Boyd Gaming Roars Ahead in Q2 2026: Strong Growth Across Segments Despite Softness in Las Vegas Destination Business
Boyd Gaming, a leading gaming and hospitality company, reported a robust second quarter performance for 2026, driven by the success of its diversified business model, capital investment program, and broad-based growth across its customer segments.
The company's revenues increased 3% and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew 2% for the quarter, when adjusting for the impact of last year's FanDuel transaction and tax pass-through amounts related to market access agreements. This growth was led by strong performances across its Midwest and South segment, Boyd Interactive, and increased management fees from Sky River.
"Our second quarter results reflect the continued benefits of our diversified business model, success of our ongoing capital investment program, and broad-based growth in play across our customer segments," said Keith Smith, President and Chief Executive Officer, during the company's earnings conference call on July 23rd, 2026. "We are pleased with the strong growth we've seen across our Midwest and South segment, driven by growth in gaming revenues, while EBITDA grew 4% with property margins expanding to nearly 38%."
The company's Midwest and South segment delivered a strong performance on top of last year's solid results. Revenues grew 3% in the quarter, led by growth in gaming revenues, while EBITDA grew 4% with property margins expanding to nearly 38%. This was the segment's strongest margin in almost two years, demonstrating the company's continued ability to drive operating efficiencies throughout its business.
Boyd Gaming's Las Vegas Locals segment also achieved solid results for the second quarter. Excluding the Orleans and Suncoast, revenues from these properties increased 4% in the quarter, driven by increases in gaming revenue, while EBITDA grew 3% and margins once again exceeded 50%. The growth in gaming revenue was driven by increased play from its core and retail guests, demonstrating the underlying strength of its Locals customer.
However, the company's Las Vegas destination business continued to experience softness, primarily at the Orleans and ongoing construction disruption at the Suncoast. While results at the Suncoast were impacted by construction activity in both the first and second quarters, the company expects to finalize its renovations of the casino floor and other public areas by the end of the third quarter.
"While we are only three weeks into the third quarter, the overall trends of the second quarter are continuing into July," added Smith. "We remain confident in our ability to drive growth across all segments and continue to invest in our properties to enhance guest experience."
The company's recent capital investment program has contributed to its strong performance across various segments, including the recent hotel renovations and new food and beverage offerings at its Midwest & South properties. These investments have helped drive operating efficiencies and deliver growth at properties where the company has made larger, more strategic investments.
Overall, Boyd Gaming's second quarter performance demonstrates its ability to navigate a rapidly changing gaming landscape and achieve strong results across various segments. The company remains confident in its future prospects and continues to invest in its properties to enhance guest experience."
