BOYD GAMING CORP

Overview

Boyd Gaming Corporation is a U.S. casino gaming, hospitality, and entertainment company. Its business includes casino gaming, hotels, food and beverage, online gaming, and casino management and market-access activities. Its operating segments are Las Vegas Locals, Downtown Las Vegas, Midwest & South, Online, and Managed & Other.[1][2] The company operates 27 gaming properties across 11 states and manages a tribal casino in Northern California.[3]

Founded in 1975, Boyd describes its mission in terms of integrity and providing entertainment and service through the competence and friendliness of its employees.[4] For the year ended December 31, 2025, it reported revenue of $4.092 billion and 16,009 employees.[5][6] [1]+5

Products & services

The company’s property-level offerings include casino gaming through slot machines and table games, alongside hotel rooms and food-and-beverage services. Property amenities can also include sportsbooks, bars, restaurants and event facilities; Kansas Star, for example, lists dining venues, bars, a FanDuel-branded sportsbook, an arena and an event center.[7][8]

Digital offerings include Boyd Interactive’s business-to-business online-gaming platform, licensed to operators, and business-to-consumer online casino and social-gaming services. Named online casino brands include Stardust in New Jersey, Pennsylvania and Ontario, as well as Resorts Casino and Mohegan Sun offerings through Boyd Digital. Boyd also provides online sports-wagering market access through operator agreements, with fees based on wagering results or fixed annual payments.[9]+2 BoydPay provides a cashless wagering feature that allows digital funds to be transferred to table-game drop boxes, subject to regulation and jurisdictional limits.[7][12]

Gaming accounted for 64.5% of FY2025 revenue and 65.7% of revenue in the first half of 2026. Other reported revenue lines included online reimbursements (14.1% and 12.9%, respectively), food and beverage (7.6% in both periods), rooms (4.7% in both periods), and online revenue (3.2% and 2.9%). Online reimbursements are reported separately from online revenue.[13][14] [7]+25

Geographic presence

Boyd Gaming operates 27 gaming-entertainment properties across 11 U.S. states: Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania, and Virginia. Its Nevada properties are concentrated in the Las Vegas area, including Las Vegas, North Las Vegas, and Henderson; other operating locations include East Peoria, Florence, Michigan City, Dubuque, Northwood, Mulvane, Amelia, Vinton, Opelousas, Shreveport, Kenner, Biloxi, Kansas City, St. Charles, Cincinnati, King of Prussia, and Norfolk. The company also manages Sky River Casino in California under an agreement with Wilton Rancheria.[15][16]

Boyd is headquartered in Las Vegas, Nevada. Revenue is reported by operating segment rather than by country or state; for the six months ended June 30, 2026, Midwest & South revenue was $1.082 billion, Las Vegas Locals $443.0 million, Downtown Las Vegas $107.1 million, Online $319.9 million, and Managed & Other $79.8 million. The company has described its online business as operating in the United States and Canada, but does not provide a country revenue split.[16]+2 [15]+3

Business segments

Boyd Gaming reports four operating segments: Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. The first three comprise gaming-entertainment properties in their respective markets; Online includes Boyd Interactive’s B2B and B2C online casino business and online market-access fees from third-party agreements.[16]

For the six months ended June 30, 2026, approximate shares of consolidated revenue were: Las Vegas Locals, 21.8%; Downtown Las Vegas, 5.3%; Midwest & South, 53.3%; and Online, 15.7%.[17] Managed & Other, which includes nonreportable activities such as Sky River Casino management fees and Lattner distributed gaming, accounted for the remaining 3.9%; it is not a reportable segment.[16][17] [16]+6

Company history

Sam Boyd and his son Bill opened the Eldorado Casino in downtown Las Vegas in 1962. In 1975, they founded Boyd Gaming to develop and operate the California Hotel and Casino. The company opened Sam’s Town in 1979 and expanded its Las Vegas operations with the 1985 acquisitions of the Fremont and Stardust.[19][4]

Boyd expanded beyond its original Las Vegas base through the opening of Borgata in Atlantic City with MGM MIRAGE in 2003 and its 2004 merger with Coast Casinos. It later acquired Ameristar Casinos in 2013, Cannery’s Las Vegas assets in 2016, and Valley Forge Casino Resort in 2018.[20]+4

After Sam Boyd’s death in 1993, Bill Boyd became CEO. Keith Smith, who joined the company in 1990 and became president in 2005, succeeded Bill as CEO in 2008. In 2025, Boyd opened a transitional casino in Norfolk, Virginia, marking its entry into that market.[25]+2 [18]+9

Sources

• BOYD GAMING CORP — Full financial report (2025 Y)
  10 citations

  [1][2][6][7][8][9][10][11][13][18]
• investors.boydgaming.com[3]
• www.boydgaming.com[4]
• BOYD GAMING CORP — Press release (2025 Y)[5]
• BOYD GAMING CORP — Full financial report (2026 Q 2)
  5 citations

  [12][14][15][16][17]
• www.boydgaming.com[19]
• www.hotelnewsresource.com[20]
• www.sec.gov[21]
• www.sec.gov[22]
• www.sec.gov[23]
• www.sec.gov[24]
• www.boydgaming.com[25]
• www.boydgaming.com[26]