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# Boyd Gaming Adjusted Earnings Slip To $1.67 A Share As Las Vegas Visitors Pull Back
- URL: https://www.bullished.co/boyd-gaming-adjusted-earnings-slip-to-1-67-a-share-as-las-vegas-visitors-pull-back-5a9f7eae/
- Published: 2026-10-22T20:26:09.000Z
- Updated: 2026-10-22T20:26:09.000Z
- Description: The casino operator's net income fell to $124.9 million from about $1.4 billion, a year that included a FanDuel sale gain.
- Author: Matteo Parrino
- Tags: Earnings, BYD, Industry: Consumer Discretionary

Boyd Gaming, the Las Vegas casino operator, said weaker destination business in Las Vegas, mostly at its Orleans property, pushed third-quarter adjusted earnings down to [$1.67 per share](https://www.prnewswire.com/news-releases/boyd-gaming-reports-third-quarter-2026-results-302917374.html?ref=bullished.co) from $1.72 a year earlier. Revenue of $990.5 million compared with $1.0 billion in the third quarter of 2025, the company said Thursday.

## A year-ago gain distorts the profit comparison

Net income was [$124.9 million, or $1.71 per share](https://www.prnewswire.com/news-releases/boyd-gaming-reports-third-quarter-2026-results-302917374.html?ref=bullished.co), against $1.4 billion, or $17.81 per share, a year earlier. That quarter carried a $1.4 billion after-tax gain from the sale of Boyd's FanDuel stake, along with $65.1 million in non-cash, pretax asset impairment charges.

Adjusted earnings, which exclude one-time items, were $121.7 million versus $139.1 million. Adjusted EBITDAR, an operating profit measure before rent, interest, taxes and depreciation, was $319.6 million versus $321.8 million.

## Orleans drags, Midwest and online grow

Boyd, which runs 27 casino properties in 11 states and an online casino unit, as of the end of 2025, said Las Vegas Locals results reflected softer destination business, mainly at the Orleans, plus construction disruption at the Suncoast. The rest of that segment grew revenue and adjusted EBITDAR 3%, with gaming revenue up 3.5%.

Downtown Las Vegas also suffered from the destination softness, fewer Hawaiian visitors after several major storms, and higher airfares.

Midwest & South was hit by the November 2025 closure of Sam's Town Tunica, the August 2026 sale of Sam's Town Shreveport and higher property taxes at Kansas Star. Adjusting for those, revenue rose nearly 3% and adjusted EBITDAR about 2.5%.

Online delivered double-digit adjusted EBITDAR growth, led by online casino. Managed & Other grew on higher management fees from Sky River after its expansion.

## Buybacks and the balance sheet

Boyd repurchased $164 million of stock in the quarter and had $387 million left on its authorization as of September 30\. It paid a $0.20 quarterly dividend on October 15; CEO Keith Smith said the company returned nearly $180 million through buybacks and dividends.

Cash stood at $297.2 million against total debt of $2.7 billion. Smith said the Orleans-led softness affected results, but he was "encouraged by the continued strength of the remainder of our Las Vegas Locals portfolio."

Management discusses the quarter on a conference call at 5:00 p.m. Eastern Thursday.

### Sources

- [8-K Filing — BOYD GAMING CORP (BYD)](https://www.sec.gov/Archives/edgar/data/0000906553/000143774926033268/bgc20260731%5F8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex\_996638.htm — BOYD GAMING CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000906553/000143774926033268/ex%5F996638.htm?ref=bullished.co) — SEC EDGAR
- [BOYD GAMING REPORTS THIRD-QUARTER 2026 RESULTS](https://www.prnewswire.com/news-releases/boyd-gaming-reports-third-quarter-2026-results-302917374.html?ref=bullished.co) — prnewswire.com