olivLaw · US equity research
Boyd Gaming Corporation BYD
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Boyd Gaming is a multi-jurisdictional casino operator headquartered in Las Vegas, operating since 1975 with 27 properties across eleven states plus an online business. The company matters now as it diversifies revenue after selling its FanDuel stake, and in the third quarter of 2026 it reported revenues of 990.5 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Boyd Gaming Corporation (BYD) stock was 77.70 USD (+1.22% on the day), with market capitalisation 5.5 bn USD, P/E 11.7 on diluted EPS of 6.62 USD over the last 12 months, dividend yield 1.00%, beta 0.85, 52-week range 66.07–91.26 USD. Latest reported quarter (Q3 2026): revenue of 990.5 m USD (−1.4% YoY), net income of 124.9 m USD (−91.3% YoY), diluted EPS 1.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.3
- strong (55–70)
- Bollinger (20, 2)
- 67.04 – 76.81
- above the upper band · %B 1.09 · band width 13.6%
- SMA 50 / 200
- 73.01 / 81.67
- mixed trend
- MACD (12, 26, 9)
- 0.97 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.1% | −1.1% | +14.2 pp | — |
| 3 months | −7.9% | −0.5% | −7.4 pp | — |
| 6 months | −8.7% | +4.4% | −13.1 pp | — |
| Year to date | −8.8% | +12.3% | −21.2 pp | — |
| 1 year | −2.1% | +13.5% | −15.7 pp | +9.5% |
| 3 years | +34.9% | +76.4% | −41.5 pp | +9.1% |
| 5 years | +15.2% | +63.7% | −48.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 991.6 m | 1.0 bn | 1.0 bn | 1.1 bn | 997.4 m | 1.0 bn | 990.5 m |
| SG&A | 111.5 m | 107.8 m | 110.1 m | 104.0 m | 111.2 m | 110.0 m | 110.9 m | 105.4 m |
| Operating income | 261.3 m | 199.9 m | 242.4 m | 139.8 m | 166.4 m | 164.0 m | 200.7 m | 194.9 m |
| Depreciation & amortisation | 77.7 m | 68.2 m | 70.0 m | 73.7 m | 90.8 m | 95.0 m | 91.1 m | 91.3 m |
| Interest expense | 45.9 m | 48.4 m | 50.6 m | 33.3 m | 25.4 m | 28.5 m | 31.4 m | 33.8 m |
| Pre-tax income | 216.0 m | 152.2 m | 193.1 m | 1.8 bn | 142.4 m | 137.0 m | 170.6 m | 162.3 m |
| Income tax | 45.5 m | 41.3 m | 42.8 m | 403.2 m | 3.5 m | 32.7 m | 40.6 m | 38.7 m |
| Net income | 170.5 m | 111.4 m | 151.5 m | 1.4 bn | 140.4 m | 105.5 m | 131.2 m | 124.9 m |
| Diluted EPS | 1.92 ≈ | 1.31 | 1.84 | 17.81 | 1.79 ≈ | 1.37 | 1.75 | 1.71 |
| Operating cash flow | 262.1 m | 256.4 m | 205.0 m ≈ | 240.0 m ≈ | 275.3 m | 134.3 m | -23.5 m ≈ | 202.6 m ≈ |
| Capex | 111.2 m | 169.9 m | 124.4 m ≈ | 145.6 m ≈ | 148.3 m | 155.2 m | 141.9 m ≈ | 158.9 m ≈ |
| Dividends paid | 15.2 m | 14.7 m | 14.7 m ≈ | 14.5 m ≈ | 14.2 m | 13.8 m | 15.0 m ≈ | 14.6 m ≈ |
| Share repurchases | 202.6 m | 328.0 m | 105.0 m ≈ | 160.0 m ≈ | 185.3 m | 155.0 m | 156.0 m ≈ | 163.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 47 percentile of its own 36-quarter history (min 3.6, median 12.2, max 59.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 3.3 bn | 2.2 bn | 3.4 bn | 3.6 bn | 3.7 bn | 3.9 bn | 4.1 bn |
| Revenue YoY | +9.4% | +26.6% | −34.5% | +54.7% | +5.5% | +5.2% | +5.1% | +4.1% |
| Net income | 115.0 m | 157.6 m | -134.7 m | 463.8 m | 639.4 m | 620.0 m | 578.0 m | 1.8 bn |
| Net income YoY | −39.3% | +37.0% | −185.5% | unavailable | +37.8% | −3.0% | −6.8% | +218.9% |
| Diluted EPS | 1.00 | 1.38 | -1.19 | 4.07 | 5.87 | 6.12 | 6.19 | 22.56 |
| Diluted EPS YoY | −39.0% | +38.0% | −186.2% | unavailable | +44.2% | +4.3% | +1.1% | +264.5% |
| net % | 4.4% | 4.7% | -6.2% | 13.8% | 18.0% | 16.6% | 14.7% | 45.0% |
| Free cash flow | 273.0 m | 341.4 m | 114.0 m | 811.0 m | 707.0 m | 540.6 m | 556.7 m | 388.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 353.4 m USD
- Financial debt
- 2.0 bn USD
- Net debt
- 1.7 bn USD
- Equity
- 2.6 bn USD
- Total assets
- 6.6 bn USD
- Debt / equity
- 0.78x
- Current ratio
- 0.54x
- ROE
- 88.0%
- ROA
- 28.4%
- FCF margin
