Boyd Gaming reports $997.4m revenue for Q1, decreases in net income and adjusted EBITDA

Boyd Gaming Corporation has reported its financial results during the first quarter of 2026, as revenue increased 0.6% to $997.4m despite falls in net income and adjusted EBITDA for the Nevada-based operator. 

For Q1 2026, net income decreased 5.9% for a total of $104.3m, while Boyd Gaming’s adjusted EBITDA fell 6.6% year-over-year to $288.8m during the quarterly period. Operating expenses increased 5.3% to $833.4m for Q1 2026, leading to an 18% decrease in Boyd Gaming’s operating income to $164m. 

Gaming accounted for $650.5m of the operator’s total net revenue for Q1 2026, representing an increase of 1.8%. Food & beverage and online reimbursement revenue also increased from the prior year period, rising 2.2% and 4.5%, respectively, to $75.8m and $135.4m during Q1 2026. 

Boyd Gaming’s room and online businesses both witnessed decreases in revenue for Q1 2026, however, including a 3% fall in room revenue to $45.9m. Online operations accounted for just over $26.2m of Boyd Gaming’s total net revenue for Q1 2026 but decreased 34.3%. 

Management fees and other revenue accounted for $26.2m and $37.2m of net revenue during Q1 2026, respectively, equating to increases of 4.3% and 1.7%. 

For how the operator’s respective segments performed during Q1 2026, Midwest & South business led the way with $525.1m of revenue and increased 4.1% year-over-year. Boyd Gaming’s Las Vegas Locals segment generated $217.1m of revenue for Q1 2026, equating to a decrease of 2.6%. 

Downtown Las Vegas operations also witnessed a decrease in revenue for the first quarter of 2026, falling 4.1% to $54.9m. The operator’s online segment drove $161.7m of revenue during the quarterly period, representing a decrease of 4.6%. 

Las Vegas Locals reported an adjusted EBITDAR of nearly $100m for Q1 2026, but the figure still equates to a fall of 6.2%. Midwest & South adjusted EBITDAR increased 5.1% to $192.6m during Q1 2026, while Boyd Gaming’s online segment witnessed a decrease of 64.1% to $8.4m. 

In February, Boyd Gaming entered into a definitive agreement to sell Sam’s Town Hotel & Casino in Shreveport, Louisiana, to Bally’s Corporation for an undisclosed amount, with the transaction expected to close in the third quarter of 2026. 

The property includes a 29,000 sq ft casino with 750 slot machines and 14 table games, as well as a 514-room hotel, multiple restaurants and a live entertainment venue.