Boyd Gaming Q3 adjusted earnings fall to $122M

Adjusted earnings and diluted adjusted earnings per share declined year over year, while Boyd repurchased $164 million of shares during the quarter.

Rhea-AI Filing Summary

Boyd Gaming Corporation (BYD) reported third-quarter 2026 revenue of $990.5 million, compared with $1.0 billion a year earlier. Net income attributable to Boyd Gaming was $124.9 million, or $1.71 per share, versus $1.4 billion, or $17.81 per share. The 2025 comparison benefited from a $1.4 billion after-tax gain on the sale of its FanDuel equity interest and included $65.1 million of noncash, pretax long-lived asset impairment charges. Adjusted earnings were $121.7 million, or $1.67 per share, compared with $139.1 million, or $1.72 per share; Adjusted EBITDAR was $319.6 million versus $321.8 million.

Boyd attributed results in part to softer Las Vegas destination business, mainly at the Orleans. Midwest & South was affected by the November 2025 closure of Sam’s Town Tunica, the August 2026 sale of Sam’s Town Shreveport and higher property taxes at Kansas Star; excluding those items, segment revenue increased nearly 3% and Adjusted EBITDAR approximately 2.5%. The rest of the Las Vegas Locals properties recorded 3% revenue and Adjusted EBITDAR growth. Online and Managed & Other also grew.

Boyd paid a previously announced quarterly cash dividend of $0.20 per share on October 15, 2026, and repurchased $164 million of common stock during the quarter; $387 million remained under its repurchase authorization as of September 30, 2026. Cash was $297.2 million and total debt was $2.7 billion as of September 30, 2026.

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• Moderate pointThird-quarter adjusted earnings fell to $121.7 million from $139.1 million.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $990.5 million Net income attributable to Boyd Gaming: $124.9 million Adjusted earnings: $121.7 million +5 more

8 metrics

Revenue $990.5 million Third quarter 2026; compared with $1.0 billion in third quarter 2025

Net income attributable to Boyd Gaming $124.9 million Third quarter 2026; compared with $1.4 billion in third quarter 2025

Adjusted earnings $121.7 million Third quarter 2026; compared with $139.1 million in third quarter 2025

Adjusted earnings per share $1.67 per share Third quarter 2026; compared with $1.72 per share in third quarter 2025

Share repurchases $164 million Common stock repurchased during third quarter 2026

Remaining share repurchase authorization $387 million As of September 30, 2026

Cash on hand $297.2 million As of September 30, 2026

Total debt $2.7 billion As of September 30, 2026

Key Terms

Adjusted EBITDAR, Adjusted EBITDA, master lease rent expense, Non-GAAP Measures

4 terms

Adjusted EBITDAR financial

"Total Adjusted EBITDAR(1) was $319.6 million"

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.

Adjusted EBITDA financial

"Adjusted EBITDA was $290.6 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

master lease rent expense financial

"Master lease rent expense (a)"

Non-GAAP Measures financial

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

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.

Earnings Snapshot

Revenue: $990.5 million

Third quarter ended September 30, 2026

Revenue $990.5 million Compared with $1.0 billion in the third quarter of 2025

Net income attributable to Boyd Gaming $124.9 million Compared with $1.4 billion in the third quarter of 2025

Adjusted earnings $121.7 million Compared with $139.1 million in the third quarter of 2025

Adjusted earnings per share $1.67 per share Compared with $1.72 per share in the third quarter of 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BYD’s revenue and net income in Q3 2026?

Boyd Gaming reported third-quarter revenue of $990.5 million and net income attributable to Boyd Gaming of $124.9 million. Revenue compared with $1.0 billion in the third quarter of 2025, while prior-year net income benefited from a $1.4 billion after-tax gain on the sale of its FanDuel equity interest.

What capital returns did Boyd Gaming report for Q3 2026?

Boyd repurchased $164 million of common stock during the third quarter. It paid a previously announced quarterly cash dividend of $0.20 per share on October 15, 2026, and had $387 million remaining under its repurchase authorization as of September 30, 2026.

