Boyd Gaming Corporation (BYD)

In the past six months, Boyd Gaming's stock has been influenced by several key events. The company reported record revenues for the full year 2025, but net income for Q4 2025 saw a slight decrease compared to the prior-year period. The company utilized nearly $1.8 billion in gross proceeds from the FanDuel stake sale to strengthen its balance sheet. Operational softness was noted in the Las Vegas destination business, and the Midwest & South segment experienced headwinds due to severe winter weather. Boyd Gaming returned over $800 million to shareholders in 2025 through share repurchases and dividends. Analyst sentiment for BYD is generally "Hold," with an average twelve-month price target of $92.50.

Demand for Boyd Gaming's products and services exhibits seasonality, influenced by factors such as tourism trends and weather conditions. The fourth quarter of 2025 experienced softness due to declines in Las Vegas visitation. The Midwest & South segment faced headwinds from severe winter weather, impacting EBITDAR. Demand for gaming and hospitality services can be lower during certain periods, particularly winter months in the Midwest and South, and potentially during specific summer and winter months in Las Vegas.

Boyd Gaming Corporation is a gaming and entertainment company operating in the Resorts & Casinos industry. The company operates wholly-owned gaming entertainment properties with casino space, slot machines, table games, and hotel rooms. Boyd Gaming offers hospitality services including dining, live shows, event spaces, spas, and golf courses. The company has expanded its online presence through partnerships and acquisitions in online gaming and sports betting. Boyd Gaming also generates revenue from management consulting and services.

Boyd Gaming operates 28 gaming entertainment properties across ten states in the United States and manages a tribal casino in northern California. Its business operations are segmented geographically into Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online. The Midwest and South segment holds the largest number of entertainment properties and generates the majority of the company's sales.

Boyd Gaming is recognized as one of the largest and most respected casino entertainment companies in the United States, priding itself on offering an outstanding entertainment experience with a focus on customer service. In the past year, the company continued its "Trees of Hope™ charitable competition," donating over $215,000 to non-profit organizations nationwide. No specific negative brand reputation events beyond general market challenges and operational impacts were prominently reported in the past year.

Boyd Gaming Corporation has a significant number of institutional owners and shareholders, with 708 institutions holding a total of 72,464,806 shares. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Boston Partners, Ariel Investments, Llc, Fmr Llc, iShares Core S&P Mid-Cap ETF, State Street Corp, Cohen & Steers, Inc., and Vanguard Total Stock Market Index Fund Investor Shares. Marianne Boyd Johnson and William R. Boyd are significant shareholders, and Bill Boyd is also the Executive Chairman of the Board.