Boyd Gaming Corporation reported a slight increase in total revenues for the first quarter of 2026, reaching $997.4 million, up from $991.6 million in the same period last year. The growth was primarily driven by a $11.8 million increase in gaming revenues, which rose to $650.5 million, reflecting a 1.8% increase in gaming activity. However, the company experienced a decline in online revenues, which fell by $13.7 million to $26.3 million, largely due to the termination of certain market access agreements. Net income for the quarter was $104.3 million, a decrease from $110.9 million in the prior year, attributed to increased operating costs and a significant rise in depreciation and amortization expenses.
Operating income decreased by 18% to $164.0 million, down from $199.9 million in the previous year. This decline was influenced by a $26.8 million increase in depreciation and amortization expenses, driven by recent investments in property renovations and the opening of new facilities. Additionally, project development and preopening costs surged by $21.8 million, reflecting ongoing investments in the company's growth initiatives. The company also noted a favorable impact from a decrease in asset impairment charges, which were absent in the current quarter compared to $32.3 million recorded in the first quarter of 2025.
In terms of operational metrics, Boyd Gaming's gaming segment saw a 2.6% increase in slot win and a 1.5% increase in slot handle, indicating a positive trend in customer engagement. The company reported a total of 27 gaming properties across various states, with ongoing efforts to enhance customer loyalty through its Boyd Rewards program. The company also expanded its footprint with the recent opening of the Cadence Crossing casino in Henderson, Nevada, which replaced the Jokers Wild casino.
Strategically, Boyd Gaming has been active in pursuing growth opportunities, including the acquisition of Design Works Studios, LLC, for approximately $53.4 million to bolster its online gaming operations. The company is also focused on a $750 million resort development project in Norfolk, Virginia, with plans to open a full casino resort by late 2027. Boyd Gaming's management emphasized a commitment to maintaining a strong balance sheet while exploring avenues for revenue growth and operational efficiency.
Looking ahead, Boyd Gaming anticipates continued challenges in the online gaming sector due to changing market conditions and competitive pressures. However, the company remains optimistic about its core gaming operations and ongoing development projects, which are expected to contribute positively to future revenue streams. The company plans to leverage its existing cash reserves and available credit facilities to support its capital expenditures and strategic initiatives in the coming quarters.
About BOYD GAMING CORP
Boyd Gaming Corporation operates 28 brick-and-mortar casino entertainment properties across multiple U.S. states, serving local residents and tourists. It offers gaming, hotel accommodations, dining, and entertainment, with a focus on loyalty through its Boyd Rewards program. The company also provides online casino and sports betting services via Boyd Interactive and partnerships like FanDuel. Its diversified, multi-jurisdictional model emphasizes customer experience, operational efficiency, and geographic reach.
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