Boyd Gaming Q2 revenue holds at $1.03bn as net income falls 13.4%

Boyd Gaming has reported revenue of $1.03bn for the second quarter of 2026, remaining broadly level with the corresponding period last year.

The US casino operator’s adjusted EBITDA decreased 2.4% year-on-year to $321.6m, while net income attributable to Boyd Gaming fell 13.4% to $131.2m.

Operating income declined 17.2% to $200.7m as total operating costs increased 5.3% to $833.7m. Depreciation and amortization rose 30.2% to $91.1m, while project development, preopening and writedown expenses increased from $2.8m to $15.4m.

Gaming revenue grew 1.8% to $683.3m and remained Boyd Gaming’s largest revenue source. Online revenue excluding reimbursements fell 18.7% to $31.8m, although the operator reported growth from its online casino business.

Midwest & South operations continued to provide the strongest property-level performance. Segment revenue rose 3.1% to $556.9m, while adjusted EBITDAR increased 3.6% to $208.7m. The operator attributed the result to customer activity and returns from property investments.

Las Vegas Locals revenue decreased 1.4% to $225.9m, with adjusted EBITDAR falling 5.6% to $106.4m. Boyd Gaming said destination demand remained soft at the Orleans, while renovation work disrupted operations at Suncoast. Excluding those properties, the segment recorded revenue and adjusted EBITDAR growth, with margins exceeding 50%.

Downtown Las Vegas revenue declined 5.7% to $52.1m amid continued weakness in destination visitation.

Online segment revenue fell 8.6% to $158.2m, while adjusted EBITDAR decreased 52.4% to $10.6m. Managed & Other revenue increased 13.1% to $41.3m, supported by higher fees following the expansion of Sky River Casino.

Boyd Gaming repurchased $156m of shares during the quarter and paid approximately $15m in dividends. It ended June with $322.7m in cash and $2.6bn in debt. 

During Q1, Boyd Gaming reported a 0.6% revenue increase to $997.4m, while net income fell 5.9% and adjusted EBITDA declined 6.6% to $288.8m. The operator also agreed to sell Sam’s Town Hotel & Casino in Shreveport to Bally’s Corporation.