Boyd Gaming Corporation: 2Q26 Takes; Core Business Mostly In Line; Stay Neutral; PT $93 (Unch)

Research evidence excerpt

Boyd Gaming Corporation: 2Q26 Takes; Core Business Mostly In Line; Stay Neutral; PT $93 (Unch)

J P M O R G A N North America Equity Research

23 July 2026

Boyd Gaming Corporation Neutral

BYD, BYD US

2Q26 Takes; Core Business Mostly In Line; Stay Price (23 Jul 26):$86.56

Neutral; PT $93 (Unch) Price Target (Dec-27):$93.00

Adj. EBITDAR of $350m topped JPMe/Street by 3%, or about $10m, but we view Gaming & Lodging

ACthe quarter as pretty much in-line, as the majority of upside came from non-core Daniel Politzer, CFA

items (i.e., Online, Managed, and lower corporate expense), with land-based (1-212) 622-0110

EBITDAR driving $2m of upside. Of the total $332m in land-based EBITDAR, LV daniel.politzer@jpmorgan.com

Locals’ $106m was likely better than some feared (JPMe/Str: $105m), MW&S Samuel Nielsen

$209m was +$2m vs JPME/Str on upside margins/strong cost control, and (1-212) 622-1366

Downtown was a tad weaker at $17m vs. JPME/Str $18m on soft Destination samuel.nielsen@jpmchase.com

business. Looking ahead, BYD noted July TD trends look similar to 2Q, and while Michael Hirsh, CFA

mgmt acknowledged June was softer than May, there was nothing that stuck out. (1-212) 622-0295

michael.hirsh@jpmchase.com

Overall, performance remains steady and we applaud BYD’s capital return ($156m J.P. Morgan Securities LLC

buyback in 2Q), but our est’s don’t change much here, and our $93 PT implies just

7% upside; stay Neutral.

Quarterly Forecasts (FYE Dec)

• Breaking down LV Locals. During the 2Q, BYD’s LV Locals EBITDAR of Adj. EBITDA ($ mn)

$106m included an estimated ~$5m drag y/y from soft Destination 2025A 2026E 2027E

(anniversaries in 3Q) and ~$3m construction disruption at Suncoast, with the Q1 309 289A 294

recently opened Cadence property likely an immaterial contributor.