Boyd Gaming Reports Dramatic Drop in Q3 Revenue

Boyd Gaming has reported a significant decline in its Q3 2026 financial performance, posting a net income of $124.9 million. This figure represents a decrease of 91.1% compared to the same period last year. Revenue for the quarter fell slightly by 0.95%, totaling $990.5 million.
This drop is largely attributed to a substantial $1.4 billion after-tax gain from the sale of Boyd's equity interest in FanDuel in 2025, which skews the year-on-year comparison.
Adjusted EBITDAR for the quarter reached $319.6 million, down from $321.8 million in Q3 2025. Adjusted earnings also fell to $121.7 million, which equates to $1.67 per share, a decline from $139.1 million, or $1.72 per share, last year.
The company's performance in the Las Vegas market was particularly affected by diminishing demand for destinations, impacting operations at The Orleans. Additionally, ongoing construction disruptions at Suncoast adversely influenced the Local Las Vegas segment. Downtown Las Vegas has seen a downturn in tourism, intensified by a reduction in visitors from Hawaii due to recent storms and rising airfare costs.
Despite these challenges, Boyd's Las Vegas Locals portfolio reported a revenue growth of 3% and an increase in Adjusted EBITDAR, largely driven by heightened gambling activity among Southern Nevada residents who have become increasingly engaged with the gaming sector recently.
CEO Keith Smith noted that these results underscore the benefits of Boyd Gaming's diversified business model, substantial property investments, and the growing client base.
The Midwest and South segment experienced challenges, with performance impacted by the closure of Sam's Town Tunica in November 2025, the sale of Sam's Town Shreveport in August 2026, and rising property taxes at Kansas Star. Excluding these influences, the segment's revenue grew by around 3%, and Adjusted EBITDAR saw an increase of nearly 2.5%. The company attributed this growth to sustained gaming activity among core and retail customers.
During the quarter, Boyd Gaming repurchased $164 million of its own stock and announced a quarterly dividend of $0.20 per share on October 15. Smith indicated that the total returned to investors through buybacks and dividends amounted to $180 million.
In addition to these financial results, Boyd is engaged in various expansion projects. Earlier this year, it opened the Cadence Crossing Casino in Henderson, Nevada, replacing the former Jokers Wild Casino. The company is also collaborating with the Pamunkey Indian Tribe on a $750 million hospitality development in Norfolk, Virginia, and plans to expand its Par-A-Dice Hotel Casino in Illinois, with construction expected to commence in 2027.