Boyd Gaming (NYSE: BYD) posts $997M Q1 revenue, $105M income
Rhea-AI Filing Summary
Boyd Gaming Corporation generated Q1 2026 total revenues of $997.4 million, roughly flat versus $991.6 million a year earlier. Gaming remained the core driver at $650.5 million, while online revenue declined to $26.2 million as online reimbursements rose to $135.4 million.
Net income attributable to Boyd Gaming was $105.5 million, down from $111.4 million, though diluted EPS edged up to $1.37 from $1.31 on a smaller share count. Adjusted EBITDAR was $317.4 million versus $337.5 million, reflecting higher depreciation and project development and writedown expenses of $20.3 million.
Operating cash flow was $134.3 million, while capital expenditures totaled $155.2 million as the company invests heavily in growth, including the Norfolk, Virginia casino project with an expected aggregate spend of about $750 million and roughly $300 million planned in 2026. Boyd refinanced its bank debt with a new $2.65 billion secured credit facility and ended the quarter with $2.3 billion of long-term debt and $378.3 million in cash, cash equivalents and restricted cash. The company repurchased 1.85 million shares for $155.0 million at an average $83.94 and paid a quarterly dividend of $0.20 per share.
Positive
- None.
Negative
- None.
Insights
Results were broadly stable, with heavier capex and leverage-funded growth.
Boyd Gaming posted Q1 2026 revenue of $997.4 million, essentially unchanged year over year, while net income attributable to Boyd Gaming slipped to $105.5 million. Adjusted EBITDAR of $317.4 million versus $337.5 million shows modest margin pressure from higher depreciation and project development costs.
Cash generation remained solid: operating cash flow was $134.3 million, partially funding capital expenditures of $155.2 million. Management is committing significant capital to the Norfolk Casino, targeting about $750.0 million in total spend with roughly $300.0 million expected in 2026, which increases execution and budget-discipline importance.
The new $2.65 billion credit facility (a $1.45 billion revolver plus $1.20 billion Term A Loan Facility, of which $400.0 million is drawn) extends liquidity and supports refinancing of the $1.0 billion 4.750% notes due 2027. Combined with $155.0 million of share repurchases and higher dividends, leverage and capital allocation choices will remain central to the story as additional Norfolk spending occurs over the next several years.
Key Figures
Key Terms
Adjusted EBITDAR financial
Term A Loan Facility financial
variable interest entity financial
online market access agreements financial
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
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(Mark One)
| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number:
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BOYD GAMING CORPORATION
(Exact name of registrant as specified in its charter)
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| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
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(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "non-accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
The number of shares outstanding of the registrant’s common stock as of April 27, 2026 was
BOYD GAMING CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED MARCH 31, 2026
TABLE OF CONTENTS
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Financial Statements (Unaudited) |
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Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 |
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Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 |
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Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 |
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Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2026 and 2025 |
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Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 |
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Notes to Condensed Consolidated Financial Statements |
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| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 26 |
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Quantitative and Qualitative Disclosures about Market Risk |
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Controls and Procedures |
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| PART II. OTHER INFORMATION |
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Legal Proceedings |
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Risk Factors |
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| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 40 |
| Item 5. | Other Information | 40 |
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Exhibits |
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| Signature Page |
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PART I. Financial Information
Item 1. Financial Statements (Unaudited)
BOYD GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
| March 31, | December 31, | |||||||
| (In thousands, except share data) | 2026 | 2025 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents ($ and $ assets related to VIE) | $ | $ | ||||||
| Restricted cash | ||||||||
| Accounts receivable, net ($ and $ assets related to VIE) | ||||||||
| Inventories ($ and $ assets related to VIE) | ||||||||
| Prepaid expenses and other current assets ($ and $ assets related to VIE) | ||||||||
| Income taxes receivable | ||||||||
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| Property and equipment, net | ||||||||
| Operating lease right-of-use assets ($ and $ assets related to VIE) | ||||||||
| Other assets, net | ||||||||
| Intangible assets, net ($ and $ assets related to VIE) | ||||||||
| Goodwill, net | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable ($ and $ liabilities related to VIE) | $ | $ | ||||||
| Accrued liabilities ($ and $ liabilities related to VIE) | ||||||||
| Income taxes payable | ||||||||
| Total current liabilities | ||||||||
| Long-term debt, net of current maturities and debt issuance costs | ||||||||
| Operating lease liabilities, net of current portion ($ and $ liabilities related to VIE) | ||||||||
| Deferred income taxes | ||||||||
| Other liabilities | ||||||||
| Commitments and contingencies (Note 6) | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, $ par value, shares authorized | ||||||||
| Common stock, $ par value, shares authorized; and shares outstanding | ||||||||
| Additional paid-in capital | ||||||||
| Retained earnings | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Boyd Gaming Corporation stockholders' equity | ||||||||
| Noncontrolling interest | ( | ) | ( | ) | ||||
| Total stockholders' equity | ||||||||
| Total liabilities and stockholders' equity | $ | $ | ||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BOYD GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
| Three Months Ended |
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| March 31, |
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2026 |
2025 |
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| Revenues |
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| Gaming |
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| Food & beverage |
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| Room |
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| Online |
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| Online reimbursements |
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| Management fee |
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| Other |
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| Total revenues |
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| Operating costs and expenses |
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| Gaming |
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| Food & beverage |
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| Room |
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| Online reimbursements |
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| Other |
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| Selling, general and administrative |
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| Master lease rent expense |
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| Maintenance and utilities |
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| Depreciation and amortization |
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| Corporate expense |
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| Project development, preopening and writedowns |
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| Impairment of assets |
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| Other operating items, net |
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| Total operating costs and expenses |
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| Operating income |
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| Other expense (income) |
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| Interest income |
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| Interest expense, net of amounts capitalized |
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| Loss on early extinguishments and modifications of debt |
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| Other, net |
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| Total other expense, net |
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| Income before income taxes |
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| Income tax provision |
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| Net income |
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| Net loss attributable to noncontrolling interest |
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| Net income attributable to Boyd Gaming |
$ | $ | ||||||
| Basic net income per common share |
$ | $ | ||||||
| Weighted average basic shares outstanding |
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| Diluted net income per common share |
$ | $ | ||||||
| Weighted average diluted shares outstanding |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BOYD GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
| Three Months Ended |
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| March 31, |
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2025 |
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| Net income |
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| Other comprehensive income (loss), net of tax: |
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| Fair value adjustments to available-for-sale securities |
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| Foreign currency translation adjustments |
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| Comprehensive income |
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| Amounts attributable to noncontrolling interest: |
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| Net loss attributable to noncontrolling interest |
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| Comprehensive loss attributable to noncontrolling interest |
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| Comprehensive income attributable to Boyd Gaming |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BOYD GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)
| Boyd Gaming Corporation Stockholders' Equity | ||||||||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||||||
| Additional | Other | |||||||||||||||||||||||||||
| Common Stock | Paid-in | Retained | Comprehensive | Noncontrolling | ||||||||||||||||||||||||
| (In thousands, except share data) | Shares | Amount | Capital | Earnings | Income (Loss) | Interest | Total | |||||||||||||||||||||
| Balances, January 1, 2026 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||
| Net income (loss) | — | ( | ) | |||||||||||||||||||||||||
| Fair value adjustments to available-for-sale securities | — | |||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | ( | ) | ( | ) | |||||||||||||||||||||||
| Stock options exercised | ||||||||||||||||||||||||||||
| Release of restricted stock units, net of tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Release of performance stock units, net of tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Shares repurchased and retired | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Dividends declared ($ per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||
| Share-based compensation costs | — | |||||||||||||||||||||||||||
| Balances, March 31, 2026 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||
| Boyd Gaming Corporation Stockholders' Equity | ||||||||||||||||||||||||||||
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| Additional | Other | |||||||||||||||||||||||||||
| Common Stock | Paid-in | Retained | Comprehensive | Noncontrolling | ||||||||||||||||||||||||
| (In thousands, except share data) | Shares | Amount | Capital | Earnings | Income (Loss) | Interest | Total | |||||||||||||||||||||
| Balances, January 1, 2025 | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||
| Net income (loss) | — | ( | ) | |||||||||||||||||||||||||
| Fair value adjustments to available-for-sale securities | — | |||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | |||||||||||||||||||||||||||
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| Release of restricted stock units, net of tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Release of performance stock units, net of tax | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
| Shares repurchased and retired | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Dividends declared ($ per share) | — | ( | ) | ( | ) | |||||||||||||||||||||||
| Share-based compensation costs | — | |||||||||||||||||||||||||||
| Transaction with noncontrolling interest | — | |||||||||||||||||||||||||||
| Balances, March 31, 2025 | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BOYD GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Three Months Ended |
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| March 31, |
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2025 |
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| Cash Flows from Operating Activities |
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| Net income |
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| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization |
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| Amortization of debt financing costs and discounts on debt |
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| Non-cash operating lease expense |
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| Share-based compensation expense |
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| Deferred income taxes |
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| Non-cash impairment of assets |
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| Loss on early extinguishments and modifications of debt |
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| Other operating activities |
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| Changes in operating assets and liabilities, excluding the impact of acquisitions: |
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| Accounts receivable, net |
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| Inventories |
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| Prepaid expenses and other current assets |
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| Income taxes (receivable) payable, net |
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| Other assets, net |
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| Accounts payable and accrued liabilities |
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| Operating lease liabilities |
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| Other liabilities |
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| Net cash provided by operating activities |
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| Cash Flows from Investing Activities |
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| Capital expenditures |
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| Advances made under note receivable |
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| Cash paid for asset acquisitions |
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| Other investing activities |
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| Net cash used in investing activities |
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| Cash Flows from Financing Activities |
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| Borrowings under credit facilities |
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| Payments under credit facilities |
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| Debt financing costs |
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| Share-based compensation activities |
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| Shares repurchased and retired |
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| Dividends paid |
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| Other financing activities |
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| Net cash provided by (used in) financing activities |
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| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash |
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| Change in cash, cash equivalents and restricted cash |
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| Cash, cash equivalents and restricted cash, beginning of period |
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| Cash, cash equivalents and restricted cash, end of period |
$ | $ | ||||||
| Supplemental Disclosure of Cash Flow Information |
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| Cash paid for interest, net of amounts capitalized |
$ | $ | ||||||
| Cash paid (received) for income taxes |
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| Supplemental Schedule of Non-cash Investing and Financing Activities |
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| Payables incurred for capital expenditures |
$ | $ | ||||||
| Dividends declared not yet paid |
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| Asset acquisition in exchange for contingent consideration |
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| Derecognition of right-of-use operating lease asset |
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| Derecognition of lease liability |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
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NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".
We are a geographically diversified operator of
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 20, 2026.
The results for the periods indicated are unaudited but reflect all adjustments, consisting only of normal recurring adjustments, that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.
Recasted Condensed Consolidated Statements of Operations (Unaudited)
Starting in the third quarter of 2025, the Company separated online reimbursements revenue from online revenue and online reimbursements expense from online expense. Under certain of our online market access agreements, we are the primary obligor and are responsible for paying gaming taxes and other license obligations owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. To improve transparency on the face of the financial statements, the reimbursements we receive are recorded as online reimbursements revenue and the gaming taxes and other expenses paid are reported as online reimbursements expense. Online revenue and online expense include Boyd Interactive operations and our revenue share from our online market access agreements. Revenue and operating expense for the three months ended March 31, 2025 have been recast to conform to this presentation. The disaggregation of online reimbursements revenue from online revenue and online reimbursements expense from online expense did not impact the Company's total revenues, net income or earnings per share as previously reported for the three months ended March 31, 2025.
