Boyd Gaming Corporation
- Open
- 88.49
- Day high
- 89.84
- Day low
- 87.79
- Prev close
- 87.64
- Volume
- 956K
- Mkt cap
- $6.7B
- P/E (TTM)
- 3.9
- EPS (TTM)
- $22.81
- P/B
- 2.6
- P/S
- 1.6
- Yield
- 0.85%
- Per share
- $0.76
- ▼Insiders net selling -$17.4M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions mixed (13F)
Boyd Gaming Corporation (BYD) is a Consumer Cyclical company listed on NYSE. The stock is up 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 1 published research article covering BYD.
Boyd Gaming Corporation (BYD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BYD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $1.76 | $1.60 | -9.1% | $997M | -0.5% |
| Mar 18, 2026 | $1.88 | $2.21 | +17.6% | $1.1B | +8.0% |
| Oct 23, 2025 | $1.62 | $1.72 | +6.2% | $1.0B | +14.8% |
| Jul 24, 2025 | $1.67 | $1.87 | +12.0% | $1.0B | +17.4% |
| Apr 24, 2025 | $1.52 | $1.62 | +6.6% | $992M | +1.9% |
| Feb 6, 2025 | $1.75 | $1.96 | +12.0% | $1.0B | +4.0% |
| Oct 24, 2024 | $1.38 | $1.52 | +10.1% | $961M | -3.5% |
| Jul 25, 2024 | $1.49 | $1.58 | +6.0% | $968M | +6.4% |
| Apr 25, 2024 | $1.57 | $1.51 | -3.8% | $961M | +0.5% |
| Feb 8, 2024 | $1.43 | $1.66 | +16.1% | $954M | +2.6% |
| Jul 27, 2023 | $1.65 | $1.58 | -4.2% | $917M | +0.5% |
| Feb 2, 2023 | $1.46 | $1.72 | +17.8% | $923M | +5.1% |
BYD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | JOHNSON MARIANNE BOYDdirector, 10 percent owner: | Grant | 30,351 | — |
| Jul 2, 2026 | JOHNSON MARIANNE BOYDdirector, 10 percent owner: | Tax | 30,823 | $88.33 |
| Jun 9, 2026 | Clinton Uriofficer: Chief Legal Off. & Secretary | Sell | 3,468 | $87.69 |
| Jun 4, 2026 | SMITH KEITHdirector, officer: President and CEO | Sell | 100,000 | $85.90 |
| May 14, 2026 | SPADAFOR CHRISTINE J.director | Sell | 1,237 | $80.91 |
| May 11, 2026 | BOYD WILLIAM Rdirector | Grant | 2,347 | — |
| May 11, 2026 | JOHNSON MARIANNE BOYDdirector, 10 percent owner, officer: Chairman | Grant | 2,347 | — |
| May 11, 2026 | Hartmeier Michael A.director | Grant | 2,347 | — |
| May 11, 2026 | SPADAFOR CHRISTINE J.director | Grant | 2,347 | — |
| May 11, 2026 | Thoman A. Randalldirector | Grant | 2,347 | — |
| May 11, 2026 | WHETSELL PAUL Wdirector | Grant | 2,347 | — |
| May 11, 2026 | Bailey John Robertdirector | Grant | 2,347 | — |
| May 5, 2026 | JOHNSON MARIANNE BOYDdirector, 10 percent owner, officer: Chairman | Sell | 37,086 | $85.27 |
| May 5, 2026 | JOHNSON MARIANNE BOYDdirector, 10 percent owner, officer: Chairman | Sell | 62,914 | $84.03 |
| Mar 2, 2026 | Hirsberg Joshofficer: CFO & Treasurer | Sell | 23,924 | $85.86 |
Source: BYD SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full BYD insider & 13F page →Boyd Gaming Corporation company profile
Overview
Boyd Gaming Corporation (NYSE:BYD) is a multi-jurisdictional gaming company founded in 1975 and headquartered in Las Vegas, Nevada. The company went public in 1993 and has grown from a single casino operation to become one of the largest regional gaming operators in the United States. Boyd Gaming operates 28 gaming entertainment properties across 10 states, primarily serving local and regional markets rather than competing directly with the major Las Vegas Strip properties. The company has built its business around understanding and catering to local gaming customers while maintaining operational efficiency and disciplined capital allocation.