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

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false 0000906553 0000906553 2026-10-22 2026-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________________________

FORM 8-K

____________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 22, 2026

____________________________________________________________________

Boyd Gaming Corporation

(Exact Name of Registrant as Specified in its Charter)

____________________________________________________________________

Nevada		001-12882		88-0242733
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

6465 South Rainbow Boulevard

Las Vegas, Nevada 89118

(Address of Principal Executive Offices, Including Zip Code)

(702) 792-7200

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	BYD	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.     Results of Operations and Financial Condition.

On October 22, 2026, Boyd Gaming Corporation issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Press Release, dated October 22, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	October 22, 2026	Boyd Gaming Corporation
	By:	/s/ Lori M. Nelson
		Lori M. Nelson
		Senior Vice President Financial Operations and Reporting and Chief Accounting Officer

Exhibit 99.1

BOYD GAMING REPORTS THIRD-QUARTER 2026 RESULTS

LAS VEGAS – OCTOBER 22, 2026 – 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. During the quarter, our results reflected continued growth in our Midwest & South segment, increased play from southern Nevada residents, and strong gains in both our Online and Managed operations. And while quarterly results were impacted by increased softness in destination business to Las Vegas, primarily affecting our Orleans property, we are encouraged by the continued strength of the remainder of our Las Vegas Locals portfolio and the performance of our Midwest & South segment. Finally, we maintained our balanced approach to capital allocation during the third quarter, investing in growth across our portfolio while returning nearly $180 million to our shareholders through share repurchases and dividends. With our robust free cash flow, strong balance sheet and efficient operating model, our Company is well-positioned to continue creating long-term value for our shareholders.”

Boyd Gaming reported third-quarter 2026 revenues of $990.5 million, compared to $1.0 billion in the third quarter of 2025. The Company reported net income of $124.9 million, or $1.71 per share, for the third quarter of 2026, compared to $1.4 billion, or $17.81 per share, for the year-ago period. The Company’s net income for the third quarter of 2025 benefited from a $1.4 billion after tax gain from the sale of the Company’s equity interest in FanDuel, and was impacted by $65.1 million in non-cash, pretax long-lived asset impairment charges.

Total Adjusted EBITDAR⁽¹⁾ was $319.6 million in the third quarter of 2026 versus $321.8 million in the third quarter of 2025. Adjusted Earnings⁽¹⁾ for the third quarter of 2026 were $121.7 million, or $1.67 per share, compared to $139.1 million, or $1.72 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.}

1

Operations Review

During the third quarter, results in the Midwest & South segment were impacted by the closure of Sam’s Town Tunica in November 2025, the sale of Sam’s Town Shreveport in August 2026, and higher property taxes at Kansas Star. Adjusting for these items, Midwest & South revenues increased nearly 3% and Adjusted EBITDAR grew approximately 2.5% during the third quarter. Continued growth in play from core and retail customers and benefits from recent capital investments drove increases in adjusted gaming revenue in the Midwest & South segment. In the Company's Las Vegas Locals segment, results reflected increased softness in Las Vegas destination business, primarily at the Orleans, as well as construction disruption at the Suncoast; however, the remainder of the properties in this segment achieved revenue and Adjusted EBITDAR growth of 3%, with gaming revenue gains of 3.5%, highlighted by increased play from southern Nevada residents. Downtown Las Vegas results were impacted by increased softness in Las Vegas destination business, declines in Hawaiian visitation due to several major storms in Hawaii and higher airfares during the quarter.

The Online segment and Managed & Other both continued to grow during the third quarter. Double-digit Adjusted EBITDAR growth in the Online segment was driven by continued strength in the Company’s online casino gaming business. Growth in Managed & Other reflected increased management fees from Sky River following its recently completed expansion.

Dividend and Share Repurchase Update

Boyd Gaming paid a quarterly cash dividend of $0.20 per share on October 15, 2026, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $164 million in shares of its common stock during the third quarter of 2026. The Company had $387 million remaining under its current share repurchase authorization as of September 30, 2026.

Balance Sheet Statistics

As of September 30, 2026, Boyd Gaming had cash on hand of $297.2 million, and total debt of $2.7 billion. 
 

Conference Call Information

Boyd Gaming will host a conference call to discuss its third-quarter 2026 results today, October 22, at 5:00 p.m. Eastern.  The conference call number is (866) 652-5200, passcode 629480.  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/7XDKZDdZVE2.