Consolidation of Subsidiaries and Variable Interest Entities
The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. In addition, we consolidate variable interest entities ("VIEs") for which we or one of our consolidated subsidiaries is the primary beneficiary. Investments in unconsolidated affiliates, which are 50% or less owned and where we have significant influence and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or VIEs, are accounted for under the equity method.
We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly affect the economic performance of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. We review investments for VIE consideration if a reconsideration event occurs to determine if the investment qualifies, or continues to qualify, as a VIE.
All intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents
Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values because balances are generally available on demand.
Restricted Cash
Restricted cash consists primarily of: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying values of these instruments approximate their fair values because of their short maturities.
The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.
| March 31, | December 31, | March 31, | December 31, | |||||||||||||
| (In thousands) | 2026 | 2025 | 2025 | 2024 | ||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||
| Restricted cash | ||||||||||||||||
| Total cash, cash equivalents and restricted cash | $ | $ | $ | $ | ||||||||||||
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
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Leases
Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components are accounted for separately.
Revenue Recognition
The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Online Market Access Agreements below for further discussion of revenues earned under our market access agreements. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.
We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services.
Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the player loyalty contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to the player loyalty program.
The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.
The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance related to outstanding chips.
The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
| Food & beverage | $ | $ | ||||||
| Room | ||||||||
| Other | ||||||||
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
Gaming Taxes
We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $
Income Taxes
Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed at a minimum quarterly, and as facts and circumstances change, based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability and taxable income, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.
Other Long-Term Tax Liabilities
The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.
Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.
Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the condensed consolidated balance sheets.
The IRS selected our federal corporate income tax return for the tax year ended December 31, 2021, for examination. The IRS examination began in the second quarter of 2024 and was closed in the second quarter of 2025 with no significant adjustments. As of March 31, 2026, there were no changes to our unrecognized tax benefits to date.
Tax Credits
Pursuant to provisions under the Inflation Reduction Act of 2022, the Company enters into agreements to purchase transferable federal energy tax credits at a discount to face value. The discount associated with these tax credits is recognized as an income tax benefit recorded proportionately in the same period that the tax credits are used. The Company paid $
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
Online Market Access Agreements
Subject to state law and regulatory approvals, we offer online sports wagering under market access agreements with online operators and receive a market access fee from such operators in Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri (beginning in December 2025) and Pennsylvania as well as online casinos in Pennsylvania. In addition, we offered online sports wagering under market access agreements in Ohio through June 30, 2025. Under our online market access agreements, we receive a revenue share from the third-party operator based on actual net wagering wins and losses or a fixed annual fee. The market access fees under these market access agreements are recorded in online revenue on the condensed consolidated statements of operations.
Under certain of our online market access agreements, we are the primary obligor and are responsible for paying gaming taxes and other license obligations owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online reimbursements expense and the reimbursements we receive as online reimbursements revenue.
Currency Translation
The Company has foreign subsidiaries related to its Boyd Interactive operations. The Company translates the financial statements of these foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded in other, net on the condensed consolidated statements of operations.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Recently Adopted Accounting Pronouncements
ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) ("Update 2025-05")
In July 2025, the Financial Accounting Standards Board ("FASB") issued Update 2025-05 to clarify guidance related to Topic 326 for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers, and allowing for a practical expedient that assumes that current conditions as of the balance sheet do not change for the remaining life of the asset. Update 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted Update 2025-05 in first quarter 2026, and the impact of the adoption to the condensed consolidated financial statements was not material.
Recently Issued Accounting Pronouncements
A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our condensed consolidated financial statements.
NOTE 2. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consists of the following:
| March 31, | December 31, | |||||||
| (In thousands) | 2026 | 2025 | ||||||
| Land | $ | $ | ||||||
| Buildings and improvements | ||||||||
| Furniture and equipment | ||||||||
| Riverboats and barges | ||||||||
| Construction in progress | ||||||||
| Total property and equipment | ||||||||
| Less accumulated depreciation | ( | ) | ( | ) | ||||
| Property and equipment, net | $ | $ | ||||||
Depreciation expense is as follows:
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
| Depreciation expense | $ | $ | ||||||
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
During the three months ended March 31, 2025, as a result of our first quarter 2025 impairment review, the Company recorded a long-lived of $
NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET
Intangible assets, net consist of the following:
| March 31, 2026 | ||||||||||||||||||||||||
| Weighted | ||||||||||||||||||||||||
| Useful Life | Gross | Accumulated | Effect of Foreign | |||||||||||||||||||||
| Remaining | Carrying | Accumulated | Impairment | Currency | Intangible | |||||||||||||||||||
| (In thousands) | (in years) | Value | Amortization | Losses | Exchange | Assets, Net | ||||||||||||||||||
| Amortizing intangibles | ||||||||||||||||||||||||
| Customer relationships | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||||
| Host agreements | ( | ) | ||||||||||||||||||||||
| Development agreement | ( | ) | ||||||||||||||||||||||
| Developed technology | ( | ) | ( | ) | ||||||||||||||||||||
| B2B relationships | ( | ) | ( | ) | ||||||||||||||||||||
| B2C relationships | ( | ) | ||||||||||||||||||||||
| Marketing agreement | ( | ) | ||||||||||||||||||||||
| ( | ) | ( | ) | |||||||||||||||||||||
| Indefinite lived intangible assets | ||||||||||||||||||||||||
| Trademarks | Indefinite | ( | ) | |||||||||||||||||||||
| Gaming license rights | Indefinite | ( | ) | ( | ) | |||||||||||||||||||
| ( | ) | ( | ) | |||||||||||||||||||||
| Balances, March 31, 2026 | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||
| Weighted | ||||||||||||||||||||||||
| Useful Life | Gross | Accumulated | Effect of Foreign | |||||||||||||||||||||
| Remaining | Carrying | Accumulated | Impairment | Currency | Intangible | |||||||||||||||||||
| (In thousands) | (in years) | Value | Amortization | Losses | Exchange | Assets, Net | ||||||||||||||||||
| Amortizing intangibles | ||||||||||||||||||||||||
| Customer relationships | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||||
| Host agreements | ( | ) | ||||||||||||||||||||||
| Development agreement | ( | ) | ||||||||||||||||||||||
| Developed technology | ( | ) | ( | ) | ||||||||||||||||||||
| B2B relationships | ( | ) | ( | ) | ||||||||||||||||||||
| B2C relationships | ( | ) | ||||||||||||||||||||||
| Marketing agreement | ( | ) | ||||||||||||||||||||||
| ( | ) | ( | ) | |||||||||||||||||||||
| Indefinite lived intangible assets | ||||||||||||||||||||||||
| Trademarks | Indefinite | ( | ) | |||||||||||||||||||||
| Gaming license rights | Indefinite | ( | ) | ( | ) | |||||||||||||||||||
| ( | ) | ( | ) | |||||||||||||||||||||
| Balances, December 31, 2025 | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||||||||||||
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
The following table presents the future amortization expense for our amortizing intangible assets as of March 31, 2026:
| (In thousands) | Customer Relationships | Host Agreements | Development Agreement | Developed Technology | B2B Relationships | B2C Relationships | Marketing Agreement | Total | ||||||||||||||||||||||||
| For the year ending | ||||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||
| 2026 (excluding three months ended March 31, 2026) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| 2027 | ||||||||||||||||||||||||||||||||
| 2028 | ||||||||||||||||||||||||||||||||
| 2029 | ||||||||||||||||||||||||||||||||
| 2030 | ||||||||||||||||||||||||||||||||
| Thereafter | ||||||||||||||||||||||||||||||||
| Total future amortization | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Goodwill consists of the following:
| March 31, 2026 | ||||||||||||||||||||
| Effect of | ||||||||||||||||||||
| Gross | Accumulated | Foreign | ||||||||||||||||||
| Carrying | Accumulated | Impairment | Currency | Goodwill, | ||||||||||||||||
| (In thousands) | Value | Amortization | Losses | Exchange | Net | |||||||||||||||
| Goodwill, net by Segment | ||||||||||||||||||||
| Las Vegas Locals | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
| Downtown Las Vegas | ( | ) | ||||||||||||||||||
| Midwest & South | ( | ) | ||||||||||||||||||
| Online | ( | ) | ||||||||||||||||||
| Managed & Other | ( | ) | ||||||||||||||||||
| Balances, March 31, 2026 | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||
| December 31, 2025 | ||||||||||||||||||||
| Effect of | ||||||||||||||||||||
| Gross | Accumulated | Foreign | ||||||||||||||||||
| Carrying | Accumulated | Impairment | Currency | Goodwill, | ||||||||||||||||
| (In thousands) | Value | Amortization | Losses | Exchange | Net | |||||||||||||||
| Goodwill, net by Segment | ||||||||||||||||||||
| Las Vegas Locals | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
| Downtown Las Vegas | ( | ) | ||||||||||||||||||
| Midwest & South | ( | ) | ||||||||||||||||||
| Online | ( | ) | ||||||||||||||||||
| Managed & Other | ( | ) | ||||||||||||||||||
| Balances, December 31, 2025 | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||
NOTE 4. ACCRUED LIABILITIES
Accrued liabilities consist of the following:
| March 31, | December 31, | |||||||
| (In thousands) | 2026 | 2025 | ||||||
| Payroll and related | $ | $ | ||||||
| Interest | ||||||||
| Gaming | ||||||||
| Player loyalty program | ||||||||
| Advance deposits | ||||||||
| Outstanding chips | ||||||||
| Dividends payable | ||||||||
|
| ||||||||
| Other | ||||||||
| Total accrued liabilities | $ | $ | ||||||
Included in Other as of March 31, 2026 and December 31, 2025 is $
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
NOTE 5. LONG-TERM DEBT
Long-term debt, net of current maturities and debt issuance costs, consists of the following:
| March 31, 2026 | ||||||||||||||||
| Interest | Unamortized | |||||||||||||||
| Rates at | Origination | |||||||||||||||
| March 31, | Outstanding | Fees and | Long-Term | |||||||||||||
| (In thousands) | 2026 | Principal | Costs | Debt, Net | ||||||||||||
| Credit facility | % | $ | $ | ( | ) | $ | ||||||||||
| 4.750% senior notes due 2027 | % | ( | ) | |||||||||||||
| 4.750% senior notes due 2031 | % | ( | ) | |||||||||||||
| Long-term debt, net | $ | $ | ( | ) | $ | |||||||||||
| December 31, 2025 | ||||||||||||||||
| Interest | Unamortized | |||||||||||||||
| Rates at | Origination | |||||||||||||||
| December 31, | Outstanding | Fees and | Long-Term | |||||||||||||
| (In thousands) | 2025 | Principal | Costs | Debt, Net | ||||||||||||
| Prior credit facility | % | $ | $ | ( | ) | $ | ||||||||||
| 4.750% senior notes due 2027 | % | ( | ) | |||||||||||||
| 4.750% senior notes due 2031 | % | ( | ) | |||||||||||||
| Long-term debt, net | $ | $ | ( | ) | $ | |||||||||||
Bank Credit Facility
Credit Agreement
On January 21, 2026 (the "Closing Date"), the Company entered into an Amended and Restated Credit Agreement (the "Credit Agreement") among the Company, certain direct and indirect subsidiaries of the Company as guarantors (the "Guarantors"), Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders. The Credit Agreement amended and restated the Credit Agreement dated as of March 2, 2022 ("Prior Credit Agreement"), among the Company, certain direct and indirect subsidiaries of the Company as guarantors, Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders.
