success was bolstered by increased engagement from both core and retail clients, especially in the Midwest and South.
President and CEO Keith Smith
Performance varied across different regions. As Smith noted, the Midwest and South segments witnessed growth in both revenue and adjusted EBITDAR, driven by heightened customer activity, favorable comparisons from previously disrupted weather conditions, and recent investments.
The online segment also saw improvements, thanks to thriving iGaming operations and partnerships providing third-party market access, similar to results from the second half of 2025. Additionally, the Managed and Other segment experienced revenue growth due to higher management fees from Sky River Casino in Northern California.
In stark contrast, Southern Nevada’s performance was hampered by diminished demand from destination travelers and disruptions from construction projects. “Locals business in Las Vegas saw a year-over-year decrease of approximately $6.5 million,” remarked Chief Financial Officer Josh Hirsberg during the earnings call with investors on Thursday.
“The challenges faced in our Las Vegas locals segment illustrate a consistent softness in destination business, particularly affecting the Orleans,” added Smith. He also mentioned ongoing renovations at Suncoast, which have impacted heavily trafficked areas of the casino floor, contributing to revenue declines.
“We project that this disruption will persist until the completion of our renovation project in late Q3,” he added.
Despite these obstacles, Boyd continued to enhance its property portfolio. The company officially opened the Cadence Crossing Casino in Henderson on March 25, marking its first new development in over twenty years.
Smith expressed optimism, stating that though it’s still early days, the new property has received a very positive reception from guests. The company is also progressing on a $750 million resort development in Virginia and has acquired regulatory clearance for the planned expansion and modernization of its Par-A-Dice property in Illinois, with construction slated to commence next year.
Ongoing capital projects in Southern Nevada involve a comprehensive redesign of the Suncoast casino floor, along with upgrades to food, beverage, and public areas. A renovation of hotel rooms at the Orleans is expected to wrap up later this year, followed by a similar project at Suncoast during the summer.
The company has plans to initiate a modernization project at the Orleans in 2027. Recently, new dining concepts were introduced at Gold Coast, with additional developments planned for Fremont, Aliante, and Sam’s Town.
The company emphasized sustained growth in both population and income levels within Southern Nevada, noting that the region’s population reached 2.4 million last year and has seen appreciable growth over the last decade. “Overall, the long-term fundamentals of the Southern Nevada economy remain robust,” Smith concluded.