Following the call’s completion, a replay will be available by dialing (855) 669-9658 today, October 22, and continuing through Thursday, October 29.  The passcode for the replay will be 8824606.  The replay will also be available at https://investors.boydgaming.com.

2

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(In thousands, except per share data)		2026				2025				2026				2025
Revenues
Gaming		$	655,026			$	657,371			$	1,988,816			$	1,967,519
Food & beverage			73,744				75,570				227,216				227,895
Room			43,109				45,244				139,469				144,085
Online			33,240				26,893				91,313				106,000
Online reimbursements			121,226				138,704				383,030				402,221
Management fee			27,581				23,697				82,283				72,618
Other			36,529				36,882				110,069				109,586
Total revenues			990,455				1,004,361				3,022,196				3,029,924
Operating costs and expenses
Gaming			262,638				259,660				785,117				765,337
Food & beverage			65,635				67,468				197,530				196,438
Room			19,714				19,486				58,687				57,975
Online			22,044				17,784				60,706				50,392
Online reimbursements			121,226				138,704				383,030				402,221
Other			12,519				13,076				38,191				38,016
Selling, general and administrative			105,370				104,005				326,237				321,916
Master lease rent expense (a)			28,993				28,584				86,433				85,186
Maintenance and utilities			41,078				40,472				115,336				114,519
Depreciation and amortization			91,267				73,749				277,357				211,957
Corporate expense			29,386				30,622				99,413				95,938
Project development, preopening and writedowns			(5,356	)			3,972				30,268				5,214
Impairment of assets			—				65,123				—				97,395
Other operating items, net			1,039				1,892				4,299				5,399
Total operating costs and expenses			795,553				864,597				2,462,604				2,447,903
Operating income			194,902				139,764				559,592				582,021
Other expense (income)
Interest income			(1,261	)			(1,501	)			(4,408	)			(3,572	)
Interest expense, net of amounts capitalized			33,785				33,262				93,659				132,268
Loss on early extinguishments and modifications of debt			—				1,446				391				1,446
Other, net (b)			89				(1,735,479	)			93				(1,735,420	)
Total other (income) expense, net			32,613				(1,702,272	)			89,735				(1,605,278	)
Income before income taxes			162,289				1,842,036				469,857				2,187,299
Income tax provision			(38,699	)			(403,200	)			(112,051	)			(487,227	)
Net income			123,590				1,438,836				357,806				1,700,072
Net loss attributable to noncontrolling interest			1,343				1,157				3,903				2,798
Net income attributable to Boyd Gaming		$	124,933			$	1,439,993			$	361,709			$	1,702,870
Basic net income per common share		$	1.71			$	17.81			$	4.83			$	20.58
Weighted average basic shares outstanding			73,048				80,860				74,864				82,740
Diluted net income per common share		$	1.71			$	17.81			$	4.83			$	20.58
Weighted average diluted shares outstanding			73,048				80,875				74,867				82,756

__________________________________________

(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

(b) Includes the gain recognized on the sale of the Company's equity interest in FanDuel during the three and nine months ended September 30, 2025.