The Credit Agreement provides for (i) a $
The outstanding principal amounts under the Credit Facility as of March 31, 2026 and under the Prior Credit Agreement as of December 31, 2025 are comprised of the following:
| March 31, | December 31, | |||||||
| (In thousands) | 2026 | 2025 | ||||||
| Revolving Credit Facility | $ | $ | ||||||
| Term A Loans | ||||||||
| Swing Loan | ||||||||
| Total outstanding principal amounts | $ | $ | ||||||
With a total revolving credit commitment of $
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
Interest and Fees
The interest rate on the outstanding balance from time to time of the Revolving Credit Facility and the Term A Loan Facility is based on, at the Company’s option, either: (i) a rate based on the SOFR administered by the Federal Reserve Bank of New York, or (ii) the base rate, in each case, plus an applicable margin. Such applicable margin is a percentage per annum determined in accordance with a specified pricing grid based on the Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) and ranges from
Optional and Mandatory Prepayments
Pursuant to the terms of the Credit Agreement (i) the loans under the Term A Loan Facility will amortize in an annual amount equal to
Amounts outstanding under the Credit Agreement may be prepaid without premium or penalty, and the unutilized portion of the commitments may be terminated without penalty, subject to certain conditions.
Guarantees and Collateral
The Company’s obligations under the Credit Agreement, subject to certain exceptions, are guaranteed by certain of the Company’s subsidiaries and are secured by the capital stock of certain subsidiaries. In addition, subject to certain exceptions, the Company and each of the guarantors granted the administrative agent first priority liens and security interests on substantially all of their real and personal property (other than gaming licenses and subject to certain other exceptions) as additional security for the performance of the secured obligations under the Credit Agreement.
The Credit Agreement includes an accordion feature which permits the incurrence of one or more new tranches of revolving credit commitments or term loans and increases to the Revolving Credit Facility and Term A Loan Facility in an aggregate amount up to the sum of (i) the greater of (x) $
Financial and Other Covenants
The Credit Agreement contains certain financial and other covenants, including, without limitation, various covenants (i) requiring the maintenance of a minimum consolidated interest coverage ratio on a quarterly basis, (ii) requiring the maintenance of a maximum Consolidated Total Net Leverage Ratio on a quarterly basis, (iii) imposing limitations on the incurrence of indebtedness and liens, (iv) imposing limitations on transfers, sales and other dispositions and (v) imposing restrictions on investments, dividends and certain other payments. Subject to certain exceptions, the Company may be required to repay the amounts outstanding under the Credit Agreement in connection with certain asset sales and issuances of certain additional non-permitted or refinancing indebtedness.
The maximum permitted Consolidated Total Net Leverage Ratio is calculated as Consolidated Net Indebtedness to twelve-month trailing Consolidated EBITDA, as defined by the Credit Agreement. The maximum Consolidated Total Net Leverage Ratio must be no higher than
Early Extinguishments and Modifications of Debt
In accordance with authoritative accounting guidance for debt extinguishments and debt modifications, we accounted for the retirement of the Prior Credit Facility as a modification of debt. As the borrowing capacity of the Revolving Credit Facility under the Credit Agreement equals or exceeds that under the Prior Credit Agreement and the lenders under the Credit Agreement are substantially similar to the lenders under the Prior Credit Agreement, we accounted for the Prior Credit Facility termination as a modification of debt and $
Covenant Compliance
As of March 31, 2026, we were in compliance with the financial covenants of our debt instruments.
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
NOTE 6. COMMITMENTS AND CONTINGENCIES
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
NOTE 7. STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (In thousands, except per share data) | 2026 | 2025 | ||||||
| Shares repurchased (2) | ||||||||
| Total cost, including brokerage fees (3) | $ | $ | ||||||
| Average repurchase price per share (4) | $ | $ | ||||||
(1) Shares repurchased reflect repurchases settled during the three months ended March 31, 2026 and 2025. These amounts exclude repurchases, if any, traded but not yet settled on or before March 31, 2026 and 2025, respectively.
(2) All shares repurchased have been retired and constitute authorized but unissued shares.
(3) Costs exclude 1% excise tax on corporate stock buybacks.
(4) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
Dividends
The dividends declared by the Board of Directors and reflected in the periods presented are:
| Declaration date | Record date | Payment date | Amount per share | |||||
| December 5, 2024 | | | ||||||
| February 20, 2025 | | | ||||||
| December 4, 2025 | | | ||||||
| February 19, 2026 | | | ||||||
Share-Based Compensation
We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.
The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations.
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
| Gaming | $ | $ | ||||||
| Food & beverage | ||||||||
| Room | ||||||||
| Selling, general and administrative | ||||||||
| Corporate expense | ||||||||
| Total share-based compensation expense | $ | $ | ||||||
Restricted Stock Units
Our 2020 Plan provides for the grant of Restricted Stock Units ("RSU"). A RSU is an award that may be earned in whole, or in part, upon the passage of time, and that may be settled for cash, shares, other securities or a combination thereof. The RSUs do not contain voting rights and are not entitled to dividends. The RSUs are subject to the terms and conditions contained in the applicable award agreement and the 2020 Plan. Share-based compensation costs related to RSU awards are calculated based on the market price on the date of the grant. We grant RSUs to certain members of management of the Company, which represents a contingent right to receive one share of our common stock upon vesting. Prior to the first quarter 2025 grant, a RSU generally vested on the anniversary of its issuance date. Beginning with the first quarter 2025 grant, a RSU generally vests in annual installments of -third of the original number of units granted with the full award fully vested on the third anniversary of its issuance date. Share-based compensation expense is amortized to expense over the requisite service period. In addition, annually we award RSUs to certain members of our Board of Directors and the shares are issued to the director when the RSU is granted. As these RSUs are issued for past service, they are expensed on the date of issuance.
Performance Shares
Our stock incentive plan provides for the issuance of Performance Share Units ("PSU") grants which may be earned, in whole or in part, upon the passage of time and the attainment of performance criteria. We periodically review our estimates of performance against the defined criteria to assess the expected payout of each outstanding PSU grant and adjust our stock compensation expense accordingly.
The PSU grants awarded in first quarter 2023 and 2022 fully vested during the first quarter of 2026 and 2025, respectively. Common shares under the 2023 and 2022 grants were issued based on determination by the Compensation Committee of the Board of Directors ("Compensation Committee") of our actual achievement of Adjusted EBITDAR (as defined in Note 9, Segment Information), Adjusted EBITDAR margin and return on invested capital for the -year performance period from January 1, 2023 to December 31, 2025 and January 1, 2022 to December 31, 2024, respectively. As provided under the provisions of our stock incentive plan, certain of the participants elected to surrender a portion of the shares to be received to pay the withholding and other payroll taxes payable on the compensation resulting from the vesting of the PSUs.
The PSU grant awarded in February 2023 resulted in a total of
The PSU grant awarded in February 2022 resulted in a total of
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
Unamortized Stock Compensation Expense and Recognition Period
As of March 31, 2026, there was approximately $
NOTE 8. FAIR VALUE MEASUREMENTS
We have adopted the authoritative accounting guidance for fair value measurements, which does not determine or affect the circumstances under which fair value measurements are used, but defines fair value, expands disclosure requirements around fair value and specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions.
These inputs create the following fair value hierarchy:
Level 1: Quoted prices for identical instruments in active markets.
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
As required by the guidance for fair value measurements, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Thus, assets and liabilities categorized as Level 3 may be measured at fair value using inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels.
Balances Measured at Fair Value
The following tables show the fair values of certain of our financial instruments:
| March 31, 2026 | ||||||||||||||||
| (In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
| Assets | ||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||
| Restricted cash | ||||||||||||||||
| Investment available for sale | ||||||||||||||||
| December 31, 2025 | ||||||||||||||||
| (In thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
| Assets | ||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||
| Restricted cash | ||||||||||||||||
| Investment available for sale | ||||||||||||||||
Cash and Cash Equivalents and Restricted Cash
The fair values of our cash and cash equivalents and restricted cash, classified in the fair value hierarchy as Level 1, are based on statements received from our banks as of March 31, 2026 and December 31, 2025.
Investment Available for Sale
We have an investment in a single municipal bond issuance of $
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
The following table summarizes the changes in fair value of the Company's Level 3 investment available for sale asset:
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
| Balance at beginning of reporting period | $ | $ | ||||||
| Total gains (realized or unrealized): | ||||||||
| Included in interest income | ||||||||
| Included in other comprehensive income (loss) | ||||||||
| Purchases, sales, issuances and settlements: | ||||||||
| Settlements | ||||||||
| Balance at end of reporting period | $ | $ | ||||||
We are exposed to valuation risk on our Level 3 financial instruments. We estimate our risk exposure using a sensitivity analysis of potential changes in the significant unobservable inputs of our fair value measurements. Our Level 3 financial instruments are most susceptible to valuation risk caused by changes in the discount rate. If the discount rate in our fair value measurements increased or decreased by 100 basis points, the change would not cause the value of our investment available for sale fair value measurements to change significantly.
The fair value of indefinite-lived intangible assets, long-lived assets and operating right-of-use assets, classified in the fair value hierarchy as Level 3, is utilized in performing the Company's impairment analyses (see Note 2, Property and Equipment, Net).
Assets acquired and contingent liabilities assumed as part of an asset acquisition, along with noncontrolling interest, are recorded at fair value upon acquisition and all are classified in the fair value hierarchy as Level 3, other than cash or restricted cash acquired, which are classified as Level 1.
Balances Disclosed at Fair Value
The following tables provide the fair value measurement information about our obligation under assessment agreements and note receivable.
| March 31, 2026 | |||||||||||||
| Outstanding | Carrying | Estimated | Fair Value | ||||||||||
| (In thousands) | Face Amount | Value | Fair Value | Hierarchy | |||||||||
| Asset | |||||||||||||
| Note receivable | $ | $ | $ | Level 3 | |||||||||
| Liabilities | |||||||||||||
| Obligation under assessment arrangements | Level 3 | ||||||||||||
| December 31, 2025 | |||||||||||||
| Outstanding | Carrying | Estimated | Fair Value | ||||||||||
| (In thousands) | Face Amount | Value | Fair Value | Hierarchy | |||||||||
| Asset | |||||||||||||
| Note receivable | $ | $ | $ | Level 3 | |||||||||
| Liabilities | |||||||||||||
| Obligation under assessment arrangements | Level 3 | ||||||||||||
The following tables provide the fair value measurement information about our long-term debt:
| March 31, 2026 | |||||||||||||
| Outstanding | Carrying | Estimated | Fair Value | ||||||||||
| (In thousands) | Face Amount | Value | Fair Value | Hierarchy | |||||||||
| Credit facility | $ | $ | $ | Level 2 | |||||||||
| 4.750% senior notes due 2027 | Level 1 | ||||||||||||
| 4.750% senior notes due 2031 | Level 1 | ||||||||||||
| Total debt | $ | $ | $ | ||||||||||
| December 31, 2025 | |||||||||||||
| Outstanding | Carrying | Estimated | Fair Value | ||||||||||
| (In thousands) | Face Amount | Value | Fair Value | Hierarchy | |||||||||
| Prior credit facility | $ | $ | $ | Level 2 | |||||||||
| 4.750% senior notes due 2027 | Level 1 | ||||||||||||
| 4.750% senior notes due 2031 | Level 1 | ||||||||||||
| Total debt | $ | $ | $ | ||||||||||
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
The estimated fair values of our note receivable and our obligation under assessment arrangements are based on a discounted cash flows approach after giving consideration to the changes in market rates of interest, creditworthiness of both parties and credit spread. The estimated fair value of our Credit Facility and Prior Credit Facility is based on a relative value analysis performed on or about March 31, 2026 and December 31, 2025, respectively. The estimated fair values of our senior notes are based on quoted market prices as of March 31, 2026 and December 31, 2025.