- 9.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 3.4 bn | 3.6 bn | 3.7 bn | 3.9 bn | 4.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 350.4 m | 366.2 m | 374.0 m | 389.9 m | 427.2 m | 433.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 14.3 m | 900.1 m | 981.2 m | 901.8 m | 927.8 m | 748.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 281.0 m | 267.8 m | 258.2 m | 256.8 m | 276.6 m | 302.7 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 295.3 m ≈ | 1.2 bn ≈ | 1.2 bn ≈ | 1.2 bn ≈ | 1.2 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 230.5 m | 199.4 m | 151.2 m | 171.2 m | 177.4 m | 157.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | -171.0 m | 603.9 m | 828.8 m | 752.9 m | 752.0 m | 2.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | -36.3 m | 140.1 m | 189.4 m | 132.9 m | 174.1 m | 490.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | -134.7 m | 463.8 m | 639.4 m | 620.0 m | 578.0 m | 1.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | -1.19 | 4.07 | 5.87 | 6.12 | 6.19 | 22.56 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 113.5 m | 114.1 m | 109.0 m | 101.4 m | 93.3 m | 81.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | — | — | 0.60 | 0.64 | 0.68 | 0.72 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 519.2 m | 344.6 m | 283.5 m | 304.3 m | 316.7 m | 353.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 53.5 m | 89.5 m | 109.1 m | 137.9 m | 132.3 m | 84.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 22.6 m | 20.1 m | 22.2 m | 20.7 m | 21.2 m | 20.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 650.3 m | 507.8 m | 478.2 m | 529.3 m | 561.5 m | 530.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 2.5 bn | 2.4 bn | 2.4 bn | 2.5 bn | 2.7 bn | 2.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 971.3 m | 971.3 m | 1.0 bn | 947.3 m | 957.9 m | 958.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 6.6 bn | 6.2 bn | 6.3 bn | 6.3 bn | 6.4 bn | 6.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 96.9 m | 102.0 m | 129.9 m | 124.7 m | 131.3 m | 151.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 30.7 m | 41.7 m | 44.3 m | 44.3 m | 44.0 m | 0 | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 3.9 bn | 3.0 bn | 3.0 bn | 2.9 bn | 3.1 bn | 2.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 524.0 m | 557.0 m | 586.1 m | 596.3 m | 622.7 m | 979.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 1.1 bn † | 1.5 bn † | 1.6 bn | 1.7 bn | 1.6 bn | 2.6 bn | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 289.0 m | 1.0 bn | 976.1 m | 914.5 m | 957.1 m | 976.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 175.0 m | 199.5 m | 269.2 m | 374.0 m | 400.4 m | 588.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 114.0 m ≈ | 811.0 m ≈ | 707.0 m ≈ | 540.6 m ≈ | 556.7 m ≈ | 388.5 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -171.2 m | -129.6 m | -422.3 m | -264.3 m | -433.9 m | 1.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | 146.7 m | -1.1 bn | -615.9 m | -637.2 m | -509.5 m | -2.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 7.8 m | 0 | 48.2 m | 63.6 m | 62.7 m | 58.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 11.1 m | 80.8 m | 541.6 m | 412.7 m | 685.9 m | 778.3 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation63
- Returns100
- Quality43
- Balance sheet55
- Growth70
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 68.90 – 270.19 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/EBITDA68.90 – 221.00 (Mid 140.96)14 companies used · median multiple 11.3x · quartiles 6.6x – 16.4xCHH, CNTY, CZR, FLL, HLT, IHG, LVS, MGM, MLCO, PK, TNL, WH, WYNN, XHR
- Peers: P/E132.11 – 270.19 (Mid 195.01)14 companies used · median multiple 29.5x · quartiles 20.0x – 40.8xATAT, CHH, HLT, IHG, LVS, MAR, MCRI, MGM, MLCO, RRR, SHO, TNL, WH, WYNN
- Dividend discount (DDM)outside the aggregate9.46 – 12.72 (Mid 10.85)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.0% | 55 (vs peers) | 11% |
| Net margin · Quality | 12.3% | 68 (vs peers) | 7% |
| FCF conversion · Quality | -3.1% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.8% | 40 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 56.6% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.2x | 68 (vs peers) | 11% |
| Interest coverage · Balance sheet | 6.1x | 71 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 11.7x | 100 (vs peers) | 11% |
| EV/EBITDA · Valuation | 7.2x | 75 (vs peers) | 11% |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 13.1% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet55/100 · 3/3 factors with a value
- Growth70/100 · 2/2 factors with a value
- Quality43/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation63/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BOYD GAMING CORP (BYD). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.1 bn USD in 2025; YoY growth 4.1%; net margin 12.3%; ROE 19.6%; net debt/EBITDA 2.2x.
