Boyd Gaming has lifted its full-year online earnings guidance following stronger-than-expected growth from its Boyd Interactive business throughout the second quarter of 2026.
The operator now expects its 2026 online EBITDAR to land between $35m and $40m, representing an upward revision of around $5m from previous guidance.
Boyd reported total revenue of $1.03bn for the three months to 30 June, marginally ahead of the same period last year despite continued softness in its Las Vegas destination business.
Growth across the Midwest and South operations, the online segment, and the managed business helped offset the weakness seen in Las Vegas during the quarter.
President and CEO Keith Smith highlighted that the online division now operates with two distinct revenue streams, including $12m annually from market access agreements alongside revenue generated through Boyd Interactive.
“Our online segment achieved revenue and EBITDA growth on a comparable basis,” Smith said, adding that results reflected strong growth from Boyd Interactive as well as consistent contributions from market access agreements.
“The second quarter results reflect the continued benefits of our diversified business model, success of our ongoing capital investment programme and broad-based growth in play across our customer segments,” Smith noted during the earnings call.
Midwest and South operations again led the business in revenue terms, delivering $556.9m for the quarter, up 3.1% year-on-year, driven by higher gaming revenue and recent hotel and food investment.
Smith observed that players continued to “stay and spend closer to home,” a trend that benefited regional casino properties while Las Vegas destination demand remained under pressure.
Boyd’s managed segment was another bright spot, with revenue climbing 13.2% to $41.3m, partly supported by the completion of the first phase of the Sky River expansion.
Downtown Las Vegas saw revenue edge down 1.4% as softer destination visitation reduced pedestrian traffic, though core customer play remained relatively stable throughout the period.
On a reported basis, online revenue and EBITDAR fell year-on-year, reflecting last year’s restructuring of FanDuel market access agreements, which swapped recurring revenue for a large upfront payment.
Despite broadly stable top-line performance, profitability came under pressure, with adjusted EBITDAR for the whole business falling 2.1% to $350.5m for the quarter.
Operating costs rose to $833.7m, contributing to a 17.2% year-on-year decline in operating profit to $200.7m, while pre-tax profit dropped 11.7% to $170.6m.
Net profit attributable to Boyd came in at $131.2m for the quarter, around 13.4% behind the equivalent period in 2025, after accounting for a $1.3m loss attributable to a non-controlling interest.
“This performance was supported by strength in play from our core and retail customers across the portfolio, as well as contributions from our recent capital investments,” Smith said regarding the quarter’s results.
Boyd returned more than $170m to shareholders through dividends and share repurchases during the second quarter, demonstrating continued commitment to capital returns despite the profit decline.
For the first half of 2026 as a whole, total revenue rose 0.3% to $2.03bn, though operating profit slipped 17.5% to $364.7m and net profit attributable to Boyd fell 9.9% to $236.8m.
Adjusted EBITDAR for the half-year came in 4.0% lower at $667.9m, continuing the pattern of steady revenues offset by rising costs and tighter margins compared to the first half of 2025.
“With our strong balance sheet, efficient operating model and robust free cash flow, our company is well-positioned to continue creating long-term shareholder value,” Smith concluded.
