Boyd Gaming Q2 2026 Revenue Flat at $1.03bn, Net Income Slides 13.4%
2026-07-24
Source: Global Gaming Insider
Boyd Gaming's Q2 2026 revenue held steady at $1.03bn, but net income dropped 13.4% to $131.2m, driven by higher costs and a sharp decline in online segment revenue.
Boyd Gaming has posted second-quarter 2026 revenue of $1.03bn, essentially unchanged from the same period last year, but net income attributable to the company declined 13.4% to $131.2m.
Adjusted EBITDA slipped 2.4% year-on-year to $321.6m, while operating income fell 17.2% to $200.7m. The drop in operating profit was fueled by a 5.3% increase in total operating costs, which reached $833.7m. Depreciation and amortisation surged 30.2% to $91.1m, and project development, preopening and writedown expenses jumped from $2.8m to $15.4m.
Gaming revenue, the operator's largest income stream, edged up 1.8% to $683.3m. By contrast, online revenue (excluding reimbursements) shrank 18.7% to $31.8m, though Boyd noted growth in its online casino business.
The Midwest & South segment remained the strongest performer. Segment revenue rose 3.1% to $556.9m, while adjusted EBITDAR climbed 3.6% to $208.7m. Boyd attributed the gains to higher customer activity and returns from property-level investments.
Las Vegas Locals revenue dipped 1.4% to $225.9m, with adjusted EBITDAR down 5.6% to $106.4m. The company cited soft destination demand at the Orleans and disruption from renovation work at Suncoast. Excluding those two properties, the segment recorded revenue and adjusted EBITDAR growth, with margins exceeding 50%.
Downtown Las Vegas revenue fell 5.7% to $52.1m, reflecting continued weakness in destination visitor numbers.
The online segment's total revenue declined 8.6% to $158.2m, and adjusted EBITDAR plunged 52.4% to $10.6m. Managed & Other revenue increased 13.1% to $41.3m, supported by higher fees tied to the expansion of Sky River Casino.
During the quarter, Boyd repurchased $156m of shares and paid roughly $15m in dividends. At the end of June, the company held $322.7m in cash and $2.6bn in debt.
In Q1 2026, Boyd had reported a 0.6% revenue uptick to $997.4m, with net income falling 5.9% and adjusted EBITDA declining 6.6% to $288.8m. The operator also agreed during the quarter to sell Sam’s Town Hotel & Casino in Shreveport to Bally’s Corporation.