BYD

Boyd Gaming retains a buy rating despite recent share price weakness and macro headwinds, with current levels offering ~25% upside to $90/share. Key catalysts include the $750M Norfolk Casino project (opening 2027) and major renovations at Orleans and Suncoast, expected to drive incremental EBITDA. The Las Vegas Locals segment underperformed due to Orleans and Suncoast, but excluding these, Locals revenue and EBITDAR grew 3% YoY, signaling underlying resilience.

Shares of Airbnb, Inc. performed well in the quarter following strong second quarter results that exceeded expectations and a confident outlook for sustained growth acceleration. Shares of Mohawk contributed to performance this quarter, driven by optimism around the company's leadership transition as well as strong second quarter earnings results. Following strong share price performance in the first six months of 2026 when its shares gained 38% through June 30, 2026, the shares of PENN Entertainment, Inc. detracted from performance during the quarter amid broad weakness in gaming stocks.

Boyd Gaming returned $180 million to shareholders in the third quarter. The company targets $150 million in share repurchases every quarter.

Boyd Gaming Corporation ( BYD ) Q3 2026 Earnings Call October 22, 2026 5:00 PM EDT Company Participants David Strow - Vice President of Corporate Communications Keith Smith - President, CEO & Director Josh Hirsberg - Executive VP, CFO & Treasurer Conference Call Participants Steven Pizzella - Deutsche Bank AG, Research Division Steven Wieczynski - Stifel, Nicolaus & Company, Incorporated, Research Division Barry Jonas - Truist Securities, Inc., Research Division Daniel Politzer - JPMorgan Chase & Co, Research Division David Bain Benjamin Chaiken - Mizuho Securities USA LLC, Research Division Joseph Stauff - Susquehanna Financial Group, LLLP, Research Division Elizabeth Dove - Goldman Sachs Group, Inc., Research Division Raymond Bowers - Wells Fargo Securities, LLC, Research Division David Katz - Jefferies LLC, Research Division Chad Beynon - Macquarie Research Brandt Montour - Barclays Bank PLC, Research Division John DeCree - CBRE Securities, LLC, Research Division Presentation David Strow Vice President of Corporate Communications Good afternoon, and welcome to the Boyd Gaming Third Quarter 2026 Earnings Conference Call. This is David Strow, Vice President of Corporate Communications for Boyd Gaming.

Boyd Gaming NYSE: BYD said its third-quarter performance reflected continued strength among core customers, growth in its Midwest and South operations, and double-digit gains from its online business, though reported company-wide revenue and EBITDA each declined about 1% amid property sales, closures and softer destination travel to Las Vegas.

LAS VEGAS, Oct. 22, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2026.   Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "Our third-quarter performance continued to highlight the benefits of our diversified business model, the ongoing strength of our core customer and the appeal of our property investments nationwide.

Besides Wall Street's top-and-bottom-line estimates for Boyd (BYD), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended September 2026.

Boyd (BYD) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

LAS VEGAS, Oct. 1, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) announced that the conference call to review the Company's third-quarter 2026 results will take place on Thursday, October 22, 2026, at 5:00 p.m. Eastern.  The conference call number is (866) 652-5200, passcode 629480.

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