Business
Boyd Gaming operates in the casino and gaming entertainment industry, which involves providing gambling services, hotel accommodations, dining, and entertainment to customers. The gaming industry generates revenue primarily through the statistical advantage that casinos hold over players in various games of chance, commonly known as the "house edge." The company operates through five distinct business segments: Las Vegas Locals Segment represents approximately 40% of total revenue and focuses on serving Las Vegas area residents rather than tourists. This segment includes properties like Orleans, Gold Coast, Suncoast, and Sam's Town, which offer slot machines, table games, restaurants, and entertainment venues designed to attract repeat local customers who live and work in the Las Vegas metropolitan area. Downtown Las Vegas Segment accounts for roughly 15% of revenue and includes iconic properties like Fremont Hotel & Casino and California Hotel & Casino. These properties primarily serve tourists visiting the historic downtown Las Vegas area, as well as visitors from Hawaii who have traditional ties to these establishments. Midwest & South Segment generates about 35% of revenue and operates casinos across multiple states including Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Notable properties include Treasure Chest Casino near New Orleans and various riverboat and land-based casinos that serve regional markets. Online Segment contributes approximately 5% of revenue through partnerships with online sports betting and casino operators. This includes revenue-sharing arrangements with platforms like FanDuel and the company's own online gaming operations in states where it holds licenses. Managed & Other Segment represents about 5% of revenue and includes management fees from operating casinos owned by other entities, such as the Sky River Casino in Northern California, as well as a travel agency business.
Revenue model
Boyd Gaming generates revenue through multiple complementary streams within the gaming and hospitality industry. The primary revenue source is gaming operations, where the company earns money from the statistical advantage built into slot machines, table games, and sports betting. Customers pay to play these games, and over time, the mathematical probabilities ensure the casino retains a percentage of all money wagered. Non-gaming revenue comes from hotel rooms, restaurants, bars, entertainment venues, and retail operations within the casino properties. These amenities serve both to attract customers to the gaming floors and generate additional profit margins, typically higher than gaming operations. The online segment operates through revenue-sharing partnerships where Boyd receives a percentage of net gaming revenue generated by customers it refers to online platforms, as well as direct online casino operations in licensed jurisdictions. Management fees are earned by operating casinos owned by other entities, providing operational expertise in exchange for fixed fees and performance-based compensation. Several factors influence Boyd Gaming's profitability margins. Economic conditions significantly impact discretionary spending on gaming and entertainment, with recessions typically reducing customer visit frequency and spending per visit. Competition from new casino openings or expanded marketing by existing operators can pressure margins through increased promotional spending needed to retain customers. Regulatory changes in gaming laws, tax rates, or smoking policies can affect both costs and customer behavior. Labor costs represent a significant expense, and wage inflation or unionization efforts can compress margins. Energy and commodity prices impact operational costs, while tourism trends and convention business affect the Downtown Las Vegas segment. Online gaming legalization in new states creates growth opportunities but requires investment in technology and marketing to establish market presence.
