Boyd Gaming Corporation (BYD) reported third quarter revenue of $990.5 million in its results release dated October 22, 2026, down from $1.0 billion a year earlier. The Las Vegas company blamed softer destination travel to Las Vegas, mainly at its Orleans property. Adjusted EBITDAR, which is earnings before interest, taxes, depreciation, amortization and rent, slipped to $319.6 million from $321.8 million.

Adjusted earnings per share came in at $1.67, against $1.72 a year ago. Adjusted earnings fell faster, to $121.7 million from $139.1 million. The gap reflects a smaller share count: diluted weighted shares fell 9.7% to 73.0 million from 80.9 million, as calculated by Trend & Ticker from the release.

Net income was $124.9 million, or $1.71 a share. The year-ago figure of $1.4 billion, or $17.81 a share, included a $1.4 billion after tax gain from the sale of Boyd's stake in FanDuel.

Las Vegas is where the quarter softened

President and Chief Executive Keith Smith said results "were impacted by increased softness in destination business to Las Vegas, primarily affecting our Orleans property." Las Vegas Locals adjusted EBITDAR fell 5.1% to $87.4 million, on revenue of $207.4 million.

Downtown Las Vegas fared worse. Its EBITDAR dropped 20.3% to $12.9 million, and revenue fell 10.9% to $47.4 million. Percentage changes in this article are as calculated by Trend & Ticker from the release.

The release also cited construction disruption at the Suncoast. Boyd said the rest of its Locals properties grew revenue and adjusted EBITDAR by 3%, with gaming revenue up 3.5%.

The regional casinos held the line

The Midwest & South segment earned $201.6 million of adjusted EBITDAR, level with a year ago, on revenue of $540.5 million. That is about 59% of the five segments' combined EBITDAR. Boyd said that, adjusting for items detailed in the release, segment revenue rose nearly 3% and EBITDAR about 2.5%.

Online adjusted EBITDAR rose 15.9% to $10.9 million, even as segment revenue fell 6.7% to $154.5 million. Boyd credited its online casino business. Managed & Other EBITDAR rose 13.3% to $29.8 million.

Buybacks and the balance sheet

Boyd bought back $164 million of stock in the quarter and had $387 million left under its authorization at September 30. At the third quarter pace, that covers a little more than two more quarters, as calculated by Trend & Ticker.

The company paid a $0.20 quarterly dividend on October 15. Cash stood at $297.2 million against total debt of $2.7 billion.

The fourth quarter report will show whether the slowdown at the Orleans spread to the rest of the Locals portfolio through the holiday months.