Boyd Gaming Q3 results show revenues of $990.5m for the three months to 30 September 2026, down 1.4% from $1.0bn a year earlier, as weaker destination business in Las Vegas hit the Orleans. Adjusted EBITDAR fell 0.7% to $319.6m, according to the company’s third-quarter results release published on 22 October.
Net income was $124.9m, or $1.71 per share, against $1.4bn, or $17.81 per share, in the third quarter of 2025. The year-ago figure included a $1.4bn after-tax gain on the sale of Boyd’s equity interest in FanDuel and $65.1m in non-cash, pre-tax impairment charges. Adjusted Earnings dropped 12.6% to $121.7m, or $1.67 per share, from $139.1m, or $1.72 per share.
Boyd Gaming Q3 results by segment
Midwest & South, Boyd’s largest segment, generated $540.5m of revenue and $201.6m of Adjusted EBITDAR, both broadly flat year on year. The company said the comparison was weighed down by the closure of Sam’s Town Tunica in November 2025, the sale of Sam’s Town Shreveport in August 2026 and higher property taxes at Kansas Star. Excluding those items, segment revenues grew nearly 3% and Adjusted EBITDAR about 2.5%, according to Boyd.
| Segment | Revenue Q3 2026 ($m) | Adj. EBITDAR Q3 2026 ($m) | EBITDAR change y/y |
|---|---|---|---|
| Las Vegas Locals | 207.4 | 87.4 | -5.1% |
| Downtown Las Vegas | 47.4 | 12.9 | -20.3% |
| Midwest & South | 540.5 | 201.6 | 0.0% |
| Online | 154.5 | 10.9 | +15.9% |
| Managed & Other | 40.6 | 29.8 | +13.3% |
Figures from Boyd Gaming’s third-quarter 2026 results, three months to 30 September 2026. Total Adjusted EBITDAR is after $22.9m of net corporate expense.
In the Las Vegas Locals segment, Adjusted EBITDAR fell 5.1% to $87.4m. Boyd attributed the decline mainly to softer destination demand at the Orleans, plus construction disruption at the Suncoast. The rest of the Locals portfolio grew revenue and Adjusted EBITDAR by 3%, with gaming revenue up 3.5% on more play from southern Nevada residents, the company said.
Downtown Las Vegas posted the steepest drop, with Adjusted EBITDAR down 20.3% to $12.9m. Boyd linked it to lower visitation from Hawaii, where several major storms hit during the quarter, and to higher airfares.
Online revenue fell 6.7% to $154.5m, while Adjusted EBITDAR rose 15.9% to $10.9m, which Boyd put down to its online casino business. Over the first nine months, Online Adjusted EBITDAR stood at $29.9m, against $55.0m a year earlier. Managed & Other grew Adjusted EBITDAR 13.3% to $29.8m on higher management fees from Sky River after its expansion.
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. And while quarterly results were impacted by increased softness in destination business to Las Vegas, primarily affecting our Orleans property, we are encouraged by the continued strength of the remainder of our Las Vegas Locals portfolio and the performance of our Midwest & South segment.
Keith Smith, President and Chief Executive Officer, Boyd Gaming, in the results release
FanDuel comparison
The fall in reported profit reflects the one-off gain in the prior year. Boyd completed the sale of its 5% stake in FanDuel to Flutter Entertainment for $1.758bn in cash on 31 July 2025, according to the completion announcement filed with the SEC. Boyd said at the time it intended to use the proceeds to repay debt.
Capital returns
Boyd returned nearly $180m to shareholders in the quarter, including $164m of share repurchases and a $0.20 per share quarterly dividend paid on 15 October. As of 30 September 2026, it had $297.2m of cash, $2.7bn of total debt and $387m left under its current buyback authorisation.
Over nine months, revenue was $3.02bn, against $3.03bn a year earlier, and Adjusted EBITDAR was $987.5m, down 2.9% from $1.02bn. A replay of the 22 October earnings call is available until 29 October. More results from US operators are in TGE’s North America coverage.
Source: Boyd Gaming
