Boyd Gaming Revenue Edges Higher In Q1 Despite Southern Nevada Softness

Boyd Gaming reported a small revenue gain for the first quarter of 2026, even as Southern Nevada softness and casino renovation work weighed on earnings. Revenue reached $997.4 million, up from $991.6 million a year earlier.

Good to Know

• Boyd Gaming Q1 revenue rose slightly to $997.4 million.
• Net income fell to $105.5 million, while adjusted EBITDAR declined to $317.4 million.
• Southern Nevada results were hurt by weaker destination demand and Suncoast renovation work.

Midwest Growth Helps Balance Las Vegas Pressure

Boyd Gaming saw uneven results across its portfolio in Q1. Net income came in at $105.5 million, or $1.37 per share, compared with $111.4 million, or $1.31 per share, in Q1 2025. Adjusted earnings fell to $123.1 million, or $1.60 per share, from $137.7 million, or $1.62 per share. Total adjusted EBITDAR dropped to $317.4 million from $337.5 million.

CEO Keith Smith said:

“Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies, and our ongoing capital investment program.”

Boyd posted better property-level revenue and adjusted EBITDAR, with margins above 39%. Smith pointed to stronger core and retail customer play, especially across the Midwest and South. That segment benefited from recent investments, better customer activity, and easier comparisons against weather disruption in the prior year.

Online also helped the quarter. Boyd said iGaming operations and third-party market access agreements supported digital growth, in line with trends from the second half of 2025. Managed and Other revenue also improved through higher management fees from Sky River Casino in northern California.

Southern Nevada told a different story. CFO Josh Hirsberg said the Las Vegas locals business was down by about $6.5 million year on year. Smith linked the pressure to weaker destination traffic, with the Orleans seeing the largest impact.

Suncoast renovation work added more drag. Construction shifted into busier parts of the casino floor during the quarter, and Boyd expects that disruption to continue until the project finishes late in Q3.

Even so, Boyd kept investing in its casino portfolio. The company opened Cadence Crossing Casino in Henderson on March 25, its first new development in more than 20 years. Smith said guest response has been strong in the early weeks.

More projects are also lined up. Boyd is developing a $750 million resort in Virginia and has received regulatory approval for a Par-A-Dice expansion and modernization in Illinois, with construction expected to start next year.

In Southern Nevada, Boyd is redesigning the Suncoast casino floor and upgrading dining and public spaces. A hotel room renovation at the Orleans should finish later in 2026, followed by a Suncoast room project in the summer. Boyd also plans to start a wider Orleans modernization in 2027.

The company added new restaurant concepts at Gold Coast during the quarter, with more work planned at Fremont, Aliante, and Sam’s Town. Boyd also pointed to long-term strength in Southern Nevada, where population reached 2.4 million last year after steady growth over the past decade.

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