BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS

Rhea-AI Summary

Boyd Gaming (NYSE: BYD) reported second-quarter 2026 revenues of $1.03 billion, essentially flat with Q2 2025. Net income attributable to Boyd Gaming was $131.2 million, or $1.75 per diluted share, versus $151.5 million, or $1.84 per share, a year earlier. Total Adjusted EBITDAR was $350.5 million, compared with $357.9 million in Q2 2025, while Adjusted Earnings were $144.4 million, or $1.93 per diluted share.

Midwest & South delivered revenue and Adjusted EBITDAR growth, while Las Vegas Locals and Downtown Las Vegas faced softness in destination business and construction disruption. The Online segment and Managed business showed growth contributions. Property operating margins were about 40%, with parts of Las Vegas Locals above 50%. Boyd paid a $0.20 quarterly dividend and repurchased $156 million of stock, ending June 30 with $322.7 million in cash and $2.6 billion of total debt.

Positive

• Revenue stable at $1.03 billion in Q2 2026 versus Q2 2025
• Midwest & South segment revenue $556.9M vs. $540.1M; Adjusted EBITDAR $208.7M vs. $201.4M
• Property operating margins around 40% overall; some Las Vegas Locals properties above 50%
• Adjusted EPS increased to $1.93 from $1.87 despite lower net income
• Capital returns: $0.20 dividend and $156M share repurchases in Q2 2026
• Interest expense fell to $31.4M from $50.6M, reducing total other expense
• Management fee revenue rose to $28.5M from $23.8M, supported by Sky River expansion

Negative

• Net income declined to $131.2M from $151.5M year over year
• Adjusted EBITDAR decreased to $350.5M from $357.9M in Q2 2025
• Las Vegas Locals segment revenue $225.9M vs. $229.1M; Adjusted EBITDAR $106.4M vs. $112.7M
• Downtown Las Vegas revenue $52.1M vs. $55.3M; Adjusted EBITDAR $16.9M vs. $19.4M
• Online segment revenues $158.2M vs. $173.1M; Adjusted EBITDAR $10.6M vs. $22.2M
• Project development, preopening and writedowns expense increased to $15.4M from $2.8M
• Total operating costs and expenses rose to $833.7M from $791.6M in Q2 2025

News Explained

The release’s Adjusted EBITDAR and Adjusted Earnings are non-GAAP measures: Boyd defines them by excluding specified items, and says they should supplement—not replace—GAAP results and are not liquidity measures because they omit capital expenditures and investing activities.

Market Context

BYD’s recent earnings history includes a -5.91% 24-hour move after Q1 2026 results, adding a company...

Analysis

BYD’s recent earnings history includes a -5.91% 24-hour move after Q1 2026 results, adding a company-specific benchmark to this report. Recent insider context was Net Selling; operating trends remain the key comparison.

Key Figures

Revenue: $1.03 billion Net Income: $131.2 million Net Income EPS: $1.75 per share +5 more

8 metrics

Revenue $1.03 billion Q2 2026; in-line with Q2 2025

Net Income $131.2 million Q2 2026 versus $151.5 million in Q2 2025

Net Income EPS $1.75 per share Q2 2026 versus $1.84 per share in Q2 2025

Adjusted EBITDAR $350.5 million Q2 2026 versus $357.9 million in Q2 2025

Adjusted Earnings $144.4 million Q2 2026 versus $154.2 million in Q2 2025

Adjusted EPS $1.93 per share Q2 2026 versus $1.87 per share in Q2 2025

Share Repurchases $156 million Common stock repurchased during Q2 2026

Total Debt $2.6 billion Balance sheet as of June 30, 2026

Historical Context

5 past events · Latest: Jul 01 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 01	Results scheduling	Neutral	-0.4%	Second-quarter results and conference call were scheduled for July 23.
Jun 25	Board appointments	Positive	+1.0%	Stacia Andersen and George Roeth were appointed to Boyd Gaming's board.
May 07	Dividend announcement	Positive	+0.5%	Boyd Gaming announced a quarterly cash dividend of $0.20 per share.
Apr 23	Q1 earnings report	Positive	-5.9%	Q1 revenue, earnings, capital returns, and development updates were reported.
Apr 01	Results scheduling	Neutral	+2.6%	First-quarter results and the related conference call were scheduled for April 23.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent reactions were mixed: Q1 results preceded a -5.91% move, while board and dividend announcements preceded gains of 1% and 0.47%.

