BOYD GAMING REPORTS FIRST-QUARTER 2026 RESULTS

LAS VEGAS, April 23, 2026 /PRNewswire/ — Boyd Gaming Corporation (NYSE: BYD) at the moment reported monetary outcomes for the primary quarter ended March 31, 2026.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, stated: “Our first-quarter results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program. On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment. During the quarter we continued to invest in enhancing our properties and building our development pipeline. We opened Cadence Crossing Casino, our newest Las Vegas Locals property, and continued development of our $750 million resort in Virginia.  We also secured regulatory approval for our proposed expansion and modernization of our Par-A-Dice property in Illinois, and plan to begin construction on this project next year. At the same time, we maintained our robust program of returning capital to our shareholders, with nearly $170 million in share repurchases and dividends during the first quarter. Looking ahead, we believe that our strong balance sheet, diversified portfolio, balanced approach to capital allocation and experienced management team all position us well to continue creating long-term value for our shareholders.”

Boyd Gaming reported first-quarter 2026 revenues of $997.4 million, rising from $991.6 million within the first quarter of 2025. The Company reported web earnings of $105.5 million, or $1.37 per share, for the primary quarter of 2026, in comparison with $111.4 million, or $1.31 per share, for the year-ago interval. Total Adjusted EBITDAR⁽¹⁾ was $317.4 million within the first quarter of 2026 versus $337.5 million within the first quarter of 2025. Adjusted Earnings⁽¹⁾ for the primary quarter of 2026 had been $123.1 million, or $1.60 per share, in comparison with $137.7 million, or $1.62 per share, for a similar interval in 2025. 

_{(1)     See footnotes on the finish of the discharge for added data relative to non-GAAP monetary measures.}

Operations Review
The Company’s Midwest & South section achieved year-over-year income and Adjusted EBITDAR progress, pushed by continued progress in play from core and retail gamers, favorable comparisons on account of final yr’s extreme winter climate, and contributions from the Company’s latest property investments. Results within the Las Vegas Locals section had been impacted by continued softness in vacation spot enterprise, in addition to development disruption from the Company’s ongoing renovations at Suncoast. During the quarter, leads to the Downtown Las Vegas section mirrored stability in play from Hawaiian company and decreased vacation spot enterprise.

The Company’s Online section generated continued progress from its on-line on line casino gaming enterprise, in addition to contributions from third-party market entry agreements in step with the second half of 2025. Revenue and Adjusted EBITDAR progress in Managed & Other was pushed by continued will increase in administration charges from Sky River Casino in northern California.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly money dividend of $0.20 per share on April 15, 2026, a rise over the Company’s prior quarterly dividend of $0.18 per share.

As a part of its ongoing share repurchase program, the Company repurchased $155 million in shares of its widespread inventory in the course of the first quarter of 2026.

On April 8, 2026, the Company’s Board of Directors approved a further $500 million below the Company’s share repurchase program. Considering the extra authorization, the Company had roughly $707 million remaining below the present share repurchase authorization as of March 31, 2026.

Balance Sheet Statistics
As of March 31, 2026, Boyd Gaming had money readily available of $372.7 million, and whole debt of $2.3 billion. 

Conference Call Information
Boyd Gaming will host a convention name to debate its first-quarter 2026 outcomes at the moment, April 23, at 5:00 p.m. Eastern.  The convention name quantity is (800) 836-8184. No passcode is required to affix the decision.  Please name as much as quarter-hour prematurely to make sure you are related previous to the beginning of the decision. 

The convention name may also be accessible on-line at or https://app.webinar.net/a7rJPbyEXRG. 

Following the decision’s completion, a replay will probably be accessible by dialing (888) 660-6345 at the moment, April 23, and persevering with by way of Thursday, April 30.  The passcode for the replay will probably be 56366#.  The replay may also be accessible at .

Non-GAAP Financial Measures
Our monetary displays embrace the next non-GAAP monetary measures: 

• EBITDA: earnings earlier than curiosity, taxes, depreciation and amortization,
• Adjusted EBITDA: EBITDA adjusted for deferred lease, share-based compensation expense, venture improvement, preopening and writedowns expense, impairments of property, different working objects, web, achieve or loss on early extinguishments and modifications of debt, web earnings (loss) attributable to noncontrolling curiosity and different objects, web, as relevant,
• EBITDAR: EBITDA additional adjusted for lease expense related to grasp leases with an actual property funding belief,
• Adjusted EBITDAR: Adjusted EBITDA additional adjusted for lease expense related to grasp leases with an actual property funding belief,
• Adjusted Earnings: web earnings earlier than venture improvement, preopening and writedowns expense, impairments of property, different working objects, web, achieve or loss on early extinguishments and modifications of debt, web earnings (loss) attributable to noncontrolling curiosity, and different non-recurring changes, web, as relevant, and,
• Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted common diluted shares excellent.

