Q1 2026 Boyd Gaming Corp Earnings Call Transcript
Key Points
- Boyd Gaming Corp (BYD) reported nearly $1 billion in company-wide revenues and $317 million in EBITDAR for the first quarter of 2026.
- The Midwest and South segment showed strong performance with a 4% revenue growth and 5% EBITDAR growth, supported by increased play from core and retail customers.
- The company is actively investing in its properties, including the modernization of the Suncoast property and the opening of Cadence Crossing Casino, which received positive guest feedback.
- Boyd Gaming Corp (BYD) is maintaining a balanced approach to capital allocation, investing in properties while returning capital to shareholders, including $155 million in share repurchases and $14 million in dividends in the first quarter.
- The company has a strong balance sheet with traditional leverage of 1.8x and lease-adjusted leverage of 2.4x, and ample capacity under its credit facility.
- The Las Vegas Locals segment experienced continued softness in destination business, particularly impacting the Orleans property.
- Significant construction disruption at the Suncoast property affected results, with the renovation project expected to continue impacting performance until late in the third quarter.
- Downtown Las Vegas saw an 11% year-over-year decline in pedestrian traffic on the Fremont Street Experience, impacting business.
- The Online segment's EBITDAR guidance remains modest at $30 million to $35 million for the year, indicating limited growth expectations.
- Corporate expenses were higher than usual due to one-time items, including the timing of charitable contributions, impacting overall financial performance.
Good afternoon, and welcome to the Boyd Gaming first-quarter 2026 earnings conference call. This is David Strow, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, April 23, 2026. (Event Instructions)
Our speakers for today's call are Keith Smith, President and Chief Executive Officer; and Josh Hirsberg, Chief Financial Officer.
Comments today will include statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date, and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statements. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.
During our call today, we will make reference to non-GAAP financial measures. For a
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