Key Terms

adjusted ebitdar, non-gaap measures, adjusted earnings per share, master lease

4 terms

adjusted ebitdar financial

"Total Adjusted EBITDAR(1) was $350.5 million in the second quarter of 2026"

Adjusted EBITDAR is a company’s reported profit measure that starts with operating earnings and then adds back interest, taxes, depreciation, amortization and rent, plus any one‑time items companies exclude. It aims to show how much cash a business generates from its core operations before the costs of financing, non‑cash accounting charges and property leases, like comparing two stores’ underlying sales by ignoring rent and loan payments. Investors use it to compare operating performance across firms and assess ability to cover fixed obligations, but companies may calculate it differently, so comparisons require caution.

non-gaap measures financial

"Collectively, we refer to these and other non-GAAP financial measures as the"

Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.

adjusted earnings per share financial

"Adjusted earnings per share, diluted | $ 1.93 | $ 1.87"

Adjusted Earnings Per Share shows how much profit a company makes for each share of stock, but it removes unusual or one-time items like big expenses or gains. This helps investors see the company's true ongoing performance, making it easier to compare how well different companies are doing over time.

master lease financial

"Rent expense incurred by those properties subject to a master lease"

A master lease is a single, overarching lease agreement that covers multiple properties or assets and sets the main terms for how they will be used, paid for, and maintained—like a master key that opens many doors at once. It matters to investors because it shapes where cash flows come from, who bears operating costs and risks, and how easy it is to sell, finance, or change the assets; a strong master lease can make income more predictable, while a restrictive one can limit flexibility and increase risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LAS VEGAS, July 23, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2026.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments. We also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter. With our strong balance sheet, efficient operating model and robust free cash flow, our Company is well-positioned to continue creating long-term shareholder value."

Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, compared to $151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted EBITDAR⁽¹⁾ was $350.5 million in the second quarter of 2026 versus $357.9 million in the second quarter of 2025. Adjusted Earnings⁽¹⁾ for the second quarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2 million, or $1.87 per share, for the same period in 2025. 

(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.

Operations Review
Our Midwest & South operations once again delivered revenue and Adjusted EBITDAR growth during the quarter, driven by increased play from our core and retail customers, as well as contributions from recent capital investments across the segment.  While results in the Las Vegas Locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenues and Adjusted EBITDAR over the prior year, with property margins exceeding 50%. In our Downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.

Results in our Online segment reflected growth from the Company's online casino gaming business, as well as contributions from third-party market access agreements consistent with the last several quarters. Strong revenue and Adjusted EBITDAR growth in our Managed business was driven by increased management fees from Sky River Casino following its recently completed expansion.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its common stock during the second quarter of 2026. The Company had $551 million remaining under its current share repurchase authorization as of June 30, 2026.

Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total debt of $2.6 billion. 

Conference Call Information
Boyd Gaming will host a conference call to discuss its second-quarter 2026 results today, July 23, at 5:00 p.m. Eastern.  The conference call number is (800) 836-8184. No passcode is required to join the call.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/gBE9RqpOV3y.

Following the call's completion, a replay will be available by dialing (888) 660-6345 today, July 23, and continuing through Thursday, July 30.  The passcode for the replay will be 62234#.  The replay will also be available at https://investors.boydgaming.com.

BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands, except per share data)		2026		2025		2026		2025
Revenues
Gaming		$             683,289		$             671,455		$          1,333,790		$          1,310,148
Food & beverage		77,702		78,167		153,472		152,325
Room		50,413		51,453		96,360		98,841
Online		31,825		39,139		58,073		79,107
Online reimbursements		126,357		133,912		261,804		263,517
Management fee		28,481		23,775		54,702		48,921
Other		36,319		36,097		73,540		72,704
Total revenues		1,034,386		1,033,998		2,031,741		2,025,563
Operating costs and expenses
Gaming		267,630		259,554		522,479		505,677
Food & beverage		66,980		65,633		131,895		128,970
Room		19,801		19,492		38,973		38,489
Online		20,992		16,183		38,662		32,608
Online reimbursements		126,357		133,912		261,804		263,517
Other		12,467		12,149		25,672		24,940
Selling, general and administrative		110,882		110,065		220,867		217,911
Master lease rent expense (a)		28,856		28,442		57,440		56,602
Maintenance and utilities		38,515		37,322		74,258		74,047
Depreciation and amortization		91,101		69,985		186,090		138,208
Corporate expense		33,243		35,365		70,027		65,316
Project development, preopening and writedowns		15,356		2,764		35,624		1,242
Impairment of assets		—		—		—		32,272
Other operating items, net		1,508		762		3,260		3,507
Total operating costs and expenses		833,688		791,628		1,667,051		1,583,306
Operating income		200,698		242,370		364,690		442,257
Other expense (income)
Interest income		(1,282)		(1,263)		(3,147)		(2,071)
Interest expense, net of amounts capitalized		31,423		50,569		59,874		99,006
Loss on early extinguishments and modifications of debt		—		—		391		—
Other, net		(3)		(48)		4		59
Total other expense, net		30,138		49,258		57,122		96,994
Income before income taxes		170,560		193,112		307,568		345,263
Income tax provision		(40,637)		(42,758)		(73,352)		(84,027)
Net income		129,923		150,354		234,216		261,236
Net loss attributable to noncontrolling interest		1,311		1,104		2,560		1,641
Net income attributable to Boyd Gaming		$             131,234		$             151,458		$             236,776		$             262,877
Basic net income per common share		$                   1.75		$                   1.84		$                   3.12		$                   3.14
Weighted average basic shares outstanding		74,817		82,289		75,787		83,696
Diluted net income per common share		$                   1.75		$                   1.84		$                   3.12		$                   3.14
Weighted average diluted shares outstanding		74,817		82,303		75,791		83,712
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

 

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands)		2026		2025		2026		2025
Total Revenues by Segment
Las Vegas Locals		$             225,898		$             229,091		$             443,002		$             451,890
Downtown Las Vegas		52,112		55,253		107,050		112,540
Midwest & South		556,890		540,077		1,081,983		1,044,664
Online		158,182		173,051		319,877		342,624
Managed & Other		41,304		36,526		79,829		73,845
Total revenues		$          1,034,386		$          1,033,998		$          2,031,741		$          2,025,563
Adjusted EBITDAR by Segment
Las Vegas Locals		$             106,416		$             112,714		$             206,378		$             219,261
Downtown Las Vegas		16,905		19,405		35,805		40,328
Midwest & South		208,748		201,401		401,389		384,623
Online		10,590		22,244		18,946		45,550
Managed & Other		30,692		25,963		59,108		53,282
Corporate expense, net of share-based compensation expense (a)		(22,883)		(23,865)		(53,743)		(47,665)
Adjusted EBITDAR		350,468		357,862		667,883		695,379
Master lease rent expense (b)		(28,856)		(28,442)		(57,440)		(56,602)
Adjusted EBITDA		321,612		329,420		610,443		638,777
Other operating costs and expenses
Deferred rent		132		147		264		294
Depreciation and amortization		91,101		69,985		186,090		138,208
Share-based compensation expense		12,817		13,392		20,515		20,997
Project development, preopening and writedowns		15,356		2,764		35,624		1,242
Impairment of assets		—		—		—		32,272
Other operating items, net		1,508		762		3,260		3,507
Total other operating costs and expenses		120,914		87,050		245,753		196,520
Operating income		200,698		242,370		364,690		442,257
Other expense (income)
Interest income		(1,282)		(1,263)		(3,147)		(2,071)
Interest expense, net of amounts capitalized		31,423		50,569		59,874		99,006
Loss on early extinguishments and modifications of debt		—		—		391		—
Other, net		(3)		(48)		4		59
Total other expense, net		30,138		49,258		57,122		96,994
Income before income taxes		170,560		193,112		307,568		345,263
Income tax provision		(40,637)		(42,758)		(73,352)		(84,027)
Net income		129,923		150,354		234,216		261,236
Net loss attributable to noncontrolling interest		1,311		1,104		2,560		1,641
Net income attributable to Boyd Gaming		$             131,234		$             151,458		$             236,776		$             262,877
(a) Reconciliation of corporate expense:
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands)		2026		2025		2026		2025
Corporate expense as reported on Condensed Consolidated Statements of Operations		$               33,243		$               35,365		$               70,027		$               65,316
Corporate share-based compensation expense		(10,360)		(11,500)		(16,284)		(17,651)
Corporate expense, net, as reported on the above table		$               22,883		$               23,865		$               53,743		$               47,665
(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