Competitive moat
Boyd Gaming possesses a moderate economic moat primarily derived from regulatory barriers and local market positioning, though this moat faces ongoing challenges from industry dynamics. The company's strongest competitive advantage lies in its gaming licenses, which are limited in number by state regulations and create significant barriers to entry. These licenses often take years to obtain, require substantial capital investment, and face political and community opposition, effectively limiting the number of competitors in each market. The company has built strong local market positions in many of its markets, particularly in Las Vegas locals gaming where it holds significant market share and has developed deep relationships with repeat customers through loyalty programs and targeted marketing. This customer database and understanding of local preferences creates switching costs and makes it difficult for new entrants to quickly gain market share. However, Boyd Gaming's moat faces several challenges. The gaming industry is inherently highly competitive, with competitors able to offer similar products and services. Customer loyalty in gaming is often limited, as players may easily switch between casinos based on promotional offers, convenience, or entertainment options. The rise of online gaming and sports betting creates new competitive pressures, as customers can now access gaming entertainment from their homes rather than visiting physical casinos. Regulatory risks pose ongoing threats, as changes in gaming laws, tax structures, or social policies regarding gambling can quickly alter the competitive landscape. Additionally, the industry's dependence on discretionary consumer spending makes it vulnerable to economic downturns, while the capital-intensive nature of casino operations creates high fixed costs that can pressure margins during revenue declines. The company's expansion into online gaming provides some protection against disruption, but Boyd remains primarily a regional operator competing against both larger national gaming companies and smaller local competitors, limiting its ability to achieve significant economies of scale compared to industry leaders.
Risks & safety
Boyd Gaming demonstrates a moderate margin of safety with solid financial fundamentals but some areas of concern typical of the capital-intensive gaming industry. • Debt and Solvency: Total leverage of approximately 2.8x EBITDA is manageable for the gaming industry. The company maintains over $300 million in cash and generates strong operating cash flow of nearly $1 billion annually, providing adequate liquidity. Current ratio of 0.80 indicates some working capital tightness but is typical for casino operations. • Valuation Metrics: Trading at 12.7x P/E ratio and 5.5x EV/EBITDA, which appears reasonable for a regional gaming operator. Price-to-book ratio of 4.1x reflects the asset-intensive nature of casino properties but is elevated compared to book value. • Cash Generation: Strong free cash flow of approximately $550 million annually provides flexibility for capital allocation, debt reduction, and shareholder returns. The company has demonstrated commitment to returning capital through consistent share buybacks and dividends. • Other Considerations: Gaming industry cyclicality creates earnings volatility risk. Regulatory changes and competitive pressures in key markets could impact profitability. Capital expenditure requirements for property maintenance and expansion create ongoing cash needs.
Recent development
Over the past few years, Boyd Gaming has pursued a strategic expansion and modernization strategy while maintaining disciplined capital allocation. The company has made significant investments in property renovations and expansions, including ongoing hotel room renovations at Orleans, IP, and Valley Forge properties, a major renovation of the Suncoast casino floor with new amenities, and the expansion of meeting and convention facilities at Ameristar St. Charles. Geographic expansion has been a key focus, with the company developing the $750 million Norfolk, Virginia resort project expected to feature 1,500 slot machines, 50 table games, and a 200-room hotel. The company also broke ground on the Cadence Crossing Casino in Las Vegas and is planning to replace the Par-A-Dice riverboat casino in Illinois with a modern land-based facility. The successful opening of the new land-based Treasure Chest Casino near New Orleans, which nearly doubled revenues compared to the previous riverboat operation, demonstrates the potential returns from these strategic investments. Online gaming expansion has become increasingly important, with the company growing its online segment EBITDA from $21 million in 2023 to approximately $108 million in 2024. This growth came through partnerships with operators like FanDuel and the acquisition of Pala Interactive to build regional online casino capabilities. The company has taken a measured, regional approach to online gaming rather than pursuing aggressive national expansion. Capital allocation discipline has remained a hallmark of Boyd's strategy, with the company returning nearly $750 million to shareholders in 2024 through stock repurchases and dividends while maintaining leverage around 2.5-2.8x EBITDA. The company has committed to $100 million in quarterly share repurchases while continuing to invest in growth opportunities and maintaining financial flexibility for potential strategic acquisitions.
BYD company profile · for informational purposes only — not investment advice.
Track BYD with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free