Boyd Gaming reports $990.5M revenue and misses Q3 forecasts

Boyd Gaming reported third-quarter revenue of $990.5 million and adjusted earnings of $1.67 per share, figures that missed market expectations due to lower visitor demand in Las Vegas and renovation work, according to the report on 23 October 2026. Analysts had forecast $1.000 billion in revenue and $1.70 per share in adjusted earnings.

Performance by segment and comparisons

Consolidated results showed a 1.4% decline in revenue year‑over‑year and an adjusted EBITDAR of $319.6 million, versus $321.8 million a year earlier. Net income was $124.9 million, or $1.71 per share, compared with $1.4 billion, or $17.81 per share, in the prior‑year quarter; that prior‑year figure includes an after‑tax gain of $1.4 billion from the sale of the stake in FanDuel.

The Midwest & South segment raised revenues by almost 3% and adjusted EBITDAR by 2.5% after adjusting for property closures and sales. The online gaming unit produced double‑digit growth in adjusted EBITDAR, supporting results outside Nevada.

Las Vegas: locals hold, tourists fall

Local customers sustained spending at Boyd properties, but tourist volumes declined. Excluding Orleans and Suncoast, the Las Vegas Locals portfolio grew both revenue and adjusted EBITDAR by 3%. Downtown and the Orleans suffered from weaker destination demand; Suncoast had operational impact from construction work.

"In Las Vegas, play from local customers remained strong. However, that trend was offset by greater weakness in destination business in Las Vegas, primarily at the Orleans, and by construction disruption at the Suncoast," said chairman and CEO Keith Smith on the earnings call.

Boyd said that more than 300 rooms at the Orleans have been unavailable each day over the past year and expects to complete the renovation of 1,800 rooms at the [Orleans](/casino) in November. The company plans to begin a broader modernization programme in early 2027, starting with areas not accessible to guests to limit disruption.

Renovations and timetable

At the Suncoast, Boyd completed upgrades to public areas during the quarter and began renovating 400 rooms, with completion expected in early 2027. The company says the reopened rooms should help capture more weekend demand.

"Although airfares remain elevated today, they have begun to moderate," Keith Smith added, also linking downtown weakness to storms in Hawaii in August and September and to higher airfares from that market.

The report makes clear that, despite seasonal tourist pressure, Boyd benefits from population growth in southern Nevada, nearly 6% wage growth and strong job creation—factors the company says support local demand.