The estimated value range is 100.50–245.59 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 167.99 USD, the price of 77.70 USD leaves a potential of 116.2% (value / price − 1) and a margin of safety of 53.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 56.6%
- Interest coverage: 6.1x
- P/E (TTM): 11.7x
- EV/EBITDA: 7.2x
- Shareholder yield (distributions): 13.1%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -3.1%
- Current ratio: 0.3x
- FCF yield: -0.3%
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −2% / +35% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| MRNOMurano Global Investments Plc | — | — | -54.7% | -488.8% | +154.6% | −88% / −98% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
| GHGGreenTree Hospitality Group Ltd. | — | — | 11.2% | 15.2% | −14.7% | −50% / −74% |
1- and 3-year price returns: for BYD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 49.48 Total return -35% · Per year -35% | 87.46 Total return 14% · Per year 14% | 131.72 Total return 71% · Per year 71% |
| 3 years | 48.30 Total return -35% · Per year -14% | 96.05 Total return 27% · Per year 8% | 158.79 Total return 109% · Per year 28% |
| 5 years | 47.16 Total return -35% · Per year -8% | 105.48 Total return 42% · Per year 7% | 191.43 Total return 155% · Per year 21% |
- Exit P/E± 24.01
- Net margin± 16.81
- Annual revenue growth± 13.76
- Annual dilution± 1.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
In brief
Boyd Gaming is a multi-jurisdictional casino operator headquartered in Las Vegas, operating since 1975 with 27 properties across eleven states plus an online business. The company matters now as it diversifies revenue after selling its FanDuel stake, and in the third quarter of 2026 it reported revenues of 990.5 million USD 3.
SWOT
Strengths
- Geographic diversification across many states reduces dependence on any single market 1.
- Solid free cash flow and a balance sheet that supports capital returns and property investment 13.
- The Boyd Rewards loyalty program and customer service model, described as differentiators, support relationships with core customers 1.
Weaknesses
- Revenue is sensitive to reduced discretionary spending and inflation, which can quickly affect customer volumes 1.
- The company recorded significant asset impairments in 2025, showing vulnerability in properties with weaker performance 12.
- Market access fee revenue fell after contract changes with partners, making profits in the online segment potentially volatile 1.
Opportunities
- Expansion of sports betting and online casinos in states where the company operates could support growth in the Online segment 13.
- Completing new properties, such as the permanent Norfolk resort, could add capacity and revenue in coming years 1.
- Growth in management contracts, such as Sky River Casino, could diversify income sources 3.
Risks
- Sensitivity to discretionary spendinghigh
If the economy slows or inflation rises, customers could reduce visits and spending, affecting revenues and margins 1.
- Asset impairmentmedium
If cash flow estimates are not achieved, the company could record further impairments with a significant effect on its financial statements 1.
- Intense competitionmedium
Expansion of competing casinos and online gaming could reduce market share, and the company could need to invest more to remain competitive 1.
- Information security and data protectionmedium
A cyberattack or data breach could expose the company to litigation and penalties and could damage its brand reputation 1.
- Regulation and state taxesmedium
Changes in gaming laws, taxes or market access arrangements could affect financial results in the states where the company operates 1.
Investment thesis
What would need to be true (bull case)
- Geographic diversification and the mix of land-based and online gaming could cushion regional weakness 13.
- Growth in the Midwest & South segment and in Las Vegas locals demand could support revenues if the 2026 trends hold 3.
- The capital return policy and free cash flow could support shareholder value in the period ahead 13.
What would break the thesis
- Softer Las Vegas destination tourism and lower revenue at some properties could continue if discretionary demand stays weak 3.
- Falling online market access revenue shows some income streams may be less stable than hoped 1.
- Large property investments and recent impairments could limit near-term profitability, especially if projects are delayed 12.
