Boyd Gaming reports 91.1% drop in net income in Q3 2026
Net income hit $124.9M; comparison includes a one-off $1.4B FanDuel gain in 2025
Key Takeaways
- Boyd Gaming reported net income of $124.9 million in Q3 2026, a 91.1% year‑on‑year decline.
- Revenue for the quarter was $990.5 million, down 0.95% versus 2025; prior‑year comparisons include a $1.4 billion FanDuel gain.
- Adjusted EBITDAR was $319.6 million, marginally below $321.8 million in Q3 2025.
- Boyd returned capital via $164 million in share repurchases and a $0.20 quarterly dividend, totaling $180 million in buybacks and dividends.
- Company expansion includes Cadence Crossing in Henderson, a $750 million hotel project with the Pamunkey Indian Tribe, and a planned Par‑A‑Dice expansion in Illinois.
Boyd Gaming recorded net income of $124.9 million in the third quarter of 2026, a 91.1% year‑on‑year decline, and revenue of $990.5 million, down 0.95% versus 2025. The comparison includes a one‑time after‑tax gain of $1.4 billion from the sale of Boyd’s equity stake in FanDuel in 2025.
Operating results and adjusted measures
The adjusted EBITDAR was $319.6 million, versus $321.8 million a year earlier. Adjusted earnings fell to $121.7 million, or $1.67 per share, from $139.1 million, or $1.72 per share, in Q3 2025.
Boyd said lower destination demand weighed on its Las Vegas operations, with The Orleans particularly affected. Construction at Suncoast also caused disruptions that hit the Local Las Vegas segment. Downtown Las Vegas saw a tourism slowdown that included fewer Hawaiian visitors after recent storms and higher airfares.
Despite that, the full Las Vegas Locals portfolio showed a 3% revenue increase and an improvement in adjusted EBITDAR, supported by higher gambling activity among southern Nevada residents.
Regional segments and portfolio moves
The Midwest and South segment was hurt by several factors: the closure of Sam's Town Tunica in November 2025, the sale of Sam's Town Shreveport in August 2026, and a property tax increase at Kansas Star. Boyd says that without those items, the segment’s revenue would have grown about 3% and adjusted EBITDAR would have risen nearly 2.5%.
The company repurchased shares for $164 million during the quarter and declared a quarterly dividend of $0.20 per share on 15 October. CEO Keith Smith said the total returned to investors via buybacks and dividends reached $180 million.
Investment and expansion
Boyd opened Cadence Crossing Casino in Henderson, Nevada, this year, replacing Jokers Wild Casino. The company is developing a $750 million hotel project with the Pamunkey Indian Tribe in Norfolk, Virginia, and plans an expansion of Par‑A‑Dice Hotel Casino in Illinois with construction expected to begin in 2027.
For further updates on corporate moves and results, see our coverage in news and the b2b section.
Frequently Asked Questions
How much did Boyd Gaming’s net income fall in Q3 2026?
Net income fell 91.1% to $124.9 million in the third quarter of 2026. The year‑on‑year comparison reflects a $1.4 billion after‑tax gain in 2025 from the sale of Boyd’s stake in FanDuel.
What happened to adjusted EBITDAR in Q3 2026?
Adjusted EBITDAR was $319.6 million in Q3 2026, down slightly from $321.8 million in the same period of 2025, indicating a marginal contraction in the adjusted operating metric.
What returns to shareholders did Boyd execute during the quarter?
Boyd repurchased $164 million of shares and declared a quarterly dividend of $0.20 per share on 15 October. CEO Keith Smith reported total returns to investors of $180 million combining buybacks and dividends.
What expansion projects does Boyd have underway?
Boyd opened Cadence Crossing Casino in Henderson, Nevada, this year, is developing a $750 million hotel project with the Pamunkey Indian Tribe in Norfolk, Virginia, and plans to expand Par‑A‑Dice Hotel Casino in Illinois with construction expected to begin in 2027.
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Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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