Boyd Gaming Corporation reported first‑quarter 2026 revenue of $997.4 million, a 0.6% increase from the $991.6 million earned in the same period a year earlier. The figure falls short of the consensus range of $998.8 million to $1.04 billion, indicating a miss of roughly $1.4 million to $42 million. The slight revenue shortfall is largely attributable to a $56.5 million decline in market‑access agreement revenue following the sale of its FanDuel stake, while growth in the Midwest & South segment helped offset the loss.
Net income for the quarter was $105.5 million, translating to a GAAP diluted earnings per share of $1.37. Adjusted earnings per share were $1.60, a miss against the consensus range of $1.71 to $1.97. The adjusted EPS shortfall reflects higher corporate expenses, interest on development projects, and a $32.3 million impairment charge related to the closure of Sam’s Town Tunica, in addition to the decline in market‑access revenue.
Adjusted EBITDAR fell to $317.4 million, down 5.9% from $337.5 million a year earlier. The decline was driven by the $56.5 million drop in market‑access revenue and the $32.3 million impairment, yet the company maintained a property‑level margin of 39.9%. The margin stability underscores the company’s ability to preserve profitability even as higher‑level earnings compress.
Segment performance was mixed. The Midwest & South region posted growth, while the Las Vegas Locals segment experienced softness due to destination‑business weakness. Construction disruptions at Suncoast and a broader decline in destination demand contributed to the Las Vegas lag, highlighting the ongoing challenges in that market.
Boyd Gaming continued its shareholder‑return program, paying a quarterly dividend of $0.20 per share and repurchasing $155 million of common stock during the quarter. The board authorized an additional $500 million under the share‑repurchase program, leaving approximately $707 million in available buyback capacity as of March 31 2026. The program reflects management’s confidence in the company’s cash‑flow generation.
The balance sheet remains strong, with cash of $372.7 million against total debt of $2.3 billion. The firm is positioned to fund a $650‑$700 million capital‑expenditure cycle, targeting new and modernized properties such as Cadence Crossing, Suncoast modernization, and the Norfolk resort.
Management reiterated full‑year EBITDAR guidance for the online segment at $30 million to $35 million and for the Managed & Other segment at $110 million to $114 million. The guidance signals confidence in maintaining profitability despite the current headwinds, while also indicating a cautious outlook for the online business amid its structural reset.
Market reaction was negative, with shares falling 5.8% to 7.2% in pre‑market trading and 9.09% since close. The decline was driven by the revenue and EPS miss, the softness in Las Vegas, and the year‑over‑year decline in adjusted EBITDAR, all of which raised concerns about near‑term performance.
CEO Keith Smith said, "Looking ahead, we believe that our strong balance sheet, diversified portfolio, balanced approach to capital allocation, and experienced management team all position us well to continue creating long‑term value for our shareholders." The statement underscores management’s confidence in the company’s strategic direction and financial resilience.
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