Boyd Gaming Corporation (BYD.N): Locals Better Than Feared but Regional/Online Drive Upside

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Boyd Gaming Corporation (BYD.N): Locals Better Than Feared but Regional/Online Drive Upside

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24 Jul 2026 07:28:25 ET │ 16 pages

Boyd Gaming Corporation (BYD.N)

Locals Better Than Feared but Regional/Online Drive Upside

CITI'S TAKE

BYD shares were flattish in after-market trading, following a largely in-line

2Q seeing similar headwinds/tailwinds as recent quarters. Continued

destinations softness remains a headwind to LV segments, but BYD will be Neutral

lapping the softness in 2H26, and regional markets are showing strength. Price (23 Jul 26 16:00) US$86.56

Our EBITDAR estimates are up slightly, while our price target is unchanged

Target price US$90.00at $90 (6x our FY27 EBITDAR).

Expected share price return 4.0%

BYD reported 2Q26 Adjusted EPS of $1.93 (GAAP EPS of $1.75), which compared Expected dividend yield 0.8%

to the Street's $1.89 (Visible Alpha), our estimate of $2.15, and $1.87 reported a Expected total return 4.8%

year ago. Adjusted EBITDA came in at $322M (31.1% Margin), which compared to the

Street's $311M (30.0% Margin), our estimate of $313M (30.1% Margin), and 2Q25 Market Cap US$6,434M

Adjusted EBITDA of $329M (31.9% Margin).

Revenues of $1.03B were flat y/y vs. Street’s/our $1.04B (+1%). Management said

revenue increased 3% and EBITDA increased 2% on a comparable basis after Price Performance

adjusting for the impact of the 2025 FanDuel transaction and tax pass-through (RIC: BYD.N, BB: BYD US)

amounts associated with market-access agreements.

BYD indicated that destination travel softness remained the largest Las Vegas

headwind. Management said both core and retail customer play increased across

the portfolio, including in the Midwest and South and among Las Vegas local

customers.