What to watch
- Full opening of the Norfolk, Virginia casino resort2027
- Completion of the Sam's Town Shreveport saleQ3 2026
- Pace of share repurchases and the level of total debtQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
The business
Boyd Gaming Corporation is a multi-jurisdictional gaming company headquartered in Las Vegas, operating 27 gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia 1. It also owns Boyd Interactive, a B2B and B2C online casino business in the United States and Canada, and manages the Sky River Casino in California under a contract with Wilton Rancheria 1. Most revenue comes from gaming at its properties and from Lattner, its Illinois distributed gaming operator, which generated approximately 64% of revenues in 2025 1.
The strategy emphasizes loyalty among core customers, operating efficiency and a strong balance sheet. The company used free cash flow to strengthen its balance sheet, invest in properties and return capital through buybacks and dividends 1. The Boyd Rewards program and 'Boyd Style' service are presented as differentiators 1.
In 2025 the company sold its five percent FanDuel stake for 1,758.0 million USD, closed Sam's Town Tunica, and opened a transitional casino in Norfolk, Virginia, with the permanent resort expected in late 2027 12. These moves reflect a reshaping of the portfolio while land-based gaming remains the core of the business.
Segments
Las Vegas Locals
The Las Vegas Locals segment includes seven operating casinos that mainly serve residents of the Las Vegas metropolitan area 1. In the third quarter of 2026 segment revenue was weighed down by softer destination tourism, mainly at the Orleans, while the rest of the properties grew 3.
Downtown Las Vegas
The Downtown Las Vegas segment has three properties that differentiate by attracting Hawaiian customers, and the company also owns a travel agency 1. In the third quarter of 2026 the segment was hurt by lower Hawaiian visitation due to storms and higher airfares 3.
Midwest & South
The Midwest & South segment combines land-based, riverboat and barge casinos across ten states and is the largest by property count 1. In the third quarter of 2026 the company reported revenue growth of nearly 3% for the segment after adjusting for the Tunica closure and the Shreveport sale 3.
Market context
The gaming market is described as highly competitive for customers and employees, and the expansion of sports betting and online gaming in several states is changing competitive pressure 1. Demand for entertainment is sensitive to inflation and reduced discretionary spending, which can limit pricing and volumes 1.
Online sports betting and online casino markets are expanding, but the company notes that market access fee revenue declined after certain agreements ended in 2025 1. If these trends persist, online segment revenue could depend more on Boyd Interactive than on third-party agreements 1.
Trends
- Consumer pressure on discretionary spendingheadwind
The company warns that inflation and weaker economic conditions could reduce demand for entertainment and hotel services, which could limit pricing power 1. Softer destination tourism in Las Vegas in 2026 shows the effect is already visible 3.
- Expansion of legal gaming and sports bettingmixed
Legalization of sports betting and online casinos in more states creates opportunities for Boyd Interactive and market access agreements, but also adds competition 1. Online expansion could support growth in the Online segment as new states permit it 13.
- Property reinvestment and expansionmixed
Investment in hotel rooms, new properties such as Cadence Crossing in Henderson and the Norfolk casino supports portfolio competitiveness 13. Development and depreciation costs, however, add pressure on near-term profitability 2.
- Share buybacks and dividendstailwind
The capital allocation policy emphasizes returning cash to shareholders, with repurchases in the third quarter of 2026 and quarterly dividends 3. This policy depends on sustaining free cash flow, which economic conditions could affect 1.
Competitive position
Boyd Gaming faces direct competition from other casinos in its local markets and neighbouring states, as well as from tribal casinos, state lotteries and video gaming terminals in bars and restaurants 1. The company notes that tribal gaming expansion near its properties could affect operating results 1.
Competition is intensifying through competitors' investments in expanding and upgrading properties and through aggressive promotions 1. If a competitor attracts customers with lower prices, Boyd Gaming could need additional investment to maintain its position 1.
- Las Vegas casino operators
Competing casinos in the local and destination tourism markets, cited as direct competitive forces for the Las Vegas segments.
- Midwest and South casinos
Competing properties in states where Boyd operates riverboat and land-based casinos, including northern Indiana and southern Michigan.
- Tribal land casinos
Casinos on Native American tribal lands whose expansion could reduce the company's share in nearby areas.
- Online sports betting and casino operators
Companies competing for online customers and attention, where legal expansion could intensify competitive pressure.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- What Is Really Happening Beneath Boyd Group’s (BGSI) Record-Breaking Numbers?Yahoo Finance — News · 23 Sept 2026 · EN
- Boyd Group (BGSI) Approves Buybacks. Can Acquisitions and Capital Returns Coexist?Yahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report13 Aug 2026Other events
- Quarterly report30 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report (amendment)17 Jul 2026Departure or appointment of officers
- Current report25 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report08 May 2026Departure or appointment of officers · Shareholder vote
- Current report07 May 2026Other events
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Boyd Gaming Corporation · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Boyd Gaming Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Boyd Gaming Corporation · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.