 

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings
and Net Income Per Share to Adjusted Earnings Per Share
(Unaudited)
		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands, except per share data)		2026		2025		2026		2025
Net income attributable to Boyd Gaming		$             131,234		$             151,458		$             236,776		$             262,877
Pretax adjustments:
Project development, preopening and writedowns		15,356		2,764		35,624		1,242
Impairment of assets		—		—		—		32,272
Other operating items, net		1,508		762		3,260		3,507
Loss on early extinguishments and modifications of debt		—		—		391		—
Other, net		(3)		(48)		4		59
Total adjustments		16,861		3,478		39,279		37,080
Income tax effect for above adjustments		(3,663)		(779)		(8,531)		(8,072)
Adjusted earnings		$             144,432		$             154,157		$             267,524		$             291,885
Net income per share, diluted		$                   1.75		$                   1.84		$                   3.12		$                   3.14
Pretax adjustments:
Project development, preopening and writedowns		0.21		0.03		0.47		0.02
Impairment of assets		—		—		—		0.39
Other operating items, net		0.02		0.01		0.04		0.04
Loss on early extinguishments and modifications of debt		—		—		0.01		—
Other, net		—		—		—		—
Total adjustments		0.23		0.04		0.52		0.45
Income tax effect for above adjustments		(0.05)		(0.01)		(0.11)		(0.10)
Adjusted earnings per share, diluted		$                   1.93		$                   1.87		$                   3.53		$                   3.49
Weighted average diluted shares outstanding		74,817		82,303		75,791		83,712

 

Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures: 

• EBITDA: earnings before interest, taxes, depreciation and amortization,
• Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable,
• EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,
• Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,
• Adjusted Earnings: net income before project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and,
• Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding.

Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures." 

The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. 

The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure. 

Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek.  Named by Forbes and Time magazines as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com.

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SOURCE Boyd Gaming Corporation

FAQ

How did Boyd Gaming (BYD) perform financially in Q2 2026?

Boyd Gaming reported Q2 2026 revenue of $1.03 billion, essentially flat year over year, and net income of $131.2 million. According to Boyd Gaming, Adjusted EBITDAR was $350.5 million and diluted EPS was $1.75, with Adjusted EPS at $1.93.

Did Boyd Gaming (BYD) increase or decrease earnings compared to Q2 2025?

Boyd Gaming’s net income decreased to $131.2 million from $151.5 million in Q2 2025. According to Boyd Gaming, Adjusted Earnings were $144.4 million, down from $154.2 million, while Adjusted EPS rose slightly to $1.93 from $1.87.

What drove Boyd Gaming’s segment results in Q2 2026 for BYD?

Midwest & South delivered revenue and Adjusted EBITDAR growth, while Las Vegas Locals and Downtown Las Vegas were pressured by softer destination business and construction disruption. According to Boyd Gaming, the Online segment and Managed business contributed growth, including higher fees from the expanded Sky River Casino.

What shareholder returns did Boyd Gaming (BYD) provide in Q2 2026?

Boyd Gaming paid a quarterly dividend of $0.20 per share and repurchased $156 million of common stock in Q2 2026. According to Boyd Gaming, it had $551 million remaining under its share repurchase authorization at June 30, 2026.

What is Boyd Gaming’s debt and cash position after Q2 2026?

As of June 30, 2026, Boyd Gaming held $322.7 million in cash and total debt of $2.6 billion. According to Boyd Gaming, this balance sheet position supports its capital returns program and ongoing investments in its diversified portfolio.

How did Boyd Gaming’s Online segment perform in Q2 2026 for BYD investors?

The Online segment reported total revenues of $158.2 million versus $173.1 million a year earlier and Adjusted EBITDAR of $10.6 million. According to Boyd Gaming, results reflected growth in online casino gaming and contributions from third-party market access agreements.

What were Boyd Gaming’s operating margins and cost trends in Q2 2026?

Property operating margins were about 40% in Q2 2026, consistent with recent years, with some Las Vegas Locals properties above 50%. According to Boyd Gaming, total operating costs and expenses increased to $833.7 million from $791.6 million year over year.