Boyd Gaming Corporation reported lower third-quarter revenue and adjusted earnings for the period ended Sept. 30, 2026, as softer Las Vegas visitor demand weighed on results and gains elsewhere offered some offset.
Revenue came to $990.5 million, compared with $1.004 billion in the quarter a year earlier. Adjusted earnings were $121.7 million, or $1.67 per share, versus $139.1 million, or $1.72 per share. Adjusted EBITDAR was $319.6 million, down from $321.8 million.
Net income attributable to Boyd was $124.9 million, compared with $1.44 billion in the 2025 quarter. The sharp year-over-year gap reflects a $1.4 billion after-tax gain Boyd booked in 2025 after selling its FanDuel equity stake.
Boyd pointed to weaker destination traffic in Las Vegas, particularly at the Orleans, and construction disruption at the Suncoast. For Downtown Las Vegas, the company cited weaker destination travel, fewer visitors from Hawaii following several storms there, and higher airfares. At other Las Vegas Locals properties, revenue and adjusted EBITDAR each increased 3%, and gaming revenue rose 3.5%.
Reported Midwest & South revenue rose about 0.3%; Boyd said revenue increased nearly 3% and adjusted EBITDAR grew about 2.5% after adjustments for the Tunica closure, Shreveport sale and higher Kansas Star property taxes. Online adjusted EBITDAR increased by double digits, but the segment's revenue fell year over year. Boyd's segment list also includes Managed & Other.
Boyd distributed $164 million through share repurchases during the quarter. It paid its quarterly dividend of $0.20 per share on Oct. 15, and $387 million remained under its repurchase authorization at Sept. 30. The company said buybacks and dividends together returned nearly $180 million to shareholders.
Boyd filed a Form 8-K with the U.S. Securities and Exchange Commission on Oct. 22. The filing identifies Item 2.02 as results of operations and financial condition, and Item 9.01 as financial statements and exhibits.