3

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming

(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(In thousands)		2026				2025				2026				2025
Total Revenues by Segment
Las Vegas Locals		$	207,449			$	210,842			$	650,451			$	662,732
Downtown Las Vegas			47,423				53,224				154,473				165,764
Midwest & South			540,489				538,852				1,622,472				1,583,516
Online			154,466				165,597				474,343				508,221
Managed & Other			40,628				35,846				120,457				109,691
Total revenues		$	990,455			$	1,004,361			$	3,022,196			$	3,029,924
Adjusted EBITDAR by Segment
Las Vegas Locals		$	87,389			$	92,128			$	293,767			$	311,389
Downtown Las Vegas			12,853				16,118				48,658				56,446
Midwest & South			201,629				201,603				603,018				586,226
Online			10,925				9,424				29,871				54,974
Managed & Other			29,757				26,269				88,865				79,551
Corporate expense, net of share-based compensation expense (a)			(22,924	)			(23,777	)			(76,667	)			(71,442	)
Adjusted EBITDAR			319,629				321,765				987,512				1,017,144
Master lease rent expense (b)			(28,993	)			(28,584	)			(86,433	)			(85,186	)
Adjusted EBITDA			290,636				293,181				901,079				931,958
Other operating costs and expenses
Deferred rent			141				147				405				441
Depreciation and amortization			91,267				73,749				277,357				211,957
Share-based compensation expense			8,643				8,534				29,158				29,531
Project development, preopening and writedowns			(5,356	)			3,972				30,268				5,214
Impairment of assets			—				65,123				—				97,395
Other operating items, net			1,039				1,892				4,299				5,399
Total other operating costs and expenses			95,734				153,417				341,487				349,937
Operating income			194,902				139,764				559,592				582,021
Other expense (income)
Interest income			(1,261	)			(1,501	)			(4,408	)			(3,572	)
Interest expense, net of amounts capitalized			33,785				33,262				93,659				132,268
Loss on early extinguishments and modifications of debt			—				1,446				391				1,446
Other, net (c)			89				(1,735,479	)			93				(1,735,420	)
Total other (income) expense, net			32,613				(1,702,272	)			89,735				(1,605,278	)
Income before income taxes			162,289				1,842,036				469,857				2,187,299
Income tax provision			(38,699	)			(403,200	)			(112,051	)			(487,227	)
Net income			123,590				1,438,836				357,806				1,700,072
Net loss attributable to noncontrolling interest			1,343				1,157				3,903				2,798
Net income attributable to Boyd Gaming		$	124,933			$	1,439,993			$	361,709			$	1,702,870

__________________________________________

(a) Reconciliation of corporate expense:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(In thousands)		2026				2025				2026				2025
Corporate expense as reported on Condensed Consolidated Statements of Operations		$	29,386			$	30,622			$	99,413			$	95,938
Corporate share-based compensation expense			(6,462	)			(6,845	)			(22,746	)			(24,496	)
Corporate expense, net, as reported on the above table		$	22,924			$	23,777			$	76,667			$	71,442

(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.

(c) Includes the gain recognized on the sale of the Company's equity interest in FanDuel during the three and nine months ended September 30, 2025.

4

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								Nine Months Ended
		September 30,								September 30,
(In thousands, except per share data)		2026				2025				2026				2025
Net income attributable to Boyd Gaming		$	124,933			$	1,439,993			$	361,709			$	1,702,870
Pretax adjustments:
Project development, preopening and writedowns			(5,356	)			3,972				30,268				5,214
Impairment of assets			—				65,123				—				97,395
Other operating items, net			1,039				1,892				4,299				5,399
Loss on early extinguishments and modifications of debt			—				1,446				391				1,446
Other, net (a)			89				(1,735,479	)			93				(1,735,420	)
Total adjustments			(4,228	)			(1,663,046	)			35,051				(1,625,966	)
Income tax effect for above adjustments			953				362,197				(7,578	)			354,125
Adjusted earnings		$	121,658			$	139,144			$	389,182			$	431,029
Net income per share, diluted		$	1.71			$	17.81			$	4.83			$	20.58
Pretax adjustments:
Project development, preopening and writedowns			(0.07	)			0.05				0.40				0.06
Impairment of assets			—				0.80				—				1.18
Other operating items, net			0.02				0.02				0.06				0.06
Loss on early extinguishments and modifications of debt			—				0.02				0.01				0.02
Other, net (a)			—				(21.46	)			—				(20.97	)
Total adjustments			(0.05	)			(20.57	)			0.47				(19.65	)
Income tax effect for above adjustments			0.01				4.48				(0.10	)			4.28
Adjusted earnings per share, diluted		$	1.67			$	1.72			$	5.20			$	5.21
Weighted average diluted shares outstanding			73,048				80,875				74,867				82,756

__________________________________________

(a) Includes the gain recognized on the sale of the Company's equity interest in FanDuel during the three and nine months ended September 30, 2025.

5

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. 

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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 26 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. 

	Financial Contact:		Media Contact:
	Josh Hirsberg		David Strow
	(702) 792-7234		(702) 792-7386
	joshhirsberg@boydgaming.com		davidstrow@boydgaming.com

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