Collectively, we refer to those and different non-GAAP monetary measures because the “Non-GAAP Measures.” 

The Non-GAAP Measures are generally used measures of efficiency in our trade that we consider, when thought of with measures calculated in accordance with accounting ideas usually accepted within the United States (GAAP), present our buyers with a extra full understanding of our working outcomes and facilitates comparisons between us and our opponents. We present this data to buyers to allow them to carry out comparisons of our previous, current and future working outcomes and as a method to judge the outcomes of core on-going operations. We have traditionally reported these measures to our buyers and consider that the continued inclusion of the Non-GAAP Measures offers consistency in our monetary reporting. We additionally consider this data is beneficial to buyers in permitting better transparency associated to vital measures utilized by our administration of their monetary and operational decision-making, their analysis of whole firm and particular person property efficiency, within the analysis of incentive compensation and within the annual price range course of. Management additionally makes use of Non-GAAP Measures within the analysis of potential acquisitions and tendencies. We consider these measures proceed for use by buyers of their evaluation of our working efficiency and the valuation of our firm. 

The use of Non-GAAP Measures has sure limitations. Our presentation of the Non-GAAP Measures could also be totally different from the presentation utilized by different corporations and subsequently comparability could also be restricted. While excluded from sure of the Non-GAAP Measures, depreciation and amortization expense, curiosity expense, earnings taxes and different objects have been and will probably be incurred. Each of these things must also be thought of within the total analysis of our outcomes. Additionally, the Non-GAAP Measures don’t think about capital expenditures and different investing actions and shouldn’t be thought of as a measure of our liquidity. We compensate for these limitations by offering the related disclosure of our depreciation and amortization, curiosity and earnings taxes, capital expenditures and different objects each in our reconciliations to the historic GAAP monetary measures and in our consolidated monetary statements, all of which must be thought of when evaluating our efficiency. We don’t present a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure on account of our incapacity to venture particular expenses and sure bills.

The Non-GAAP Measures are for use along with and along with outcomes offered in accordance with GAAP. The Non-GAAP Measures shouldn’t be thought of as a substitute for web earnings, working earnings, or some other working efficiency measure prescribed by GAAP, nor ought to these measures be relied upon to the exclusion of GAAP monetary measures. The Non-GAAP Measures replicate further methods of viewing our operations that we consider, when seen with our GAAP outcomes and the reconciliations to the corresponding historic GAAP monetary measures, present a extra full understanding of things and traits affecting our enterprise than might be obtained absent this disclosure. Management strongly encourages buyers to assessment our monetary data in its entirety and to not depend on a single monetary measure. 

Forward-looking Statements and Company Information
This press launch comprises forward-looking statements inside the which means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include phrases akin to “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the unfavorable thereof or comparable terminology, and should embrace (with out limitation) data relating to the Company’s expectations, targets or intentions relating to future efficiency. These forward-looking statements are based mostly on the present beliefs and expectations of administration and contain dangers and uncertainties that might trigger precise outcomes to vary materially from these expressed within the forward-looking statements. Many of those dangers and uncertainties relate to components which might be past Boyd Gaming’s potential to regulate or estimate exactly. Additional components that might trigger precise outcomes to vary are mentioned below the heading “Risk Factors” and in different sections of the Company’s Annual Report on Form 10-Okay, its Quarterly Reports on Form 10-Q, and within the Company’s different present and periodic experiences filed sometimes with the SEC. The reader is cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this launch. All forward-looking statements on this press launch are made as of the date hereof, based mostly on data accessible to the Company as of the date hereof, and the Company assumes no obligation to replace any forward-looking assertion.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a number one geographically diversified operator of 27 gaming leisure properties in 11 states. The Company additionally manages a tribal on line casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C on-line on line casino gaming enterprise. Boyd Gaming’s nationwide portfolio is related by way of Boyd Rewards, acknowledged because the nation’s favourite on line casino loyalty program by readers of each USA Today and Newsweek.  Named by Forbes journal as considered one of “America’s Best Companies,” and led by one of the vital skilled groups within the trade, Boyd Gaming is devoted to delivering an impressive leisure expertise and memorable visitor service. For further Company data and press releases, go to https://www.boydgaming.com. 

SOURCE Boyd Gaming Corporation