Boyd Gaming Q3 2026 Revenue Falls to $990.5 Million on Orleans Casino Visitation Decline

Boyd Gaming reported third-quarter 2026 revenues of $990.5 million, down from $1 billion in the third quarter of 2025. The decrease resulted from softness in destination business to Las Vegas that reduced gaming volumes at the Orleans Casino.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, cited the benefits of the diversified business model. Growth in the Midwest & South segment, increased play from southern Nevada residents, and gains in Online and Managed operations partially offset the Las Vegas pressure.

Segment Results Reflect Portfolio Balance

Midwest & South results incorporated the closure of Sam’s Town Tunica in November 2025, the sale of Sam’s Town Shreveport in August 2026, and higher property taxes at Kansas Star. Adjusting for these items, revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5%. Core customer play and capital investments supported adjusted gaming revenue gains.

Las Vegas Locals performance showed softness at the Orleans plus construction disruption at the Suncoast. The remainder of the segment delivered revenue and Adjusted EBITDAR growth of 3% along with gaming revenue gains of 3.5% from southern Nevada residents. Downtown Las Vegas faced reduced Hawaiian visitation from storms in Hawaii and higher airfares. The Online segment achieved double-digit Adjusted EBITDAR growth from online casino strength. Managed & Other growth came from increased fees at the expanded Sky River property.

Capital Returns Signal Operational Focus

The company returned nearly $180 million to shareholders via share repurchases and dividends while investing across the portfolio. Smith stated the robust free cash flow, strong balance sheet, and efficient operating model leave Boyd Gaming well-positioned to create long-term value. As reported by G3 Newswire, the quarter demonstrates how non-Las Vegas segments and digital channels counterbalance regional visitation weakness without altering the overall capital allocation stance.