Boyd Gaming (BYD) investor relations material

Executive summary

• Q3 revenue was $990.5M vs. $1.004B; Adjusted EBITDAR was $319.6M vs. $321.8M, reflecting Midwest & South strength and softer Las Vegas destination demand.

• Adjusted earnings were $121.7M, or $1.67/share, vs. $139.1M, or $1.72/share.

• Reported revenue and EBITDA each declined ~1%; adjusted revenue grew 2% and adjusted EBITDA 1%.

Financial highlights

• Revenue was $990.5M vs. $1.004B; operating income was $194.9M vs. $139.8M.

• Net income was $124.9M, or $1.71/share, vs. $1.440B, or $17.81/share; Q3 2025 included the FanDuel sale gain.

• Adjusted EBITDA was $290.6M vs. $293.2M; Adjusted EBITDAR was $319.6M vs. $321.8M.

• Adjusted earnings were $121.7M vs. $139.1M; Adjusted EPS was $1.67 vs. $1.72.

Outlook and guidance

• 2027 Midwest & South growth expected broadly in line with 2026; Las Vegas outside the Orleans expected to maintain similar growth rates.

• Las Vegas Locals EBITDA could post modest growth in 2027, depending on destination demand; Suncoast contribution expected to ramp in Q1–Q2 as rooms return.

• Online and Managed & Other guidance remains within prior ranges, with performance tracking toward the high end.

• FY2026 CapEx expected at ~$650M: $250M maintenance, $75M Orleans hotel rooms, $50M growth projects and $275M Virginia resort development.

• Norfolk resort remains on time and budget for a November 2027 opening; Par-A-Dice construction expected to start late 2027, and Amelia Belle construction planned for late 2027 subject to approvals.