Boyd Gaming's weak spot in the third quarter of 2026 was the Las Vegas visitor trade. Adjusted EBITDAR at its Downtown Las Vegas properties fell 20% to $12.9m, which the company put down to softer destination business, fewer Hawaiian visitors after several major storms in Hawaii and higher airfares. President and Chief Executive Officer Keith Smith said softer destination business mainly affected the Orleans, which is part of the Las Vegas Locals segment. Group revenue was $990.5m, against $1.0bn in Q3 2025, and non-GAAP Adjusted EBITDAR was $319.6m, against $321.8m, the company said on 22 October 2026.
- Total revenues · Q3 2026990.5 $m
- Adjusted EBITDAR (non-GAAP) · Q3 2026319.6 $m
- Net income attributable to Boyd Gaming · Q3 2026124.9 $m
- Share repurchases · Q3 2026164 $m
- Total debt · 30 September 20262.7 $bn
| Segment | Revenue Q3 2026 | Revenue Q3 2025 | Adjusted EBITDAR Q3 2026 (non-GAAP) | Adjusted EBITDAR Q3 2025 (non-GAAP) |
|---|---|---|---|---|
| Las Vegas Locals | 207.4 | 210.8 | 87.4 | 92.1 |
| Downtown Las Vegas | 47.4 | 53.2 | 12.9 | 16.1 |
| Midwest & South | 540.5 | 538.9 | 201.6 | 201.6 |
| Online | 154.5 | 165.6 | 10.9 | 9.4 |
| Managed & Other | 40.6 | 35.8 | 29.8 | 26.3 |
Source: Boyd Gaming Corporation, Q3 2026 results (Form 8-K, Exhibit 99.1), Q3 2026.
Las Vegas Locals Adjusted EBITDAR fell 5% to $87.4m, which Boyd said reflected softer destination business, mainly at the Orleans, and construction disruption at the Suncoast. In Midwest & South, the company said revenue rose nearly 3% and Adjusted EBITDAR about 2.5% after adjusting for the closure of Sam's Town Tunica, the sale of Sam's Town Shreveport and higher property taxes at Kansas Star. Online Adjusted EBITDAR rose 16% to $10.9m, which Boyd credited to its online casino business.
“During the quarter, our results reflected continued growth in our Midwest & South segment, increased play from southern Nevada residents, and strong gains in both our Online and Managed operations.”
Net income attributable to Boyd Gaming was $124.9m, or $1.71 per share, in Q3 2026, against $1.4bn, or $17.81 per share, a year earlier, when it booked a $1.4bn after-tax gain on the sale of its FanDuel stake. Boyd bought back $164m of shares in Q3 2026 and had $387m left under its authorization at 30 September 2026. It paid a dividend of $0.20 per share on 15 October 2026 and ended September 2026 with $297.2m of cash.
- Boyd Gaming Corporation, Q3 2026 results (Form 8-K, Exhibit 99.1), 22 Oct 2026, 22:06 CEST