There were no transfers between Level 1, Level 2 and Level 3 measurements during the three months ended March 31, 2026 and 2025.
NOTE 9. SEGMENT INFORMATION
The Company has the following reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively "Reportable Segments"). The Las Vegas Locals, Downtown Las Vegas and Midwest & South segments include the operating results of our gaming entertainment properties. The table below lists the Reportable Segment classification of each of our gaming entertainment properties that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Online segment includes the operating results of our online gaming business ("Boyd Interactive") and online market access fees through our agreements with third parties throughout the United States. To reconcile Reportable Segments information to the condensed consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator.
| Las Vegas Locals | ||
| Gold Coast Hotel and Casino | Las Vegas, Nevada | |
| The Orleans Hotel and Casino | Las Vegas, Nevada | |
| Sam's Town Hotel and Gambling Hall | Las Vegas, Nevada | |
| Suncoast Hotel and Casino | Las Vegas, Nevada | |
| Eastside Cannery Casino and Hotel (1) | Las Vegas, Nevada | |
| Aliante Casino + Hotel + Spa | North Las Vegas, Nevada | |
| Cannery Casino Hotel | North Las Vegas, Nevada | |
| Cadence Crossing (2) | Henderson, Nevada | |
| Downtown Las Vegas | ||
| California Hotel and Casino | Las Vegas, Nevada | |
| Fremont Hotel & Casino | Las Vegas, Nevada | |
| Main Street Station Hotel and Casino | Las Vegas, Nevada | |
| Midwest & South (3) | ||
| Par-A-Dice Casino | East Peoria, Illinois | |
| Belterra Casino Resort (4) | Florence, Indiana | |
| Blue Chip Casino Hotel Spa | Michigan City, Indiana | |
| Diamond Jo Casino | Dubuque, Iowa | |
| Diamond Jo Worth | Northwood, Iowa | |
| Kansas Star Casino | Mulvane, Kansas | |
| Amelia Belle Casino | Amelia, Louisiana | |
| Delta Downs Racetrack Hotel & Casino | Vinton, Louisiana | |
| Evangeline Downs Racetrack & Casino | Opelousas, Louisiana | |
| Sam's Town Shreveport (5) | Shreveport, Louisiana | |
| Treasure Chest Casino | Kenner, Louisiana | |
| IP Casino Resort Spa | Biloxi, Mississippi | |
| Ameristar Casino * Hotel Kansas City (4) | Kansas City, Missouri | |
| Ameristar Casino * Resort * Spa St. Charles (4) | St. Charles, Missouri | |
| Belterra Park (4) | Cincinnati, Ohio | |
| Valley Forge Casino Resort | King of Prussia, Pennsylvania | |
| The Interim Gaming Hall (6) | Norfolk, Virginia |
(1) Property has been closed since March 18, 2020. During the first quarter of 2026, the property was imploded and sitework to clear and restore the land is underway.
(2) Cadence Crossing opened on March 25, 2026 and replaced the Jokers Wild casino. Demolition activities at Jokers Wild began during the first quarter of 2026.
(3) Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica"), which was located in Tunica, Mississippi was permanently closed on November 9, 2025. Property results for Sam's Town Tunica for the three months ended March 31, 2025 were included in the Midwest & South segment.
(4) Property is subject to a master lease agreement with a real estate investment trust.
(5) The Company entered into an agreement to sell the property in February 2026. The sale is expected to take place in the third quarter of 2026.
(6) Property opened on November 7, 2025 and is a variable interest entity consolidated in our financial statements.
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
Results of Operations - Total Reportable Segment Revenues and Adjusted EBITDAR
We evaluate profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, share-based compensation expense, project development, preopening and writedowns expense, impairment of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, other items, net and master lease rent expense, as applicable ("Adjusted EBITDAR"). Total Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and Adjusted EBITDAR related to the online operations in our Online segment. Results for Downtown Las Vegas include the results of our Hawaii-based travel agency as our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii.
EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with GAAP, facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.
The following tables set forth, for the periods indicated, departmental revenues for our Reportable Segments and our Managed & Other category to reconcile to total revenues:
| Three Months Ended March 31, 2026 | ||||||||||||||||||||||||||||||||
| Food & | Online | Management | ||||||||||||||||||||||||||||||
| Gaming | Beverage | Room | Online | Reimbursements | Fee | Other | Total | |||||||||||||||||||||||||
| (In thousands) | Revenue | Revenue | Revenue | Revenue | Revenue | Revenue | Revenue | Revenue | ||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||
| Las Vegas Locals | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Downtown Las Vegas | ||||||||||||||||||||||||||||||||
| Midwest & South | ||||||||||||||||||||||||||||||||
| Online | ||||||||||||||||||||||||||||||||
| Managed & Other | ||||||||||||||||||||||||||||||||
| Total Revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Three Months Ended March 31, 2025 (1) | ||||||||||||||||||||||||||||||||
| Food & | Online | Management | ||||||||||||||||||||||||||||||
| Gaming | Beverage | Room | Online | Reimbursements | Fee | Other | Total | |||||||||||||||||||||||||
| (In thousands) | Revenue | Revenue | Revenue | Revenue | Revenue | Revenue | Revenue | Revenue | ||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||
| Las Vegas Locals | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Downtown Las Vegas | ||||||||||||||||||||||||||||||||
| Midwest & South | ||||||||||||||||||||||||||||||||
| Online | ||||||||||||||||||||||||||||||||
| Managed & Other | ||||||||||||||||||||||||||||||||
| Total Revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1) Revenues for the three months ended March 31, 2025 have been recast to reflect the change made during the third quarter of 2025 to separate online reimbursements revenue from online revenue.
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
The following table reconciles, for the periods indicated, our Reportable Segments and our Managed & Other category Adjusted EBITDAR to net income attributable to Boyd Gaming, as reported in our accompanying condensed consolidated statements of operations:
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
| Adjusted EBITDAR | ||||||||
| Las Vegas Locals | $ | $ | ||||||
| Downtown Las Vegas | ||||||||
| Midwest & South | ||||||||
| Online | ||||||||
| Managed & Other | ||||||||
| Corporate expense | ( | ) | ( | ) | ||||
| Adjusted EBITDAR | ||||||||
| Other operating costs and expenses | ||||||||
| Deferred rent | ||||||||
| Master lease rent expense | ||||||||
| Depreciation and amortization | ||||||||
| Share-based compensation expense | ||||||||
| Project development, preopening and writedowns | ( | ) | ||||||
| Impairment of assets | ||||||||
| Other operating items, net | ||||||||
| Total other operating costs and expenses | ||||||||
| Operating income | ||||||||
| Other expense (income) | ||||||||
| Interest income | ( | ) | ( | ) | ||||
| Interest expense, net of amounts capitalized | ||||||||
| Loss on early extinguishments and modifications of debt | ||||||||
| Other, net | ||||||||
| Total other expense, net | ||||||||
| Income before income taxes | ||||||||
| Income tax provision | ( | ) | ( | ) | ||||
| Net income | ||||||||
| Net loss attributable to noncontrolling interest | ||||||||
| Net income attributable to Boyd Gaming | $ | $ | ||||||
For purposes of this presentation, corporate expense excludes its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations.
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
Total Reportable Segment Expenses
The Company's chief operating decision maker ("CODM") is our President and Chief Executive Officer. To monitor performance, the CODM regularly receives and reviews revenue and Adjusted EBITDAR information monthly for each operating segment aggregated by reportable segment, as well as consolidated expense information. Additionally, the CODM receives estimated and forecasted expense information by operating segment, as well as Adjusted EBITDAR margins and customer play on a segment basis. The CODM uses Adjusted EBITDAR margins to monitor the operating efficiencies of segments and customer play trends to monitor the overall health of the player in each segment. The CODM evaluates operating performance and allocates resources based on revenue and Adjusted EBITDAR. In particular, the CODM utilizes Adjusted EBITDAR to evaluate total company performance and individual operating segment performance. In addition, the CODM utilizes Adjusted EBITDAR in the evaluation of incentive compensation and in the annual budget process. Finally, the CODM uses Adjusted EBITDAR in the evaluation of potential acquisitions.
As expense information provided is either at the consolidated Company level or is estimated or forecasted, and the CODM is not able to easily compute any segment expenses, the Company has aggregated all expenses into a single other segment expense category to reconcile segment revenues to Adjusted EBITDAR, the segment performance measure. The following table reconciles, for the periods indicated, the revenues of our Reportable Segments and our Managed & Other category to Adjusted EBITDAR.
| Las Vegas | Downtown | Midwest & | Managed & | |||||||||||||||||||||
| (In thousands) | Locals | Las Vegas | South | Online | Other | Total | ||||||||||||||||||
| Three Months Ended March 31, 2026 | ||||||||||||||||||||||||
| Revenues | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Other segment expenses (1) | ||||||||||||||||||||||||
| Corporate expense | — | — | — | — | — | |||||||||||||||||||
| Adjusted EBITDAR | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Three Months Ended March 31, 2025 | ||||||||||||||||||||||||
| Revenues | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Other segment expenses (1) | ||||||||||||||||||||||||
| Corporate expense | — | — | — | — | — | |||||||||||||||||||
| Adjusted EBITDAR | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1) Other segment expenses include gaming taxes, payroll and payroll related costs, advertising, property insurance, property taxes, professional fees, utilities, and various other expenses related to our casino, hotel and online operations.
Total Reportable Segment Assets
The Company's assets by Reportable Segment and Managed & Other category consisted of the following amounts:
| March 31, | December 31, | |||||||
| (In thousands) | 2026 | 2025 | ||||||
| Assets | ||||||||
| Las Vegas Locals | $ | $ | ||||||
| Downtown Las Vegas | ||||||||
| Midwest & South | ||||||||
| Online | ||||||||
| Managed & Other | ||||||||
| Corporate | ||||||||
| Total Assets | $ | $ | ||||||
BOYD GAMING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025
______________________________________________________________________________________________________
NOTE 10. SUBSEQUENT EVENTS
We have evaluated all events or transactions that occurred after March 31, 2026. During this period, up to the filing date, we did not identify any subsequent events, the effects of which would require disclosure or adjustment to our financial position or results of operations.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview
Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD".
