Boyd Gaming Posts 1.8x Leverage, $155M Buybacks, Q3 Suncoast Impact
Boyd Gaming’s Q1 leverage stood at 1.8x traditional (2.4x lease-adjusted), and the company repurchased $155 million of shares and paid $14 million in dividends. Suncoast renovation disrupted Q1 results and will continue impacting performance through late Q3.
1. Balance Sheet and Capital Allocation
Boyd Gaming ended Q1 with traditional leverage of 1.8x and lease-adjusted leverage of 2.4x, underpinned by ample capacity on its credit facility. The company repurchased $155 million in shares and paid $14 million in dividends, balancing growth investments with shareholder returns.
2. Suncoast Renovation Impact
Renovation work at the Suncoast property significantly disrupted Q1 performance, shaving about $1.5 million from Locals market EBITDAR. Management anticipates this headwind will persist through late Q3, with full quarter impacts of $2.5–3 million in Q2 and Q3.
3. Broad-Based Regional Growth
Midwest, South and East markets delivered broad-based revenue growth, improved flow-through and margins, driven by capital investments and market share gains. Positive guest feedback at the new Cadence Crossing Casino underscores momentum outside Las Vegas.
4. Corporate Expenses and Promotions
Corporate expenses included roughly $6 million in one-time charitable contributions, with no expected repeat in future quarters. The Locals market remains rational in promotional spend, while the Strip sees more aggressive room pricing and all-inclusive packages.