Boyd Gaming's Las Vegas Decline Expected to Ease in Third Quarter

Boyd Gaming expects the weakness in its Las Vegas destination business to ease in the final quarter. Total revenue for the three months ended September 30 fell 1.4 percent year over year, to $990.5 million.

Adjusted EBITDA also declined 0.7 percent, to $319.6 million. Losses in Las Vegas were partly offset by growth in the company's other regions. Revenue at the Las Vegas Locals and Downtown Las Vegas segments fell year over year.

The Midwest and South region and the online segment both posted revenue gains. In the Midwest and South, revenue rose 0.3 percent despite the closure of Sam's Town Tunica in November 2025, the sale of Sam's Town Shreveport in August, and high property taxes at Kansas Star. Excluding those items, the increase was about 3 percent.

Chief Executive Keith Smith said revenue and EBITDA for the Las Vegas Locals portfolio, excluding Orleans and Suncoast, rose 3 percent. He added that the growth came from a 3.5 percent increase in gaming revenue.

Smith painted a more positive picture for the fourth quarter. He said the reopening of hotel rooms at Orleans and easing construction disruptions at Suncoast should support the segment.