We are a geographically diversified operator of 27 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia. In addition, we own and operate Boyd Interactive, a business-to-business and business-to-consumer online casino gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. We have the following four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively "Reportable Segments"). The Las Vegas Locals, Downtown Las Vegas and Midwest & South segments include the operating results of our gaming entertainment properties. The table below lists the Reportable Segment classification of each of our gaming entertainment properties that were aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Online segment includes the operating results of our online gaming business ("Boyd Interactive") and online market access fees through our agreements with third parties throughout the United States. To reconcile Reportable Segments information to the condensed consolidated information, the Company has aggregated nonreportable operating segments into a Managed & Other category. The Managed & Other category includes management fees earned under our management contract with Wilton Rancheria for the management of Sky River Casino in northern California and the operating results of Lattner Entertainment Group Illinois, LLC, our Illinois distributed gaming operator ("Lattner").
| Las Vegas Locals |
||
| Gold Coast Hotel and Casino |
Las Vegas, Nevada |
|
| The Orleans Hotel and Casino |
Las Vegas, Nevada |
|
| Sam's Town Hotel and Gambling Hall |
Las Vegas, Nevada |
|
| Suncoast Hotel and Casino |
Las Vegas, Nevada |
|
| Eastside Cannery Casino and Hotel (1) |
Las Vegas, Nevada |
|
| Aliante Casino + Hotel + Spa |
North Las Vegas, Nevada |
|
| Cannery Casino Hotel |
North Las Vegas, Nevada |
|
| Cadence Crossing (2) |
Henderson, Nevada |
|
| Downtown Las Vegas |
||
| California Hotel and Casino |
Las Vegas, Nevada |
|
| Fremont Hotel & Casino |
Las Vegas, Nevada |
|
| Main Street Station Hotel and Casino |
Las Vegas, Nevada |
|
| Midwest & South (3) |
||
| Par-A-Dice Casino |
East Peoria, Illinois |
|
| Belterra Casino Resort (4) |
Florence, Indiana |
|
| Blue Chip Casino Hotel Spa |
Michigan City, Indiana |
|
| Diamond Jo Casino |
Dubuque, Iowa |
|
| Diamond Jo Worth |
Northwood, Iowa |
|
| Kansas Star Casino |
Mulvane, Kansas |
|
| Amelia Belle Casino |
Amelia, Louisiana |
|
| Delta Downs Racetrack Hotel & Casino |
Vinton, Louisiana |
|
| Evangeline Downs Racetrack & Casino |
Opelousas, Louisiana |
|
| Sam's Town Shreveport (5) |
Shreveport, Louisiana |
|
| Treasure Chest Casino |
Kenner, Louisiana |
|
| IP Casino Resort Spa |
Biloxi, Mississippi |
|
| Ameristar Casino * Hotel Kansas City (4) |
Kansas City, Missouri |
|
| Ameristar Casino * Resort * Spa St. Charles (4) |
St. Charles, Missouri |
|
| Belterra Park (4) |
Cincinnati, Ohio |
|
| Valley Forge Casino Resort |
King of Prussia, Pennsylvania |
|
| The Interim Gaming Hall (6) | Norfolk, Virginia |
(1) Property has been closed since March 18, 2020. During the first quarter of 2026, the property was imploded and sitework to clear and restore the land is underway.
(2) Cadence Crossing opened on March 25, 2026 and replaced the Jokers Wild casino. Demolition activities at Jokers Wild began during the first quarter of 2026.
(3) Sam's Town Hotel and Gambling Hall Tunica ("Sam's Town Tunica"), which was located in Tunica, Mississippi was permanently closed on November 9, 2025. Property results for Sam's Town Tunica for the three months ended March 31, 2025 were included in the Midwest & South segment.
(4) Property is subject to a master lease agreement with a real estate investment trust.
(5) The Company entered into an agreement to sell the property in February 2026. The sale is expected to take place in the third quarter of 2026.
(6) Property opened on November 7, 2025 and is a variable interest entity consolidated in our financial statements.
We also own a travel agency located in Hawaii. As our Downtown Las Vegas properties focus their marketing efforts on gaming customers from Hawaii, financial results for our travel agency are included in our Downtown Las Vegas segment.
Most of our gaming entertainment properties also include a hotel, restaurants, bars, a sportsbook, retail and other amenities. Our main business emphasis is on slot revenues, which are highly dependent upon the number of visits and spending levels of customers at our properties.
Our gaming entertainment properties have historically generated significant operating cash flow, with the majority of our revenue being cash-based. While we do provide casino credit and the ability to transfer digital funds from a player's cashless "BoydPay" wallet, subject to certain gaming regulations and jurisdictions, most of our customers wager with cash and pay for non-gaming services with cash or by credit card.
Our industry is capital intensive, and we rely heavily on the ability of our operations to generate operating cash flow to fund maintenance capital expenditures, pay income taxes, repay debt financing and associated interest costs, repurchase our debt or equity securities, pay dividends, and provide excess cash for future development and to help fund acquisitions.
Our Strategy
Our strategy is to increase shareholder value by pursuing strategic initiatives that improve and grow our business.
Growing Revenues and Operating Efficiently
We are committed to growing revenues and building loyalty among core customers through targeted marketing investments with a focus on maximizing gaming revenues while operating as efficiently as possible.
Balance Sheet Strength
We are committed to maintaining a strong balance sheet and finding opportunities to diversify and increase our cash flow. We are also committed to a balanced capital allocation approach with our cash flows, with a current emphasis on investing in our business and returning capital to shareholders.
Evaluating Acquisition and Growth Opportunities
Our evaluations of potential investments and growth opportunities are strategic, deliberate, and disciplined. Our goal is to identify and pursue opportunities that grow our business, are available at the right price and deliver a solid return for shareholders. These investments can take the form of expanding and enhancing offerings and amenities at existing properties, developing new properties, expanding and enhancing online sports wagering and online casino offerings as they are legalized in and around the states we operate today, and asset acquisitions.
Maintaining Our Brand
The ability of our Team Members to deliver superior "Boyd Style" customer service helps distinguish our Company and our brands from our competitors. Our Team Members are an important reason that our customers continue to choose our properties over the competition across the country. In addition, we have established nationwide branding through our "Boyd Rewards" loyalty program. Our players use their Boyd Rewards cards to earn and redeem points at all of our gaming entertainment properties and online casino gaming offerings. Boyd Rewards, among other benefits, rewards players for their loyalty by entitling them to qualify for promotions and monetary discounts, earn rewards toward gaming and nongaming activities and receive benefits such as vacations and luxury gifts.
Our Key Performance Indicators
We use several key performance measures to evaluate the operations of our gaming entertainment properties. These key performance measures include the following:
| • |
Gaming revenue measures: slot handle, which means the dollar amount wagered in slot machines, and table game drop, which means the total amount of cash, including digital funds transferred from the players' cashless "BoydPay" wallets, deposited in table games drop boxes, plus the sum of the markers issued at all table games, are measures of volume and/or market share. Slot win and table game hold, which refers to the amount of money wagered on slot machines and table games, respectively, that is retained by us and recorded as gaming revenues. This figure represents the difference between total wagers made by customers and the winnings they receive on slot machines and table games. Slot win percentage and table game hold percentage are not fully controllable by us and represent the relationship between slot handle to slot win and table game drop to table game hold, respectively. |
| • |
Food & beverage revenue measures: average guest check, which means the average amount spent per customer visit and is a measure of volume and product offerings; number of guests served ("food covers"), which is an indicator of volume; and the cost per guest served, which is a measure of operating margin. |
| • |
Room revenue measures: hotel occupancy rate, which measures the utilization of our available rooms; average daily rate ("ADR"), which is a price measure; and the cost per room, which is a measure of operating margin. |
RESULTS OF OPERATIONS
Overview
| Three Months Ended |
||||||||
| March 31, |
||||||||
| (In millions) |
2026 |
2025 |
||||||
| Total revenues |
$ | 997.4 | $ | 991.6 | ||||
| Operating income |
164.0 | 199.9 | ||||||
| Net income |
104.3 | 110.9 | ||||||
Total Revenues
Total revenues for the three months ended March 31, 2026 increased by $5.8 million, or 0.6%, compared to the prior year comparable period, primarily due to the following: (i) an increase in gaming revenues of $11.8 million, or 1.8%, driven by an increase in slot win of 2.6% and slot handle of 1.5%; (ii) an increase in online reimbursements revenue of $5.8 million, which relates to reimbursements of gaming taxes and other expenses paid on behalf of our online partners; and offset by (iii) a decrease in online revenue of $13.7 million, which was driven by a $15.1 million decrease in revenue from market access agreements with the termination of certain agreements starting in the third quarter of 2025 in connection with the FanDuel Equity Sale (as defined below) and in some instances, entry into new agreements at lower rates than those terminated.
Operating Income
Operating income decreased by $35.9 million, or 18.0%, for the three months ended March 31, 2026, compared to the prior year comparable period, primarily due to an increase in depreciation and amortization expense of $26.8 million, which was driven by the completion of our meeting and convention space in the third quarter of 2025, opening of the transitional casino in Norfolk, Virginia in November 2025, investments in technology throughout 2025 and hotel room renovations at multiple properties during 2025 and into the first quarter of 2026. In addition, project development, preopening and writedowns expense increased $21.8 million from the prior year comparable period. During the three months ended March 31, 2026, the Company incurred $18.2 million of costs related to demolition and asset writedowns and $2.0 million of preopening costs. Finally, operating income was unfavorably impacted by the $15.1 million decrease in revenue from our market access agreements, as discussed above. Market access fee revenue has minimal expenses associated with it such that an increase or decrease in market access fee revenue will have a greater impact on operating income than increases or decreases in other revenue streams. Operating income was favorably impacted by a $32.3 million decrease in impairment of assets over the prior year as the Company recorded long-lived asset impairment charges of $32.3 million during the first quarter of 2025 related to property and equipment in the Las Vegas Locals segment.
Net Income
| Three Months Ended |
||||||||
| March 31, |
||||||||
| (In millions) |
2026 |
2025 |
||||||
| REVENUES |
||||||||
| Gaming |
$ | 650.5 | $ | 638.7 | ||||
| Food & beverage |
75.8 | 74.2 | ||||||
| Room |
45.9 | 47.4 | ||||||
| Online |
26.3 | 40.0 | ||||||
| Online reimbursements |
135.4 | 129.6 | ||||||
| Management fee |
26.2 | 25.1 | ||||||
| Other |
37.3 | 36.6 | ||||||
| Total revenues |
$ | 997.4 | $ | 991.6 | ||||
| DEPARTMENTAL OPERATING EXPENSES |
||||||||
| Gaming |
$ | 254.9 | $ | 246.1 | ||||
| Food & beverage |
64.9 | 63.3 | ||||||
| Room |
19.2 | 19.0 | ||||||
| Online |
17.7 | 16.4 | ||||||
| Online reimbursements |
135.4 | 129.6 | ||||||
| Other |
13.2 | 12.8 | ||||||
| Total departmental operating expenses |
$ | 505.3 | $ | 487.2 | ||||
| MARGINS |
||||||||
| Gaming |
60.8 | % | 61.5 | % | ||||
| Food & beverage |
14.4 | % | 14.7 | % | ||||
| Room |
58.2 | % | 59.9 | % | ||||
| Online |
32.7 | % | 59.0 | % | ||||
| Online reimbursements |
0.0 | % | 0.0 | % | ||||
| Other |
64.6 | % | 65.0 | % | ||||
Gaming
Gaming revenues are comprised primarily of the net win from our slot machine operations and to a lesser extent from table games win. The increase in gaming revenues of $11.8 million, or 1.8%, during the three months ended March 31, 2026, compared to the prior year comparable period, was primarily due to increases in slot win of 2.6% and slot handle of 1.5%.
Food & Beverage
Food & beverage revenues increased $1.6 million, or 2.2%, during the three months ended March 31, 2026, compared to the prior year comparable period, primarily due to an increase in food covers of 10.7%, offset by an 8.4% decrease in average guest check.
Room
Room revenues decreased $1.4 million, or 3.0%, during the three months ended March 31, 2026, compared to the prior year comparable period, primarily due to a decline in average daily rate of 2.6% offset by a 1.9% increase in hotel occupancy rate.
