Suncoast construction, softer tourism weigh on Boyd’s Las Vegas properties

Boyd Gaming generated a little more than $1 billion in revenue in the second quarter of 2026, in line with the second quarter of 2025, but revenue was down slightly year over year for its Las Vegas locals and downtown Las Vegas properties.

“Strong performances of our Midwest and South segments … are partially offset by continued softness in destination business in Las Vegas, primarily at the Orleans, and ongoing construction disruption at the Suncoast,” Boyd President and CEO Keith Smith said Thursday during the company’s second-quarter earnings call with investors. “Excluding the Orleans and Suncoast, the remainder of our Las Vegas locals segment achieved solid results for the second quarter.”

While results of the Suncoast for Boyd’s first and second quarters were impacted by construction activity, Smith said the Las Vegas-based company expects to finalize renovations for the casino floor and other public areas by the end of the third quarter.

“Once this work is complete, we will have modernized all public spaces in the building, including the entire casino floor, the sportsbook, bingo room, and the high limit room, and we will have significantly enhanced our food and beverage offerings, expanded and refreshed the property’s meeting space,” Smith said. “As a result, we expect to deliver improved performance at the Suncoast starting in the fourth quarter.”

The company also is finalizing plans for a refresh of the Orleans casino floor, with work expected to start in the first half of next year.

Improvements to properties

Boyd, which has 27 casinos in 11 states, is actively investing in its Southern Nevada properties.

“We recently opened new restaurants in Gold Coast, Sam’s Town and Suncoast, and plan to introduce others throughout the Las Vegas Valley in the coming months,” Smith said. “We have hotel renovations underway at the Orleans and Suncoast, both of which are expected to be complete by year end. And we are updating our sportsbooks at Sam’s Town and Aliante, both opening in time for the upcoming football season.

“In all, by early next year, we will have renovated over 70 percent of our Las Vegas hotel room inventory, introduced 17 new food and beverage concepts, and significantly enhanced our Southern Nevada presence with our new Cadence Crossing property.”

Smith said Cadence Crossing, Boyd’s first development in more than 20 years that opened in late March in Henderson, is off to a solid start and the company is confident it will achieve its long-term return on that investment.

“Cadence has had a good start, in terms of revenue growth,” Boyd Chief Financial Officer Josh Hirsberg said during the call. “We expect Cadence to start contributing later in Q3 and then continue to ramp into Q4 and after.”

Hirsberg said the Suncoast construction disruption cost the company an estimated $3 million in the second quarter and he expects a similar impact in the third quarter.

“The truly local customer rate remains pretty healthy for us,” he said. “And that’s what’s on the gaming revenue side mitigating the impacts that we’re seeing from destination customers and some of that construction.”

Softer destination business also impacted Boyd’s numbers in downtown Las Vegas.

“While play from both core and Hawaiian guests was stable, our downtown business was impacted by lower pedestrian traffic throughout the downtown area,” Smith said.

Boyd Gaming reported second-quarter 2026 revenue of $1.034 billion compared to $1.033 billion in the same period last year.

The company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, a drop of more than $20 million from $151.5 million, or $1.84 per share, in the second quarter of 2025.

Boyd shares, traded on the New York Stock Exchange, closed at $86.56, a 10-cent decrease, before the second-quarter earnings were announced.