A casino and entertainment company that owns and operates gaming properties across the United States, including the California Hotel, the Orleans, Sam's Town, and the Fremont in Las Vegas. Founded in 1975 by longtime Nevada gaming figure Sam Boyd and his son William, the company took its name from the Boyd family. Sam Boyd had spent decades in the industry before launching the company, and its flagship early property was the California Hotel in downtown Las Vegas, which catered to Hawaiian visitors.
Operating income fell 17% as higher depreciation and project costs offset gaming growth and lower interest expense.
Gaming grew again, but the still shrank. Revenue was flat at $1.03 billion as a 1.8% increase in gaming was offset by a $13.9 million drop in high-margin online , while fell 17.2% to $200.7 million, weighed down by $21.1 million in higher and $12.6 million in project costs. The core business is stabilizing, but the earnings mix is still deteriorating.
Key takeaways
fell 17.2% to $200.7 million, driven by a $21.1 million increase in and from new property openings and renovations, and a $12.6 million rise in project development and costs.
Total was essentially flat at $1,034.4 million, as a 1.8% increase in gaming revenue and higher management fees were fully offset by a $13.9 million decline in high-margin online .
The Online 's nearly halved to $10.6 million, as the termination of lucrative market access agreements following the FanDuel equity sale continued to erode high-margin fee income.
Section summaries
Management's Discussion and Analysis
Revenue flat at $1.03B as gaming growth offsets online fee declines; operating income fell 17% on higher depreciation and project costs.
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Total revenues were essentially flat at $1,034.4 million for Q2 2026, as a 1.8% increase in gaming and higher management fees were offset by a $13.9 million decline in high-margin market access fees.
fell 13.6% to $129.9 million, but the decline was cushioned by a $19.1 million reduction in , reflecting a $1.1 billion lower average debt balance after repaying the Prior .
The Midwest & South was the strongest performer, with up 3.1% and up 3.6%, fueled by a 3.6% increase in slot win.
for the first half of 2026 dropped sharply to $110.8 million, primarily due to $341.0 million in payments for transferable federal energy tax credits.
What changed
The Q2 2025 filing flagged whether the 3.2% increase in gaming was a one-quarter inflection. It was not: gaming revenue rose 1.8% in Q2 2026, marking a fourth consecutive quarter of growth and confirming the core business has stabilized.
The Q1 2026 filing asked whether the $21.8 million increase in project development, preopening, and expenses would moderate. It did not: these costs rose a further $12.6 million in Q2, indicating continued spending pressure, likely tied to the Norfolk resort and other growth projects.
The Q1 2026 filing questioned whether the Online margin would stabilize near 32.7%. The segment's fell further, nearly halving to $10.6 million, as the lower-rate FanDuel agreement continued to annualize and high-margin declined.
Interest rate risk has diminished sharply. fell to 28.1% of total from 47.0% a year ago, and a 100-basis-point rate increase would now add an estimated $7.4 million to annual interest costs, down from $16.9 million.
What to watch
Whether the $12.6 million increase in project development and costs moderates as the Norfolk, Virginia resort nears completion, or whether new projects like Cadence Crossing keep these expenses elevated.
Whether the Online 's stabilizes near $10.6 million or continues to decline as the lower-rate FanDuel agreement fully annualizes and erode further.
Whether recovers in the second half of 2026 after the $341.0 million in energy tax credit payments, and whether can fund the $650–$700 million in expected 2026 without increasing debt.
Whether the Las Vegas Locals stabilizes after multiple quarters of charges and competitive pressure, now that it has fully lapped the new entrant that arrived in December 2023.
decreased 17.2% to $200.7 million, driven by a $21.1 million increase in and from new property openings and renovations, and a $12.6 million rise in project development and costs.
The Midwest & South was a bright spot, with up 3.1% and up 3.6%, fueled by a 3.6% increase in slot win.
The Online 's nearly halved to $10.6 million, as the termination of lucrative following the FanDuel Equity Sale significantly reduced high-margin fee income.
fell 13.6% to $129.9 million, but the decline was cushioned by a $19.1 million reduction in due to a $1.1 billion lower average debt balance after repaying the Prior .
dropped sharply to $110.8 million for the first half of 2026, primarily due to $341.0 million in payments for transferable federal energy tax credits.
Quantitative and Qualitative Disclosures About Market Risk
Primary market risk is interest rate exposure from long-term debt, with limited FX and commodity risk; no trading derivatives are used.
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The company does not hold market risk sensitive instruments for trading purposes and does not use derivatives for speculation.
Interest rate risk is the primary exposure, driven by U.S. Treasury rates, high-yield spreads, and rates affecting .
As of June 30, 2026, variable-rate borrowings were 28.1% of total ; a 100-basis-point rate change would alter annual interest costs by approximately $7.4 million.
The company manages interest rate risk by balancing the mix of fixed-rate and variable-rate borrowings under its .
Commodity price and tariff exposure is mitigated because a significant majority of purchases are from U.S.-based suppliers.
Foreign currency exchange risk is limited due to the small size of foreign operations and minimal cash held in foreign bank accounts; a 2x move in rates would not cause a significant change.
We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position, results of operations or cash flows.
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We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material adverse effect on our business, financial position, results of operations or cash flows.
There were no material changes from the risk factors previously disclosed in Part I. Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 20, 2026.
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There were no material changes from the risk factors previously disclosed in Part I. Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 20, 2026.