Q2 2026 Boyd Gaming Corp Earnings Call Transcript
Key Points
- Boyd Gaming Corp (BYD) reported a 3% increase in company-wide revenues and a 2% growth in EBITDAR for the second quarter, driven by strong performances in the Midwest and South segments.
- The Midwest and South segment achieved its highest property margins in nearly two years, with a 4% growth in EBITDA and a 3% increase in revenues.
- The Las Vegas local segment, excluding the Orleans and Suncoast, saw a 4% increase in revenues and a 3% growth in EBITDAR, with margins exceeding 50%.
- Boyd Interactive and the managed business segments contributed to revenue and EBITDA growth, with the managed business growing EBITDA by 18% year-over-year.
- The company returned over $170 million to shareholders through share repurchases and dividends during the second quarter, demonstrating a strong commitment to shareholder returns.
- The Las Vegas destination business continued to experience softness, particularly impacting the Orleans and Suncoast properties.
- Ongoing construction at the Suncoast led to disruptions, with an estimated $3 million impact on EBITDAR for the second quarter.
- The downtown Las Vegas segment was affected by lower pedestrian traffic, reflecting continued softness in destination business.
- Despite strong performances in other segments, the Las Vegas locals market faced challenges due to construction disruptions and destination business declines.
- The company anticipates continued construction disruption at the Suncoast into the third quarter, potentially impacting short-term performance.
Good afternoon, and welcome to the Boyd Gaming second-quarter 2026 earnings conference call. This is David Strau, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which we are hosting on Thursday, July 23, 2026. (Operator Instructions) Our speakers for today's call are Keith Smith, President and Chief Executive Officer, and Josh Hirschberg, Chief Financial Officer.
Our 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 statement.
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. Complete
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