Online
Online revenues decreased $13.7 million during the three months ended March 31, 2026, compared to the prior year comparable period, driven by a $15.1 million decrease in revenue from market access agreements primarily due to the termination of certain agreements starting in the third quarter of 2025 in connection with the FanDuel Equity Sale and in some instances, entry into new agreements at lower rates than those terminated. Online margins for the three months ended March 31, 2026, decreased to 32.7% from 59.0% for the prior year comparable period, due primarily to the changes in our market access agreements starting in the third quarter of 2025. The fees we receive under our market access agreements generate high margin revenues as we incur minimal costs related to such agreements. As such, the lower market access fees we now receive from the new agreements entered into during the third quarter of 2025 had an unfavorable impact on online margins as compared to the prior year, and we expect these lower margins to continue.
Online reimbursements
Online reimbursements revenues increased $5.8 million during the three months ended March 31, 2026, as compared to the prior year comparable period, and represent an increase in reimbursements of gaming taxes and other expenses paid on behalf of our online partners.
Management fee revenues during the three months ended March 31, 2026 and 2025 of $26.2 million and $25.1 million, respectively, relate to our management agreement with Wilton Rancheria to manage the Sky River Casino in northern California.
Other
Other revenues relate to patronage visits at the other amenities at our properties, including entertainment and nightclub revenues, retail sales, theater tickets and other venues. Other revenues increased $0.6 million, or 1.7%, during the three months ended March 31, 2026, respectively, as compared to the corresponding periods of the prior year.
Revenues and Adjusted EBITDAR by Reportable Segment
We determine profitability based on Adjusted EBITDAR, which represents earnings before interest expense, interest income, income taxes, depreciation and amortization, deferred rent, master lease rent expense, other operating items, net, share-based compensation expense, project development, preopening and writedowns expense, impairment of assets, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable ("Adjusted EBITDAR"). Reportable Segment Adjusted EBITDAR is the aggregate sum of the Adjusted EBITDAR for each of the gaming entertainment properties included in our Las Vegas Locals, Downtown Las Vegas and Midwest & South segments and our Online segment. Results for Downtown Las Vegas include the results of our travel agency located in Hawaii. Results for our nonreportable operating segments, including Lattner and our Sky River Casino management fees, are aggregated in the Managed & Other category. Corporate expense represents unallocated payroll, professional fees, rent, aircraft expenses and various other expenses that are not directly related to our casino, hotel and online operations. Furthermore, for purposes of this presentation, corporate expense excludes its portion of share-based compensation expense.
EBITDAR is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), facilitates comparisons between us and our competitors and provides our investors a more complete understanding of our operating results before the impact of investing transactions, financing transactions and income taxes. Management has historically adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results.
The following table presents total revenues and Adjusted EBITDAR by Reportable Segment and our Managed & Other category to reconcile to total revenues and total Adjusted EBITDAR:
| Three Months Ended |
||||||||
| March 31, |
||||||||
| (In millions) |
2026 |
2025 |
||||||
| Total revenues |
||||||||
| Las Vegas Locals |
$ | 217.1 | $ | 222.8 | ||||
| Downtown Las Vegas |
54.9 | 57.3 | ||||||
| Midwest & South |
525.1 | 504.6 | ||||||
| Online |
161.7 | 169.6 | ||||||
| Managed & Other |
38.6 | 37.3 | ||||||
| Total revenues |
$ | 997.4 | $ | 991.6 | ||||
| Adjusted EBITDAR (1) |
||||||||
| Las Vegas Locals |
$ | 100.0 | $ | 106.6 | ||||
| Downtown Las Vegas |
18.9 | 20.9 | ||||||
| Midwest & South |
192.6 | 183.2 | ||||||
| Online |
8.4 | 23.3 | ||||||
| Managed & Other |
28.4 | 27.3 | ||||||
| Corporate expense |
(30.9 | ) | (23.8 | ) | ||||
| Adjusted EBITDAR |
$ | 317.4 | $ | 337.5 | ||||
(1) Refer to Note 9, Segment Information, in the notes to the condensed consolidated financial statements (unaudited) for a reconciliation of Adjusted EBITDAR to net income attributable to Boyd Gaming, as reported in accordance with GAAP in our accompanying condensed consolidated statements of operations.
Adjusted EBITDAR decreased by $6.6 million, or 6.2%, during the three months ended March 31, 2026, as compared to the prior year comparable period, due primarily to the revenue decline, as discussed above.
Total revenues decreased by $2.3 million, or 4.1%, during the three months ended March 31, 2026, as compared to the prior year comparable period, primarily driven by a $2.4 million decrease in gaming revenues as the segment experienced declines in slot win of 5.2% and slot handle of 4.5%. We continue to tailor our marketing programs in the Downtown Las Vegas segment to focus on the Hawaiian market. The Hawaiian market represented approximately 57% and 52% of our occupied rooms in this segment during the three months ended March 31, 2026 and 2025, respectively, with total Hawaiian room nights consistent year over year.
Midwest & South
Total revenues increased by $20.5 million, or 4.1%, during the three months ended March 31, 2026, as compared to the corresponding period of the prior year, reflecting increases in all revenue categories. Gaming revenues increased $16.8 million, which was attributable to increases in slot win of 4.2% and slot handle of 4.0% over the prior year comparable period.
Adjusted EBITDAR increased by $9.4 million, or 5.1%, during the three months ended March 31, 2026, as compared to the corresponding prior year period, due primarily to the gaming revenues increase, as discussed above.
Online
Online segment revenues decreased $7.9 million during the three months ended March 31, 2026, compared to the prior year comparable period, primarily driven by a $15.1 million decrease in revenue from market access agreements primarily due to the termination of certain agreements and entry into certain new agreements, as discussed above. Offsetting this decrease is a $5.8 million increase in reimbursements of gaming taxes and other expenses paid on behalf of our online partners and a $1.4 million increase in revenue from Boyd Interactive's operations.
The following costs and expenses, as presented in our condensed consolidated statements of operations, are further discussed below:
| Three Months Ended |
||||||||
| March 31, |
||||||||
| (In millions) |
2026 |
2025 |
||||||
| Selling, general and administrative |
$ | 110.0 | $ | 107.8 | ||||
| Master lease rent expense |
28.6 | 28.2 | ||||||
| Maintenance and utilities |
35.7 | 36.7 | ||||||
| Depreciation and amortization |
95.0 | 68.2 | ||||||
| Corporate expense |
36.8 | 30.0 | ||||||
| Project development, preopening and writedowns |
20.3 | (1.5 | ) | |||||
| Impairment of assets |
— | 32.3 | ||||||
| Other operating items, net |
1.8 | 2.7 | ||||||
Selling, General and Administrative
During the three months ended March 31, 2026, there were no asset impairment charges incurred. During the three months ended March 31, 2025, as a result of our first quarter impairment review, the Company recorded a long-lived asset impairment charge of $32.3 million for property and equipment related to our Las Vegas Locals segment.
Other operating items, net, is generally comprised of miscellaneous non-recurring operating charges, including severance payments to separated employees, natural disasters and severe weather impact, including hurricane and flood expenses, and subsequent recoveries of such costs, as applicable.
Other Expense (Income)
Interest Expense, net
The following table summarizes information with respect to our interest expense on outstanding indebtedness:
| Three Months Ended |
||||||||
| March 31, |
||||||||
| (In millions) |
2026 |
2025 |
||||||
| Interest expense, net of capitalized interest and interest income |
$ | 26.6 | $ | 47.6 | ||||
| Average long-term debt balance (1) |
2,217.6 | 3,393.1 | ||||||
| Weighted average interest rates |
4.8 | % | 5.4 | % | ||||
(1) Average debt balance calculation does not include the related discounts or deferred finance charges.
Interest expense, net of capitalized interest and interest income, for the three months ended March 31, 2026, decreased $21.0 million, or 44.2%, from the prior year comparable period and is primarily driven by a decrease in the weighted average debt balance of $1.2 billion and an approximate 60-basis point decrease in the weighted average interest rate. Interest expense, net of capitalized interest and interest income, and the weighted average debt balance were favorably impacted by the retirement of $1,680.9 million of then outstanding debt under the Prior Credit Facility with the proceeds from the FanDuel Equity Sale in the third quarter of 2025, as discussed above.
Early Extinguishments and Modifications of Debt
In accordance with authoritative accounting guidance for debt extinguishments and debt modifications, we accounted for the retirement of the Prior Credit Facility as a modification of debt. As the borrowing capacity of the Revolving Credit Facility under the Credit Agreement equals or exceeds that under the Prior Credit Agreement and the lenders under the Credit Agreement are substantially similar to the lenders under the Prior Credit Agreement, we accounted for the Prior Credit Facility termination as a modification of debt and $3.3 million of unamortized deferred finance charges related to the Prior Credit Agreement were added to the $15.1 million of deferred finance charges incurred under the Credit Agreement and are being amortized over the term of the Credit Agreement. The remaining $0.4 million of unamortized deferred finance charges corresponding to the percentage of lenders under the Prior Credit Agreement that did not continue to participate under the Credit Agreement is included in loss on early extinguishments and modifications of debt for the three months ended March 31, 2026. There was no loss on early extinguishments and modifications of debt for the three months ended March 31, 2025. See "Liquidity and Capital Resources - Indebtedness" for further discussion and definitions for Prior Credit Facility, Prior Credit Agreement, Revolving Credit Facility and Credit Agreement.
Income Taxes
The effective tax rates during the three months ended March 31, 2026 and 2025 were 23.9% and 27.1%, respectively. Our tax rate for the three months ended March 31, 2026, was unfavorably impacted by state taxes, nondeductible compensation and company provided benefits, which were partially offset by excess tax benefits related to equity compensation and tax credits. Our tax rate for the three months ended March 31, 2025, was unfavorably impacted by state taxes, nondeductible compensation, including a one-time discrete charge which was partially offset by excess tax benefits related to equity compensation and tax credits.
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act. Certain provisions of the OBBBA such as the modification of limitation on business interest expense, 100% bonus depreciation and disallowance of business-related meals were included in our operating results for the three months ended March 31, 2026. Overall, these changes did not have a significant impact to our effective tax rate.
LIQUIDITY AND CAPITAL RESOURCES
Financial Position
We generally operate with minimal or negative levels of working capital in order to minimize borrowings and related interest costs. At March 31, 2026 and December 31, 2025, we had cash and cash equivalents of $372.7 million and $353.4 million, respectively. In addition, we held restricted cash balances of $5.6 million and $5.4 million at March 31, 2026 and December 31, 2025, respectively. Our working capital deficit at March 31, 2026 and December 31, 2025, was $353.0 million and $448.5 million, respectively. The decrease in our working capital deficit from December 31, 2025 to March 31, 2026 is driven by the payment of a portion of transferable federal energy tax credits purchased in 2025, as discussed in Note 1, Summary of Significant Accounting Policies.
We believe that current cash balances together with the available borrowing capacity under our Credit Facility (as defined in Indebtedness below) and cash flows from operating activities will be sufficient to meet our liquidity and capital resource needs for the next twelve months, including our projected operating requirements and maintenance capital expenditures. See Indebtedness below for further detail regarding funds available through our Credit Facility.
The Company may also seek to secure additional working capital, repay respective current debt maturities, or fund respective development projects, in whole or in part, through incremental bank financing and additional debt or equity offerings, to the extent such offerings are allowed under our debt agreements.
Cash Flows Summary
| Three Months Ended |
||||||||
| March 31, |
||||||||
| (In millions) |
2026 |
2025 |
||||||
| Net cash provided by operating activities |
$ | 134.3 | $ | 256.4 | ||||
| Cash flows from investing activities |
||||||||
| Capital expenditures |
(155.2 | ) | (169.9 | ) | ||||
| Advances made under note receivable |
— | (31.8 | ) | |||||
| Cash paid for asset acquisitions |
— | (41.4 | ) | |||||
| Other investing activities |
(1.0 | ) | (7.3 | ) | ||||
| Net cash used in investing activities |
(156.2 | ) | (250.4 | ) | ||||
| Cash flows from financing activities |
||||||||
| Net borrowings under credit facilities |
225.0 | 338.1 | ||||||
| Debt financing costs |
(0.8 | ) | — | |||||
| Share-based compensation activities |
(14.0 | ) | (6.0 | ) | ||||
| Shares repurchased and retired |
(155.0 | ) | (328.0 | ) | ||||
| Dividends paid |
(13.8 | ) | (14.7 | ) | ||||
| Net cash provided by (used in) financing activities |
41.4 | (10.6 | ) | |||||
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash |
— | — | ||||||
| Increase (decrease) in cash, cash equivalents and restricted cash |
$ | 19.5 | $ | (4.6 | ) | |||
Cash Flows from Operating Activities
During the three months ended March 31, 2026 and 2025, we generated operating cash flows of $134.3 million and $256.4 million, respectively. The decline is primarily attributable to a $73.8 million payment for transferable federal energy tax credits in the first quarter of 2026. In addition to the transferable federal energy tax credit payment, cash from operating assets and liabilities changes decreased by $47.9 million. This decrease is driven by the timing of payments received from market access fees and online tax reimbursements and a $30.0 million contingent obligation not paid as of March 31, 2025, that favorably impacted operating cash flows in the prior year period.
Cash Flows from Investing Activities
Our industry is capital intensive, and we use cash flows for acquisitions, facility expansions, investments in future development or business opportunities and maintenance capital expenditures.
During the three months ended March 31, 2026, we had net cash outflows used in investing activities of $156.2 million comprised primarily of capital expenditures of $155.2 million, which related to our casino developments in Norfolk, Virginia and new Cadence Crossing casino, guestroom renovations, primarily at the Orleans, Suncoast casino modernization, slot machines, IT equipment and building projects at various properties. During the three months ended March 31, 2025, we incurred net cash outflows for investing activities of $250.4 million comprised of: (i) capital expenditures of $169.9 million, primarily related to our various guest room remodels, meeting and convention space at Ameristar St. Charles, slot machines, land, IT equipment and building projects at various properties; (ii) cash paid for asset acquisitions of $41.4 million; and (iii) advances made under a note receivable of $31.8 million.
Cash Flows from Financing Activities
We rely on our financing cash flows to provide funding for investment opportunities, repayments of obligations, returning capital to shareholders and ongoing operations.
The net cash inflows from financing activities during the three months ended March 31, 2026 are primarily driven by the net borrowings on the Credit Facility of $225.0 million. In the first quarter of 2026, the Company entered into an Amended and Restated Credit Agreement, of which the Company borrowed $400.0 million under the Term A Loan Facility. In addition, during the first quarter of 2026 the Company repaid amounts outstanding under the Prior Credit Facility and debt financing costs. See 'Indebtedness' below for further discussion. This net borrowing is offset by share repurchase activity and dividends paid. The net cash outflows from financing activities during the three months ended March 31, 2025, was primarily driven by share repurchases and dividends paid. During the first quarter of 2025, we increased borrowings under the Prior Credit Facility as we increased our share repurchase activity for the quarter, resulting in net borrowings under the Prior Credit Facility of $338.1 million driven by $328.0 million in share repurchases.
Indebtedness
The outstanding principal balances of long-term debt, before unamortized discounts and fees, and the changes in those balances are as follows:
| March 31, | December 31, | Increase | ||||||||||
| (In millions) |
2026 |
2025 |
(Decrease) |
|||||||||
| Credit facility |
$ | 400.0 | $ | — | $ | 400.0 | ||||||
| Prior credit facility |
— | 160.7 | (160.7 | ) | ||||||||
| 4.750% senior notes due 2027 |
1,000.0 | 1,000.0 | — | |||||||||
| 4.750% senior notes due 2031 |
900.0 | 900.0 | — | |||||||||
| Long-term debt, net |
$ | 2,300.0 | $ | 2,060.7 | $ | 239.3 | ||||||
Bank Credit Facility
Credit Agreement
On January 21, 2026 (the "Closing Date"), the Company entered into an Amended and Restated Credit Agreement (the "Credit Agreement") among the Company, certain direct and indirect subsidiaries of the Company as guarantors (the "Guarantors"), Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders. The Credit Agreement amended and restated the Credit Agreement dated as of March 2, 2022 ("Prior Credit Agreement"), among the Company, certain direct and indirect subsidiaries of the Company as guarantors, Bank of America, N.A., as administrative agent, collateral agent and letter of credit issuer, Wells Fargo Bank, National Association, as swingline lender, and certain other financial institutions party thereto as lenders.
The Credit Agreement provides for (i) a $1,450.0 million senior secured revolving credit facility (the "Revolving Credit Facility") and (ii) a $1,200.0 million senior secured term A loan delayed draw facility (the "Term A Loan Facility", and the loans thereunder, the "Term A Loans", and the Term A Loan Facility collectively with the Revolving Credit Facility, the "Credit Facility"). The Revolving Credit Facility and the Term A Loan Facility mature on the fifth anniversary of the Closing Date ("Maturity Date") or earlier upon the occurrence or non-occurrence of certain events, including a springing maturity on September 1, 2027 ("Springing Maturity Date") if the $1.0 billion aggregate principal amount of 4.750% Senior Notes due 2027 ("4.750% Senior Notes due 2027") have not been refinanced with a maturity date that is 91 days after the Maturity Date. The Company may use availability under the Revolving Credit Facility and the Term A Loan Facility to refinance the 4.750% Senior Notes due 2027 to satisfy the 4.750% Senior Notes due 2027 refinance requirements prior to the Springing Maturity Date and upon doing so, the Springing Maturity Date is no longer applicable and the Credit Facility maturity reverts to the Maturity Date. Term A Loans are available to be drawn until July 1, 2027 in up to a maximum of four borrowings, provided that, on February 1, 2026, the remaining borrowings available under the Term A Loan Facility will be reduced by an amount equal to the greater of Term A Loans previously made and $400.0 million. As of March 31, 2026, the Company has made one borrowing totaling $400.0 million under the Term A Loan Facility. Proceeds from the Credit Agreement were used to refinance all outstanding obligations under the Prior Credit Agreement, including amounts outstanding under the then existing $1,450.0 million senior secured revolving credit facility ("Prior Credit Facility") and to fund transaction costs in connection with the Credit Agreement and may be used for working capital and other general corporate purposes.
Amounts Outstanding
The outstanding principal amounts under the Credit Facility as of March 31, 2026 and under the Prior Credit Agreement as of December 31, 2025 are comprised of the following:
| March 31, |
December 31, |
|||||||
| (In millions) |
2026 |
2025 |
||||||
| Revolving Credit Facility |
$ | — | $ | 135.0 | ||||
| Term A Loans |
400.0 | — | ||||||
| Swing Loan |
— | 25.7 | ||||||
| Total outstanding principal amounts |
$ | 400.0 | $ | 160.7 | ||||
With a total revolving credit commitment of $1,450.0 million available under the Revolving Credit Facility, no borrowings outstanding on the Swing Loan, and $14.2 million allocated to support various letters of credit, there was a remaining contractual availability under the Revolving Credit Facility of $1,435.8 million as of March 31, 2026. In addition, with only $400.0 million drawn on the Term A Loan Facility, the Company had $800.0 million of availability under the Term A Loan Facility as of March 31, 2026, and together with the Revolving Credit Facility, there was remaining contractual availability under the Credit Facility of $2,235.8 million as of March 31, 2026.
The blended interest rate for outstanding borrowings at March 31, 2026 under the Credit Facility was 5.1% and at December 31, 2025 under the Prior Credit Facility was 5.3%.
Debt Service Requirements
Pursuant to the terms of the Credit Agreement (i) the loans under the Term A Loan Facility will amortize in an annual amount equal to 5.00% of the original principal amount thereof, commencing with the first full fiscal quarter ending after the earlier of (x) the date the Term A Loans have been fully funded and (y) July 1, 2027, payable on a quarterly basis, and (ii) beginning with the fiscal year ending December 31, 2026, the Company will be required to use a portion of its annual excess cash flow to prepay loans outstanding under the Credit Agreement if the Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) exceeds certain thresholds set forth in the Credit Agreement. Additionally, under the Credit Facility, we have monthly to quarterly interest payment obligations, depending on the rates we lock in, for the Term A Loans, unused line interest payments and any outstanding borrowings under the Revolving Credit Facility, including the Swing Loan. Debt service requirements under our current outstanding senior notes consist of semi-annual interest payments (based upon a fixed annual interest rate of 4.750%) and principal repayments of our 4.750% Senior Notes due 2027 and our $900.0 million aggregate principal amount of 4.750% Senior Notes due 2031 ("4.750% Senior Notes due 2031").
Covenant Compliance
As of March 31, 2026, we were in compliance with the financial covenants of our debt instruments.
The indentures governing the senior notes contain provisions that allow for the incurrence of additional indebtedness, if after giving effect to such incurrence, the fixed charge coverage ratio (as defined in the respective indentures, which is a ratio of our consolidated EBITDA to fixed charges, including interest) for the trailing four quarter period on a pro forma basis would be at least 2.0 to 1.0. Should this provision prohibit the incurrence of additional debt, we may still borrow under our existing Credit Facility to the extent that borrowing capacity remains under that agreement, as well as from other funding sources as provided under our debt agreements.
Guarantor Financial Information
In connection with the issuance of our 4.750% Senior Notes due 2027 and our 4.750% Senior Notes due 2031 (collectively, the "Guaranteed Notes" or "Senior Notes"), certain of the Company's wholly owned subsidiaries (the "Senior Notes Guarantors") provide guarantees under those indentures. These Guaranteed Notes are fully and unconditionally guaranteed, on a joint and several basis, by certain of our current and future domestic restricted subsidiaries, all of which are 100% owned by us.
Summarized combined balance sheet information for the parent company and the Senior Notes Guarantors is as follows:
| March 31, |
December 31, |
|||||||
| (In millions) |
2026 |
2025 |
||||||
| Current assets |
$ | 481.5 | $ | 487.8 | ||||
| Noncurrent assets |
12,760.9 | 12,868.1 | ||||||
| Current liabilities |
813.3 | 910.6 | ||||||
| Noncurrent liabilities |
3,203.1 | 2,994.9 | ||||||
Summarized combined results of operations for the parent company and the Senior Notes Guarantors is as follows:
| Three Months Ended |
||||
| (In millions) |
March 31, 2026 |
|||
| Revenues |
$ | 964.0 | ||
| Operating income |
315.9 | |||
| Income before income taxes |
290.1 | |||
| Net income |
257.9 | |||
Share Repurchase Program
On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program"). In addition, our Board of Directors authorized increases to the Share Repurchase Program of $500.0 million on each of June 1, 2022, May 4, 2023, May 9, 2024, December 5, 2024, July 17, 2025 and April 8, 2026. As of March 31, 2026 and prior to the additional authorization on April 8, 2026, we were authorized to repurchase up to an additional $207.1 million in shares of our common stock under the Share Repurchase Program. We repurchased 1.8 million shares and 4.5 million shares during the three months ended March 31, 2026 and 2025, respectively.
Subject to applicable laws, repurchases under the Share Repurchase Program may be made at such times and in such amounts as we deem appropriate. We are subject to certain limitations regarding the repurchase of common stock, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility. We are not obligated to repurchase any shares under this program, and purchases under the Share Repurchase Program can be discontinued at any time at our sole discretion. We intend to fund the repurchases under the Share Repurchase Program with existing cash resources, cash generated from operations and availability under our Credit Facility.
We have in the past, and may in the future, acquire our debt or equity securities, through open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or otherwise, upon such terms and at such prices as we may determine.
Quarterly Dividend Program
Dividends are declared at the discretion of our Board of Directors. We are subject to certain limitations regarding payment of dividends, such as restricted payment limitations related to our outstanding Senior Notes and our Credit Facility.
The dividends declared by the Board of Directors under this program are:
| Declaration date |
Record date |
Payment date |
Amount per share |
|||||
| December 5, 2024 |
December 16, 2024 |
January 15, 2025 |
0.17 | |||||
| February 20, 2025 |
March 17, 2025 |
April 15, 2025 |
0.18 | |||||
| December 4, 2025 |
December 15, 2025 |
January 15, 2026 |
0.18 | |||||
| February 19, 2026 |
March 16, 2026 |
April 15, 2026 |
0.20 | |||||
Other Items Affecting Liquidity
We anticipate funding our capital requirements using cash on hand, cash being generated from our operations and availability under our Credit Facility, to the extent availability exists after we meet our working capital needs for the next twelve months. Any additional financing that is needed may not be available to us or, if available, may not be on terms favorable to us. The outcome of the specific matters discussed herein, including our commitments and contingencies, may also affect our liquidity.
Commitments
Capital Spending and Development
We currently estimate that our annual cash capital requirements to perform ongoing refurbishment and maintenance at our properties is approximately $250 million. In addition, we expect to spend an additional $75 million in 2026 for hotel renovation projects, primarily at the Orleans. We intend to fund our capital expenditures through cash on hand, our Credit Facility and operating cash flows.
In addition to the maintenance capital spending discussed above, we continue to pursue other potential development projects that may require us to invest significant amounts of capital. In 2026, we expect to spend an additional $50 million in growth projects, which includes completion of Cadence Crossing, which opened on March 25, 2026 and the design and pre-construction activities for the expansion, modernization and transformation of Par-A-Dice into a single-level entertainment facility, as approved by the regulators during the first quarter of 2026.
Finally, we are expanding our portfolio with a $750 million resort development in Norfolk, Virginia. We opened a modest transitional casino in November 2025 and plan to open the resort, featuring a 65,000 square-foot casino, a 200-room hotel, eight food and beverage outlets and other amenities, in late 2027. We expect to spend $300 million on this project in 2026.
During the three months ended March 31, 2026, the Company spent approximately $155 million of the total estimated $650 million to $700 million of capital spend expected in 2026.
Other Opportunities
We regularly investigate and pursue additional expansion opportunities in markets where casino gaming, including online gaming, is currently permitted. We also pursue expansion opportunities in jurisdictions where casino and online gaming is not currently permitted in order to be prepared to develop projects upon approval of casino or online gaming. Such expansions will be affected and determined by several key factors, which may include the following:
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the outcome of gaming license selection processes; |
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the approval of gaming in jurisdictions where we have been active but where casino or online gaming is not currently permitted; |
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identification of additional suitable investment opportunities in current gaming jurisdictions; and |
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availability of acceptable financing. |
Additional projects may require us to make substantial investments or may cause us to incur substantial costs related to the investigation and pursuit of such opportunities, which we may fund through cash flow from operations or availability under our Credit Facility. To the extent such sources of funds are not sufficient, we may also seek to raise additional funds through public or private equity or debt financings or from other sources to the extent such financing is available.
On April 1, 2026, the Company acquired Design Works Studios, LLC ("DWS"), an online game content development company. DWS was acquired to support the Company's Boyd Interactive operations for approximately $53.4 million, inclusive of $5.0 million of contingent consideration and subject to customary working capital adjustments within 90 days of the acquisition date.
Contingencies
Legal Matters
We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.
Off Balance Sheet Arrangements
There have been no material changes to our off balance sheet arrangements described under Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 20, 2026.
Critical Accounting Estimates
There have been no material changes to our critical accounting policies described under Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 20, 2026.
Recently Issued Accounting Pronouncements
For information with respect to recent accounting pronouncements and the impact of these pronouncements on our condensed consolidated financial statements, see Note 1, Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements, in the notes to the condensed consolidated financial statements (unaudited).
Important Information Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "pursue," "target," "project," "intend," "plan," "seek," "should," "assume," and "continue," or the negative thereof or comparable terminology. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Factors that could cause actual results to differ materially from such forward-looking statements include:
| • | the general effect and expectation of the national and global economy on our business, including but not limited to interest rates and inflationary pressures, as well as the economies where each of our properties are located; | |
| • | our business model, areas of focus and strategy for driving business results; | |
| • | our ability to maintain the integrity of our information technology systems and to protect our internal information; | |
| • | competition, including expansion of gaming into additional markets including online gaming, our ability to respond to such competition, and our expectations regarding continued competition in the markets in which we compete; | |
| • | our expectations regarding the expansion of sports betting and online wagering; | |
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our expectations regarding future trends affecting the gaming industry and the impact of these trends on growth in our industry, future development opportunities, and merger and acquisition activity in general; |
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| • | our compliance with government regulations, including our ability to receive and maintain necessary approvals for our projects; | |
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the sufficiency of our cash flows from operating activities and financing sources to meet our projected operating and maintenance capital expenditures for the next twelve months; |
| • | impacts caused by public health emergencies and man-made or natural disasters we may encounter; | |
| • | our ability to incur additional indebtedness, our ability to refinance or pay amounts outstanding under our credit agreement and our unsecured notes when they become due, our compliance with related covenants, and our expectation that we will need to refinance all or a portion of our indebtedness at or before maturity; | |
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our belief that all pending litigation claims, if adversely decided, will not have a material effect on our business, financial position, results of operations or cash flows; | |
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our estimates and expectations regarding anticipated taxes, tax credits or tax refunds; | |
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our asset impairment analyses and our intangible asset and goodwill impairment tests; and |
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the likelihood of interruptions to our rights in the land we lease under long-term leases for certain of our hotels and casinos. |
Additional factors that could cause actual results to differ are discussed in Part I. Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, and in other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this document are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. We do not hold any market risk sensitive instruments for trading purposes. Our primary exposure to market risk is interest rate risk, specifically long-term United States ("U.S.") treasury rates and the applicable spreads in the high-yield investment market, short-term and long-term SOFR rates, and their potential impact on our long-term debt. We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed-rate borrowings and variable-rate borrowings under our Credit Facility. We are also exposed to commodity prices and potential tariffs on goods purchased from outside the U.S. Our exposure is mitigated as a significant majority of our purchases, both operating and for our construction projects, are from U.S. based suppliers. Finally, we are exposed to a lesser extent to foreign currency exchange risk for funds held in our Canadian operating and restricted cash accounts. While there is risk of fluctuations in the foreign exchange rate between the Canadian dollar and U.S. dollar, our exposure is limited given the size of our Canadian operations and the minimal amount of cash held in Canadian bank accounts. A weakening or strengthening of the U.S. dollar to the Canadian dollar by 2x the current conversion rate, would not cause the value of the funds held in the Canadian operating and restricted cash accounts to change significantly. We do not currently utilize derivative financial instruments for trading or speculative purposes.
As of March 31, 2026, our long-term variable-rate borrowings represented approximately 17.4% of total long-term debt. Based on March 31, 2026 debt levels, a 100-basis point change in the interest rate would cause our annual interest costs on variable-rate borrowings to change by approximately $4.0 million. We believe there have been no other material changes in our exposure to market risks as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 20, 2026.
See also Liquidity and Capital Resources above.
Item 4. Controls and Procedures
As of the end of the period covered by this Quarterly Report on Form 10-Q (the "Report"), we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Our disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information we are required to disclose in reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on the evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Report.
There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during our most recent fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.
PART II. Other Information
Item 1. Legal Proceedings
We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position, results of operations or cash flows.
Item 1A. Risk Factors
There were no material changes from the risk factors previously disclosed in Part I. Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 20, 2026.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table discloses share repurchases that we have made pursuant to our share repurchase program during the three months ended March 31, 2026.
| Total Number of Shares | ||||||||||||||||
| Purchased as Part | Approximate Dollar Value | |||||||||||||||
| Total Number of | Average Price Paid | of a Publicly | That May Yet Be Purchased | |||||||||||||
| Period |
Shares Purchased (1) |
Per Share |
Announced Plan |
Under the Plan (2) |
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| January 1, 2026 through January 31, 2026 |
568,657 | $ | 86.33 | 568,657 | $ | 313,035,934 | ||||||||||
| February 1, 2026 through February 28, 2026 |
583,323 | 84.17 | 583,323 | 263,940,327 | ||||||||||||
| March 1, 2026 through March 31, 2026 |
695,067 | 81.79 | 695,067 | 207,092,400 | ||||||||||||
| Total |
1,847,047 | $ | 83.94 | 1,847,047 | 207,092,400 | |||||||||||
(1) All shares repurchased are covered by our share repurchase program as approved by our Board of Directors (the "Share Repurchase Program"). The Board of Directors approved $300.0 million for our Share Repurchase Program on October 21, 2021, and an additional $500.0 million to the Share Repurchase Program on each of June 1, 2022, May 4, 2023, May 9, 2024, December 5, 2024, July 17, 2025 and April 8, 2026 for a total authorization of $3.3 billion. The Share Repurchase Program has no expiration date.
(2) Total approximate dollar value that may yet be purchased under the plan as of March 31, 2026, excludes consideration of the additional $500.0 million share repurchase authorization approved by the Board of Directors on April 8, 2026.
Item 5. Other Information
None of the Company’s directors or officers adopted, modified or terminated a Rule - trading arrangement or a non-Rule - trading arrangement during the Company’s fiscal quarter ended March 31, 2026, as such terms are defined under Item 408(a) of Regulation S-K.
| Item 6. |
Exhibits |
| Exhibit Number |
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Document of Exhibit |
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Method of Filing |
| 22 | List of Guarantor Subsidiaries of Boyd Gaming Corporation. | Incorporated by reference to Exhibit 22 of the Registrant's Annual Report on Form 10-K, filed with the SEC on February 20, 2026. | ||
| 31.1 |
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Certification of the Chief Executive Officer of the Registrant pursuant to Exchange Act Rule 13a-14(a). |
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Filed electronically herewith. |
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| 31.2 |
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Certification of the Chief Financial Officer of the Registrant pursuant to Exchange Act Rule 13a-14(a). |
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Filed electronically herewith. |
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| 32.1 |
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Certification of the Chief Executive Officer of the Registrant pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. § 1350. |
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Furnished electronically herewith. |
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| 32.2 |
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Certification of the Chief Financial Officer of the Registrant pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. § 1350. |
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Furnished electronically herewith. |
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| 101 |
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The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, (ii) Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, (iii) Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025, (iv) Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2026 and 2025, (v) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025, and (vi) Notes to Condensed Consolidated Financial Statements. |
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Filed electronically herewith. |
| 104 | Inline XBRL for cover page of the Company's Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set. |
Filed electronically herewith. |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on April 30, 2026.
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BOYD GAMING CORPORATION |
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By: |
/s/ Lori M. Nelson |
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Lori M. Nelson |
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Senior Vice President Financial Operations and Reporting, |
| Chief Accounting Officer and Authorized Signatory |